Elements and Performance Criteria
- Establish relationship with client and identify client’s needs and financial situation
- Establish knowledge level, objectives, risk profile and goals of client
- Explain range of products and services available to client according to client objectives and goals and respond to enquiries where required
- Inform client about role of adviser and licensee or principal responsible for adviser’s conduct
- Analyse client’s financial and business details and assess client’s financial needs
- Establish product risk profile of client
- Develop strategies and solutions according to clients objectives, needs, financial situation and risk profile
- Assess client needs using information gathered, taking into consideration client’s product expectations and specific needs
- Consult and clarify with client throughout analysis where required
- Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice where required
- Assess and confirm product risk profile of client
- Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs
- Conduct relevant research, analysis and product modelling, and draft appropriate solution, plan, policy or transaction for presentation to client
- Present strategies and solutions to client and determine financial plan, policy or transaction
- Explain proposed strategy and/or solution to client according to organisational policies and procedures, legislative and regulatory requirements
- Reinforce all relevant details, terms and conditions of product and/or service
- Disclose impacts and possible risks of product or service
- Provide supporting written documentation according to legislative requirements and organisational policies and procedures
- Discuss and clarify any concerns or issues client has regarding proposed plan, policy or transaction
- Confirm that client understands proposed plan, policy or transaction
- Agree to plan, policy or transaction and complete documentation
- Obtain client’s formal agreement to proposed plan, policy or transaction
- Explain and confirm that client understands all associated fees, cost structures and timeframes for execution and processing
- Confirm that proposal and all other statutory and transactional documents are completed and signed off by client
- Exchange copies of signed agreement and other required documentation
- Provide arrangements for ongoing service, where requested by client
- Confirm that type and form of ongoing service, including review of products or services, is agreed with client
- Explain and confirm fees and costs for ongoing and specifically defined service, and confirm client understands all details
- Implement procedures for agreed ongoing service according to organisational policies and procedures