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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

  1. Create rapport with client
  2. Identify client's needs, objectives and financial situation
  3. Analyse client's needs, objectives and financial situation to identify appropriate solutions
  4. Present appropriate solutions to client
  5. Negotiate effectively
  6. Complete and maintain necessary documentation
  7. Provide after sales service

Required Skills

Required skills

welldeveloped communication skills to

determine and confirm client requirements using questioning and active listening as required and avoiding unnecessary industry jargon

negotiate with clients on suitable products and services

liaise with others share information listen and understand

use language and concepts appropriate to cultural differences

research and analysis to access interpret and manage complex information and product characteristics

presentation skills to inform clients of findings and recommendations

welldeveloped literacy skills for

analysing information and products to ensure appropriateness to client needs currency and accuracy

reading and interpreting documentation from a variety of sources and recording gathering and consolidating financial information

drafting comprehensive client documentation and recommendations

learning skills to maintain knowledge of changes to relevant legislation and financial product features

organisational skills including the ability to plan and sequence work

Required knowledge

financial products available in the industry

industry codes of practice and relevant regulation affecting the industry

investment and savings vehicles financial markets asset classes and investment characteristics

investment risk factors and relationship to return expectations

options strategies and solutions suitable for typical clients situations and profiles

principles of effective negotiation

requirements related to the disclosure of capacity

the general impact of relevant economic taxation and social security policy on the clients financial needs

the role of the

adviser

organisation

broker if relevant

Evidence Required

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge range statement and the Assessment Guidelines for the Training Package

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to

interpret and comply with relevant legislation supporting the providing of advice to clients and apply relevant industry codes of conduct

use organisational fact finders

identify and analyse client needs objectives and financial situation in order to present appropriate solutions to the client

complete and maintain necessary documentation and provide after sales service

Context of and specific resources for assessment

Assessment must ensure

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment technology software and consumables

access to financial services product information

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge The following examples in combination are appropriate for this unit

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports

Guidance information for assessment


Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Disclosure of capacity includes:

a statement indicating whether the adviser is only accredited to sell or advise on a restricted range of products

name and address of the registered adviser

whether the adviser's primary duty is to the client or the organisation.

Attitudes, views, feelings and objectives may include:

beliefs about performance

fluctuations in income or capital

investor:

conservative

long-term or short-term

moderate

passive

risk taking

speculator

security.

Relevant personal, financial and business details to be collected from the client may include:

current expenditure and income and an indication of:

future income and expenses

capacity to save

tax status

details of assets including income protection and life insurance held by the client

details of liabilities and potential liabilities of the client

details of the clients' needs and objectives for:

income

capital growth

security

liquidity

time period the client is planning for

individual investment preferences and aversion or tolerance to risk

level and type of superannuation cover and current and likely future social security entitlements of the client

other client details such as:

employment security

age

partner's age

family commitments

expected retirement age

partner's expected retirement age.

Development of appropriate strategies and solutions may include:

flexibility

investigation and assessment of costs

liquidity

safety

tax effectiveness and investment spread of relevant products available to the adviser

volatility of expected income and capital growth.

Products where detailed knowledge is required may include:

allocated pensions

annuities

endowment policies

income protection

insurance bonds

personal superannuation products

term insurance

trauma insurance

whole of life policies.

Documentation may include:

computer and manual applications

disclaimers

disclosures

Eligible Termination Payment (ETP) forms

written advice.

Client's needs and objectives may include:

business protection

debt position

educational expenses

family income

retirement income

security.