Elements and Performance Criteria
- Identify complex broking needs of client
- Discuss, review and clarify special or complex features of a client’s situation and needs
- Explore and comprehensively and ethically discuss risk issues and tolerance with the client, including unusual risks or requirements, and interdependencies and implications
- Assess impact of risks to the client or organisation according to legislative requirements and organisational guidelines and procedures, engaging in further questioning and information gathering as required
- Research and consider broking solutions based on client needs
- Analyse current client situation to determine opportunities and constraints
- Research loan structures or options including those which are new or non-standard products
- Analyse complex financial issues in terms of economics, legislation, taxation and insurance
- Model, analyse and prioritise options, comparing features, fees and charges, and risks, and reject inappropriate options
- Check preliminary options to ensure compliance with relevant legislation and regulatory and ethical guidelines, and assess ability to successfully meet client needs
- Select and gather appropriate options and information for client review
- Select broking options for review with client and develop or obtain explanatory material
- Consider referrals to an accountant, financial adviser or lawyer where required in broking solution
- Develop recommendations on risk management strategies and incorporate into materials for client, and include description of anticipated fees and charges
- Include information on complaints resolution procedures (internal and external) in client materials
- Document broking recommendations and loan structures that will be presented to client according to organisational guidelines and procedures