Elements and Performance Criteria
- Create rapport with clients
- Disclose capacity and capability to clients consistent with code of practice and legislative and regulatory requirements, and identify and respond appropriately to any client concerns
- Demonstrate active listening skills in dealings with clients and explain services to them orally or, if necessary, in writing in a clear and unambiguous way, avoiding jargon and in language appropriate to the receiver
- Identify client needs, objectives and financial situation
- Encourage clients to express and clarify their attitudes, views, feelings and objectives
- Collect relevant personal, financial and business details from clients using appropriate organisational tool such as a fact finder
- Identify clients’ short-term, medium-term and long-term objectives and investment risk profile using an appropriate fact finder
- Identify client preferences and concerns regarding options, using appropriate fact finder where applicable and priorities identified and agreed on
- Complete fact finder in accordance with code of practice
- Analyse client needs, objectives and financial situation to identify appropriate solutions
- Present appropriate solutions to clients
- Explain and discuss recommendations and features of client advice record with clients in a clear and unambiguous way and demonstrate product knowledge appropriate for service or advice offered
- Disclose impact of key aspects of recommendations in a clear and concise manner, and guide clients through key aspects of client information brochure prior to signing proposal
- Explain requirements to put recommended program into effect to clients and provide copy of fact finder to clients if requested
- Seek confirmation from clients that they understand recommendations presented
- Assist clients to make informed choices using relevant documentation so that their needs and objectives are addressed, consistent with their budgetary constraints
- Obtain agreement in principle to proceed from clients
- Negotiate effectively
- Explain decisions clearly to clients in accordance with company policy and assist them to make appropriate decisions regarding solutions to their needs and objectives
- Exercise restraint and composure when dealing with conflict situations involving clients
- Follow complaint handling procedures and maintain communication channels when dealing with complaints
- Complete and maintain necessary documentation
- Complete proposal and other documents and, where appropriate, obtain sign off
- Create or update client records
- Complete contract variations where applicable
- Provide confirmation, including relevant documentation and contract variation, to clients and implement final plan
- Organise reference material in a form which facilitates the selection of appropriate products to meet client needs, and update on a regular basis
- Provide after sales service
- Define and communicate after sales service to be provided to clients and execute as needed
- Periodically review fact finder, recommendations and client advice records
- Identify and act on any changes to clients’ situation since previous recommendations were made at subsequent reviews
- Act on areas of client dissatisfaction in an ethical and timely manner that addresses code of practice requirements