Elements and Performance Criteria
- Establish relationship with client
- Use range of communication and interpersonal skills to establish knowledge level of client
- Respond to enquiries by explaining range of products and services available and their relevant fees and charging methodology
- Inform client about role of adviser and licensee or principal responsible for adviser’s conduct
- Demonstrate knowledge of procedures for complaints handling and circumstances in which they should be engaged
- Identify client’s objectives, needs and financial situation
- Use range of communication and interpersonal skills to gather client’s personal, financial and business details
- Encourage client to express objectives and goals, in short-term, medium-term and long-term, to identify client requirements in tandem with product
- Identify product risk profile of client
- Identify client’s expectations of cash flow and relevant taxation obligations
- Analyse client’s objectives, needs, financial situation and risk profile
- Undertake assessment of client needs, using all information gathered and taking into account client’s product expectations and specific needs
- Consult client throughout analysis to seek further clarification where necessary
- Analyse need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required
- Assess and agree on product risk profile of client
- Apply ASIC generic and specialist knowledge relevant to products being offered
- Develop appropriate strategies and solutions
- Determine appropriate strategy to provide for identified needs and outcomes by analysing products and client risk profile, and assessing client’s needs
- Undertake relevant research, analysis and product modelling
- Draft appropriate solution (plan, policy or transaction) for presentation to client
- Present appropriate strategies and solutions to client
- Explain and discuss proposed transaction with client in clear and unambiguous way, demonstrating product knowledge appropriate for service or product offered
- Reinforce all relevant details, terms and conditions of product and service to client
- Disclose impacts and possible risks of solution in clear and concise manner
- Provide client with written supporting documentation and guide client through key aspects of documentation
- Negotiate financial plan, policy or transaction with client
- 6.2 Seek client’s preferred plan, policy or transaction and confirm client’s preference
- Coordinate implementation of agreed plan, policy or transaction
- Complete and maintain necessary documentation
- Provide ongoing service where requested by client
- Identify client’s objectives, needs and financial situation
- Use range of communication and interpersonal skills to gather client’s personal, financial and business details
- Encourage client to express objectives and goals, in short-term, medium-term and long-term, to identify client requirements in tandem with product
- Identify product risk profile of client
- Identify client’s expectations of cash flow and relevant taxation obligations
- Analyse client’s objectives, needs, financial situation and risk profile
- Undertake assessment of client needs, using all information gathered and taking into account client’s product expectations and specific needs
- Consult client throughout analysis to seek further clarification where necessary
- Analyse need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required
- Assess and agree on product risk profile of client
- Apply ASIC generic and specialist knowledge relevant to products being offered