Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSASIC301C Mapping and Delivery Guide
Establish client relationship and analyse needs

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSASIC301C - Establish client relationship and analyse needs
Description This unit describes the performance outcomes, skills and knowledge required to satisfy the training requirements for authorisation by an Australian ASIC registered License (AFSL) holder to provide advice on deposit products, non-cash payment facilities and general insurance products at Tier 2 level.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by ASIC.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit applies to job roles involving provision of advice on financial products and services at ASIC Tier 2 level.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites FNSASIC302C Develop, present and negotiate client solutions
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Establish relationship with client
  • A range of communication and interpersonal skills are used to establish the knowledge level of the client
  • Enquiries in relation to products and services are responded to by explaining the range of products and services available and their relevant fee and charging methodology
  • Client is informed of the role of the adviser and the licensee/principal responsible for the adviser's conduct including procedures for complaints handling and the circumstances in which they should be engaged
       
Element: Identify client' objectives, needs and financial situation
  • A range of communication and interpersonal skills are used to gather client personal, financial and business details
  • Client's needs and their product risk profile are identified by encouraging expression of their objectives and goals (short-, medium- and long-term goals as relevant to the product)
  • Client expectations of cash flow and relevant taxation obligations are established and confirmed
       
Element: Analyse client's objectives, needs, financial situation and risk profile
  • An assessment of client's needs is undertaken, utilising all information gathered and taking into account client's product expectations and specific needs
  • Client isconsulted throughout the analysis for further clarification where necessary
  • The need for specialist advice is analysed and the client is referred to an appropriate adviser for higher level or specialist advice if required
  • Product risk profile of the client is assessed and agreed demonstrating understanding of the ASIC identified generic and specialist knowledge relevant to the products being offered
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

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 industry regulations and codes of practice including, for insurance products, the required approval or authority to accept the transfer of risk

analyse the characteristics of financial products and services, financial markets and the roles of other specialist providers and licensees

assess the impacts of taxation on client's financial requirements for specific products considered.

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 workplace projects and business simulations or scenarios

accessing and validating third party reports.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

communication skills to:

determine and confirm client requirements, using questioning and active listening as required

present products and services to clients clearly and thoroughly

negotiate agreed outcomes with clients

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

identify and use financial product information

access and use appropriate software such as spreadsheets and databases

use internet information

literacy skills for analysing information and products to ensure appropriateness to client needs, currency and accuracy

analytical skills to determine client risk profiles and undertake a needs analysis

interpersonal skills to establish rapport with clients and to liaise with other team members

organisational and time management skills to sequence tasks, meet timelines and arrange meetings

Required knowledge

Generic knowledge requirements

the economic environment and characteristics and impact of economic and business cycles including:

interest rates

exchange rates

inflation

government monetary and fiscal policies

the operation of financial markets, the roles played by intermediaries and issuers, structure and inter-relationships within the financial markets, and inter-relationship between industry sectors

financial products, including:

the concept of a financial product

general definition

specific inclusions and exclusions

types of financial investment products

types of financial risk products

taxation issues in relation to the products and markets in which they operate

advisory functions, including:

the role of the representative or adviser

participants in the advisory services market

range of services provided

profile and financial information of the client

appropriateness of a risk assessment

the legal environment and disclosure and compliance, including:

relevant legal principles (e.g. Corporations Act, Financial Services Reform Act (FSRA), Trade Practices Act)

the relationship between ethics and regulatory requirements (e.g. good faith, utmost good faith, full disclosure of remuneration/fees and any other conflicts of interest which may influence the adviser's recommendation)

relevant industry codes of practice and conduct

complaints resolution procedures (internal and external)

ASIC regulatory guidelines

Specialist knowledge requirements

the specific industry or product in which they are operating. For general insurance products this includes:

types of general insurance products/policies

standard cover (and deviations)

policy wordings

taxes and charges

insurance claims

premium rating/risk selection

reporting

product development

underwriting

for deposit products and non-cash payment facilities this includes:

types of products/facilities

product/facility characteristics

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.

Adviser may include:

all natural persons who provide financial product advice to retail clients

any representative of a licensee

employee or owner.

Client needs, objectives and financial situation may include:

business needs

debt position

expectations of access to product

expectations of income from product

expectations of lifecycle and length of product

family income

security.

Risk profile may include:

access restrictions on product

borrowing risk and gearing

economic

market and sector risks:

economic cycle

fixed interest

property

stock market

risk factors and return expectations

specific product risk

volatility of income and capital.

Information gathered from the client may include:

details of liabilities and potential liabilities of the client

details of client needs and objectives for income, security, liquidity, and the time period the client is planning for

disclaimers

disclosures

individual investment preferences and aversion or tolerance to risk

other client details such as:

employment security

likely events and their impact on the client

age

other products they have

product application forms

written advice.

Client product expectations may include:

personal involvement:

active

passive

risk profile:

conservative

speculator.

moderate

their beliefs about performance

expectations of fluctuations in income or capital

being a long-term or short-term investor

need for security.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
A range of communication and interpersonal skills are used to establish the knowledge level of the client 
Enquiries in relation to products and services are responded to by explaining the range of products and services available and their relevant fee and charging methodology 
Client is informed of the role of the adviser and the licensee/principal responsible for the adviser's conduct including procedures for complaints handling and the circumstances in which they should be engaged 
A range of communication and interpersonal skills are used to gather client personal, financial and business details 
Client's needs and their product risk profile are identified by encouraging expression of their objectives and goals (short-, medium- and long-term goals as relevant to the product) 
Client expectations of cash flow and relevant taxation obligations are established and confirmed 
An assessment of client's needs is undertaken, utilising all information gathered and taking into account client's product expectations and specific needs 
Client isconsulted throughout the analysis for further clarification where necessary 
The need for specialist advice is analysed and the client is referred to an appropriate adviser for higher level or specialist advice if required 
Product risk profile of the client is assessed and agreed demonstrating understanding of the ASIC identified generic and specialist knowledge relevant to the products being offered 

Forms

Assessment Cover Sheet

FNSASIC301C - Establish client relationship and analyse needs
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSASIC301C - Establish client relationship and analyse needs

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: