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Elements and Performance Criteria

Create rapport with prospective client
Identify the prospective client's needs
- Prospective client is encouraged to express their needs and goals
- Prospective client questions and concerns are identified and responded to appropriately, in a clear and unambiguous way and in a manner consistent with prospect's level of financial understanding
Secure commitment
- Reasons for resistance are probed and identified and addressed in an appropriate manner through a strategy to manage the resistance
- A range of communication and interpersonal skills are used to gather prospect's personal, financial and business details in accordance with relevant legislation and the next steps that will occur are mapped out
Manage prospective client information
- Prospect information is recorded in an appropriate way and additional product and service research is conducted to determine possible appropriate products and services to meet potential client needs if necessary
- Initial range of options is considered and prepared for next contact

Required Skills

Required knowledge

buying and selling processes

conflict resolution and persuasion techniques

industry product and service trends

organisational requirements including policy and procedures

prospecting methods and management strategies

relevant financial products and services including their strengths and weaknesses

sales and marketing techniques

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

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

establish a sales response

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

setting and reviewing business simulations or scenarios

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.

Prospecting is a continuous process of gathering the names of potential buyers who are likely to be interested in the purchasing the salesperson's product. These may include

business associates and associations

friends and family

internal company referral systems

networking groups and events

General introduction to products and services may include:

client charter information

organisation values, mission and ethics

types of products and services.

Appropriate questioning and listening may include:

asking the caller what aspects of their finances they most need to focus on now and attend to these concerns

assessing for risk or apprehension in the potential client

determining the nature of the person's relationship to a referee

using silence appropriately.

Buyer resistance may include:

no perceived need

poor rapport with salesperson

price resistance

uncertainty about product or service.

Probing may include:

checking perceptions

open and closed questions

repeating back prospect's understanding of products and services.

A strategy to manage the resistance

may include:

giving referrals such as satisfied clients to contact

giving trial offers or offers of incentive

listing and describing superior benefits of products and services

providing additional information, education, and support such as statistical information

using assertive messages.