Elements and Performance Criteria
- Establish relationship with client
- Establish the nature of client enquiry using the most appropriate methods of communication
- Access client records or record new client details in organisational system
- Inform client of the role of the organisation if they are a new client
- Explain the role and limits of authority of the representative to the client
- Identify clients with special needs and take appropriate action or refer to appropriate advice channel
- Provide client with general information about income stream options
- Explain income stream products to clients and the main differences and availability of account based and non-account based income streams
- Outline the general processes behind setting up an income stream product
- Inform the client on the general process to move from accumulation phase to the pension drawdown phase
- Provide information on basic investment concepts including risk and return, time horizons and asset classes
- 2.5 Identify the general impact of a client's investment choices on their account based income stream
- Advise client of their options and refer to appropriate specialist if they request personalised advice
- Explain retirement income stream products and options to client
- Provide clear and unambiguous information, organisational materials and guidance about the retirement income products offered by the organisation
- Inform the client of any ancillary benefits, facilities and options available when taking out an income stream product
- 3.3 Explain fees and charges associated with the organisation's income stream products to the client
- Identify the risk and benefits of income stream products available from the organisation and explain to the client
- Discuss procedures for complaint handling and resolution to the client
- Assist with enquiries related to retirement income stream products
- Provide assistance with enquiries relating to requests for membership changes if purchasing an income stream from the client’s existing superannuation fund
- Provide explanations regarding calculation of pension payments including consideration of social security, Centrelink and Department of Veterans’ Affairs (DVA) benefits
- Provide information to clients who receive reversionary pensions and explain how nominations are made by the client
- Access appropriate sources of information to respond accurately to client enquiries
- Check client understanding of information provided is in accordance with legislation and organisational policies and procedures
- Provide follow up services related to the client enquiries as required