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Elements and Performance Criteria

1. Research and investigate needs and services required by client
   • Investigate financial needs of client, including objectives, risk tolerance and types of services client is seeking
   • Gather information necessary to assess client knowledge and experience in financial products according to regulatory and organisational requirements
   • Confirm all onboarding requirements have been met, including required organisational and regulatory documentation
2. Assess and provide suitable product
   • Assess client’s financial needs to determine appropriate product and advice consistent with client needs and organisational capability
   • Advise client of applicable product or advice
   • Complete required documentation and tasks to ensure compliance with organisation’s client suitability framework
   • Communicate assessment to required team members and client according to organisational policies and procedures
3. Monitor and review client needs and product suitability
   • Conduct periodic reviews of client needs and product suitability
   • Monitor and record changes to client’s financial needs and objectives relevant to provided product and/or advice
   • Communicate to required team members whether existing product and advice remains fit for purpose

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

apply organisation’s product and advice suitability framework to at least one client.

In the course of the above, the candidate must:

evaluate client information to establish client financial situation, knowledge and experience in financial markets

assess client needs and risk profile

determine suitable products or advice for client

conduct review of client product and advice suitability

report on ongoing suitability or unsuitability of the product and advice for the client

comply with organisational practices when assessing client product and advice suitability.

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Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

definitions of client suitability and elements of established client suitability frameworks

types of client categorisations and implications on product and advice suitability

organisational processes for assessing client product and suitability of advice

regulatory requirements that may affect assessment of client suitability

range of products available in a particular asset class

documentation required for trading in financial products including ISDA Master Agreements.

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