Elements and Performance Criteria
- Create rapport with client
- Ensure disclosure of capacity to client is consistent with codes of practice and legislative requirements, and that organisational requirements and client concerns, if any, are identified and responded to appropriately
- Explain services to client when appropriate, including in writing, in clear and unambiguous way, avoiding jargon and in language appropriate to level of financial understanding of client
- Assist client to make informed choices using relevant documentation
- Address client’s needs and objectives consistent with client’s budgetary situation
- Discuss financial plan with client
- Clearly explain scope and limitations of plan and/or advice to client, together with provision of appropriate warnings
- Explain strategies and recommendations in financial plan and discuss with client in clear and unambiguous way
- Prepare, explain and discuss financial plan documentation with client when appropriate
- Disclose impact of key aspects of recommendations in clear and concise manner to client
- Guide client through key aspects of strategies proposed when appropriate and demonstrate product knowledge appropriate for service or advice offered
- Explain assumptions used in formulating plan and degree to which variations in assumptions may impact on client’s expected outcomes
- Explain requirements to put recommended plan into effect to client and identify and note any areas in plan that may require further advice
- Provide copies of research and other relevant documentation to client if requested and seek confirmation that client understands all recommendations presented
- Obtain agreement in principle to proceed from client
- Clearly define and communicate appropriate level of after sales service to be provided to client
- Negotiate effectively
- Assist clients when necessary to make appropriate decisions regarding solutions to their needs and objectives within scope of plan, and present alternatives to recommendations when requested
- Observe limits imposed by regulatory requirements or organisational guidelines
- Exercise restraint and composure when dealing with any conflict situations involving clients
- Maintain communication channels when dealing with any complaints and follow internal or external complaint handling procedures
- Complete and maintain necessary documentation
- Adjust financial plan according to changes agreed to by client
- Complete proposals and other documents and arrange sign off when plan is agreed between client and authorised representative
- Clearly identify implementation actions required by client and obtain written agreement to actions
- Create or update client records with any contract variations completed if required
- Provide confirmation, including relevant documentation and contract variation, to client and implement final plan
- Record client advice in accordance with organisational guidelines and/or financial plan documentation requirements
- Obtain client signatures on instructing and/or purchasing documents where required