Elements and Performance Criteria
- Establish relationship with client
- Establish client’s knowledge about financial products and services by using range of communication and interpersonal skills
- Respond to enquiries about financial planning products and services by explaining range of products and services available and their relevant fee and charging methodology
- 1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct
- Inform client about procedures for handling complaints 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
- Ask about client’s short-term, medium-term and long-term objectives and goals relating to product
- Identify product risk profile of client
- Obtain understanding of client’s attitudes and 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 and seek further clarification where necessary
- Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required
- Conduct product risk profile assessment and obtain agreement from client about assessment
- Apply ASIC generic and specialist knowledge in analysing client needs and risk profile
- Develop appropriate strategies and solutions
- Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs
- Undertake relevant research, analysis and product modelling as required
- Draft and present appropriate solution (plan, policy or transaction) to client
- Present appropriate strategies and solutions to client
- Demonstrate appropriate product knowledge when presenting product or service
- Explain and discuss proposed transaction with client in clear and unambiguous way
- Reinforce all relevant details, terms and conditions of product and service with client
- Disclose all impacts and possible risks of solution in clear and concise manner
- Provide written supporting documentation and guide client through key aspects of documentation
- Negotiate financial plan, policy and/or transaction with client
- Coordinate implementation of agreed plan, policy and/or transaction
- Obtain client’s formal agreement to proposed plan, policy and/or transaction
- Clearly explain and confirm associated fee and cost structures and confirm client understands these details
- Clearly explain and confirm timeframes for execution and processing, and confirm client understands these details
- Complete and maintain necessary documentation
- Provide ongoing service where requested by client
- Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client
- Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details
- Provide ongoing service as required
- Identify client’s objectives, needs and financial situation
- Use range of communication and interpersonal skills to gather client’s personal, financial and business details
- Ask about client’s short-term, medium-term and long-term objectives and goals relating to product
- Identify product risk profile of client
- Obtain understanding of client’s attitudes and 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 and seek further clarification where necessary
- Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required
- Conduct product risk profile assessment and obtain agreement from client about assessment
- Apply ASIC generic and specialist knowledge in analysing client needs and risk profile