Elements and Performance Criteria
- Create rapport with the client
- Disclosure of capacity to client is consistent with industry requirements and organisation guidelines
- Client concerns, if any, are identified and responded to appropriately
- Services explained to client are given orally and in writing in a clear and unambiguous way, avoiding jargon and in a language appropriate to the receiver
- Client is assisted to make informed choices using the relevant documentation
- Client's needs and objectives are addressed in a manner consistent with client's level of financial understanding
- Present financial plan to the client
- Strategies and recommendations in the financial plan are explained and discussed with the client in a clear and unambiguous way
- The financial plan document is prepared, explained and discussed with the client in a clear and unambiguous way
- Client is guided through the assumptions used in formulating the plan and the degree to which variations in the assumptions may impact on expected outcomes is discussed
- Impact of the recommendations is clearly and comprehensively discussed with the client including advantages, risks and any disadvantages of particular proposals
- Implementation actions required by the client are clearly explained and written agreement to actions is obtained
- Fees, charges and commissions are clearly explained to the client
- Any commercial relationship of the representative and their organisation to products and or services mentioned in the plan are disclosed to the client
- Adviser identifies and addresses issues that in their professional judgement may require further consideration or consultation with other financial services professionals
- Copies of the research and other documentation are provided to the client as required or when requested and confirmation is sought that the client understands the recommendations presented
- Product knowledge appropriate for the service or advice offered is demonstrated in discussion with the client
- After sales service to be provided is clearly defined, and is communicated to the client
- Negotiate effectively
- Clients are assisted to make appropriate decisions regarding solutions to their needs and objectives 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 conflict situations involving clients
- Communication channels are maintained when dealing with complaints and internal and external complaint handling procedures are observed
- Agreement in principle to proceed is obtained from the client
- Complete and maintain necessary documentation
- Financial plan is adjusted according to changes agreed to with the client and a proposal and other documents are completed and signed off when plan is agreed
- Client records are created or updated with 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 current industry documentation requirements
- Instructing or purchasing documents where required are signed by the client