Elements and Performance Criteria
- Create rapport with the client
- Disclosure of capacity to client is consistent with codes of practice and legislative requirements, and organisational requirements and client concerns, if any, are identified and responded to appropriately
- Services are explained to client when appropriate, including in writing, in a clear and unambiguous way, avoiding jargon and in a language appropriate to the level of financial understanding of the client
- Client is assisted to make informed choices using relevant documentation
- Client's needs and objectives are addressed consistent with their budgetary situation
- Discuss financial plan with the client
- The scope and limitations of the plan and or advice is clearly explained to the client together with provision of appropriate warnings
- Strategies and recommendations in the financial plan are explained and discussed with the client in a clear and unambiguous way
- Financial plan documentation is prepared, explained and discussed with the client when appropriate
- Impact of key aspects of the recommendations is disclosed in a clear and concise manner to the client
- Client is guided through the key aspects of the strategies proposed when appropriate with product knowledge appropriate for the service or advice offered demonstrated
- Assumptions used in formulating the plan and the degree to which variations in the assumptions may impact the client's expected outcomes is explained
- Requirements to put the recommended plan into effect are explained to the client with any areas in the plan that may require further advice identified and noted
- Copies of the research and other relevant documentation are provided to the client if requested and confirmation sought that the client understands all recommendations presented
- Agreement in principle to proceed is obtained from the client
- Appropriate level of after sales service to be provided is clearly defined, and communicated to the client
- Negotiate effectively
- Clients are assisted when necessary to make appropriate decisions regarding solutions to their needs and objectives within the scope of the plan with alternatives to recommendations presented when requested
- Limits imposed by regulatory requirements or organisation guidelines are observed
- Restraint and composure are exercised when dealing with any conflict situations involving clients
- Communication channels are maintained when dealing with any complaints and following internal or external complaint handling procedures
- Complete and maintain necessary documentation
- Financial plan is adjusted according to changes agreed to by the client
- Proposals and other documents are completed and signed off when plan is agreed between the client and authorised representative
- Implementation actions required by the client are clearly identified and written agreement to actions is obtained
- Client records are created or updated with any contract variations completed if required
- Confirmation including relevant documentation and contract variation is provided to the client and final plan implemented
- Customer advice is recorded in accordance with the organisation guidelines and or financial plan documentation requirements
- Client signatures on instructing and or purchasing documents are obtained where required