Elements and Performance Criteria
- Establish relationship with client
- A range of communication and interpersonal skills are used to establish the knowledge level of client
- Enquiries in relation to products and services are responded to by explaining the range of products and services available and their relevant fee and charging methodology
- Client is informed of the role of the adviser and the licensee/principal responsible for the adviser's conduct
- Familiarity with the procedures for complaints handling and the circumstances in which they should be engaged is demonstrated
- Identify client's objectives, needs and financial situation
- A range of communication and interpersonal skills are used to gather the clients' personal, financial and business details
- Client's needs are identified by encouraging expression of their objectives and goals (short-, medium- and long-term goals as relevant to the product)
- Product risk profile of the client is identified
- Client's attitudes and expectations of cash flow and relevant taxation obligations are obtained
- Analyse client's objectives, needs, financial situation and risk profile
- An assessment of client needs is undertaken, utilising all information gathered and taking into account client's product expectations and specific needs
- Client is consulted throughout the analysis for further clarification where necessary
- The need for specialist advice is analysed and/or client is referred to appropriate adviser for higher level/specialist advice if required
- Product risk profile of the client is assessed and agreed
- Understanding of the ASIC identified generic and specialist knowledge relevant to the products being offered, as detailed in the evidence guide, is demonstrated
- Develop appropriate strategies and solutions
- An appropriate strategy to provide for identified needs and outcomes is determined from analysis of products, client risk profile and assessment of clients' needs
- Relevant research, analysis and product modelling is conducted
- Appropriate solution (plan, policy or transaction) is drafted for presentation to client
- Present appropriate strategies and solutions to client
- Product knowledge appropriate for the service or product offered is demonstrated when presenting the product
- The proposed transaction is explained and discussed with the client in a clear and unambiguous way
- Relevant details, terms and conditions of product/service are reinforced to client
- Impacts and possible risks of the solution are disclosed in a clear and concise manner to the client
- Client is provided with written supporting documentation and guided through the key aspects of the documentation
- Negotiate financial plan/policy/transaction with client
- Coordinate implementation of agreed plan/policy/ transaction
- The clients' formal agreement to the proposed plan/policy/transaction is gained
- Associated fee and cost structures are clearly explained and confirmation of understanding gained from the client
- Timeframes for execution and processing are clearly explained and confirmation of understanding gained from the client
- Complete and maintain necessary documentation
- Provide ongoing service where requested by client
- Type and form of ongoing service; including reporting on performance and review of plan/policy/transaction is agreed with the client
- Fees and costs for ongoing and specifically defined service are clearly explained and confirmation of understanding gained from the client
- Ongoing service is provided as required