Required skills

welldeveloped communication skills to

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

liaise with others share information listen and understand

use language and concepts appropriate to cultural differences

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

IT skills to use internet databases and search engines for

product information

consumer reports

industry information bulletins

welldeveloped literacy skills for

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

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

drafting comprehensive documentation on products and services from a wide range of sources

marketing skills for

reading market and consumer trends

matching relevant products that meet these needs

communicating the benefits of products and services in a way that informs the market

identifying different types of customers in the relevant market

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

approaches to selling products and services such as

advertisements

seminars

networks

direct mail

systems that can be accessed to obtain uptodate information on products services and competition such as

internet

consumer reports

financial reviews and conferences

events that promote financial products and services

general marketing and promotional techniques such as

product placement

how to identify strengths and weaknesses

how to overcome consumer resistance

organisation policies in terms of promotional and marketing strategies

organisations products and services and those used by the organisation

products and services used by competitors that are similar to the organisations

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

identify and maintain current knowledge of the financial products and services an organisation uses and provides

identify unique characteristics of financial products how they rate to competitors and the type of customers and customer needs they are best suited for

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

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports

Guidance information for assessment

Organisation products and services may include:

Characteristics of products and services may include:

Promotional strategy may include:

Compliance implications may include:

Customer needs may include:

Customer characteristics may include:

Systems may include:

Emerging trends may include: