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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 prospective client
   • Carry out prospecting and provide general introduction to products, services, organisational values and experience to potential client through range of communication methods
   • Use appropriate questioning and listening skills to determine prospective client’s understanding of financial processes
   • Inform prospective client of role of advisers and organisation
2. Identify prospective client’s needs
   • Encourage prospective client to express needs and goals
   • Identify prospective client’s questions and concerns, and respond appropriately, in clear and unambiguous way and in manner consistent with prospect’s level of financial understanding
3. Secure commitment
   • Probe reasons for resistance and identify and address in appropriate manner through strategy to manage resistance
   • Use range of communication and interpersonal skills to gather prospect’s personal, financial and business details in accordance with relevant legislation, and map out next steps that will occur
4. Manage prospective client information
   • Record prospect information in appropriate way and conduct additional product and service research to determine possible appropriate products and services to meet potential client needs, if necessary
   • Consider initial range of options and prepare for next contact
5. Identify prospective client’s needs
   • Encourage prospective client to express needs and goals
   • Identify prospective client’s questions and concerns, and respond appropriately, in clear and unambiguous way and in manner consistent with prospect’s level of financial understanding

Performance Evidence

Evidence of the ability to:

successfully undertake cold calling, relationship building and prospecting for sales of financial products and services

establish a sales response and record required information.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

analyse and discuss issues relating to buyer motives

describe the key features of the buying and selling processes

discuss the key features of conflict resolution and persuasion techniques, including how to overcome buyer resistance

describe current industry product and service trends

outline the key features of organisational requirements, including policy and procedures relevant to prospecting for new clients

compare and contrast prospecting methods and management strategies

analyse a range of relevant financial products and services, including their strengths and weaknesses

describe the key features of sales and marketing techniques.

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