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

FNSFMB402 Mapping and Delivery Guide
Identify client needs for broking services

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFMB402 - Identify client needs for broking services
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to determine clients’ finance broking requirements and explain capabilities, legal and compliance related issues so clients are aware of their rights. It applies to individuals who are skilled at building relationships and who use specialised knowledge and analytical skills to provide advice and a range of services for clients.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the finance and mortgage broking field of work and include access to:

office equipment, technology, software and consumables

finance and mortgage product information

relevant software system and data.

Assessors must satisfy NVR/AQTF assessor requirements.

Prerequisites/co-requisites
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: Educate clients and build rapport
  • Explain the finance and mortgage broking process to clients in a clear and unambiguous way, and clarify the background, credentials and role of the broker to build rapport
  • Present the services, values and capacity of the organisation to clients and confirm client understanding of fees and charges
  • Identify and confirm procedures for complaints handling and resolution with clients
       
Element: Determine clients’ existing financial situation
  • Ask clients to disclose relevant facts to begin determining their personal and financial situation and establish clients’ current income, expenditure and liabilities
  • Determine current investment and assets position of clients and conduct initial analysis of clients’ financial position based on extent of client disclosure
       
Element: Determine client goals and priorities with respect to broking services
  • Ask clients to clarify their product expectations
  • Comprehensively explore differences in what products provide and what clients expect, and respond to client concerns, if any, promptly and appropriately
  • Establish and confirm client priorities
  • Seek specialist advice where necessary or refer clients to appropriate sources where required advice or services cannot be provided
       
Element: Prepare necessary documentation follow up
  • Document and check all relevant client facts, information, financial and personal histories and manage confidentially in accordance with organisational policy and guidelines, and relevant legislation and industry codes of practice
  • Create or update client records where necessary in a clear and concise format, and file securely in a format and location readily accessible to other appropriate advisers
       
Element: Determine clients’ existing financial situation
  • Ask clients to disclose relevant facts to begin determining their personal and financial situation and establish clients’ current income, expenditure and liabilities
  • Determine current investment and assets position of clients and conduct initial analysis of clients’ financial position based on extent of client disclosure
       


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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Educate clients and build rapport

1.1 Explain the finance and mortgage broking process to clients in a clear and unambiguous way, and clarify the background, credentials and role of the broker to build rapport

1.2 Present the services, values and capacity of the organisation to clients and confirm client understanding of fees and charges

1.3 Identify and confirm procedures for complaints handling and resolution with clients

2. Determine clients’ existing financial situation

2.1 Ask clients to disclose relevant facts to begin determining their personal and financial situation and establish clients’ current income, expenditure and liabilities

2.2 Determine current investment and assets position of clients and conduct initial analysis of clients’ financial position based on extent of client disclosure

3. Determine client goals and priorities with respect to broking services

3.1 Ask clients to clarify their product expectations

3.2 Comprehensively explore differences in what products provide and what clients expect, and respond to client concerns, if any, promptly and appropriately

3.3 Establish and confirm client priorities

3.4 Seek specialist advice where necessary or refer clients to appropriate sources where required advice or services cannot be provided

4. Prepare necessary documentation follow up

4.1 Document and check all relevant client facts, information, financial and personal histories and manage confidentially in accordance with organisational policy and guidelines, and relevant legislation and industry codes of practice

4.2 Create or update client records where necessary in a clear and concise format, and file securely in a format and location readily accessible to other appropriate advisers

Evidence of the ability to:

use effective communication skills to build rapport with clients and clearly explain information relating to finance and broking processes and products

document and analyse clients’ financial position according to organisational and industry requirements

comply with company policy and relevant legislation in regards to disclosure so clients can make informed decisions.

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

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

explain basic financial and accounting terms and concepts relating directly to mortgage or finance broking including:

variable and fixed rate interest rates

types of mortgage accounts

procedures and principles of deposit bonds

financial records relating to different ownership models

describe key features of complaint handling and resolution processes, and roles of the various alternative disputes resolution schemes and services

explain credit and credit reporting services

describe key features of the economic environment and business cycle, financial markets and the roles of industry participants, interest rates, exchange rates and inflation

identify and describe key features of the legal environment and relevant legislation affecting finance and mortgage broking services in regards to:

disclosure

privacy

industry codes of practice

National Credit Code

describe the key features of lender’s mortgage insurance

explain loan transaction terminology and definitions of the parties involved including:

lender and borrower

lessor and lessee

mortgagee and mortgagor

explain real estate terms and concepts including:

land titles and searches

strata title versus company title

multiple securities

securing second mortgages

subdivisions of title

partial discharge of mortgage where multiple securities are held by lender

categorise and explain types of fees and charges.

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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Educate clients and build rapport

1.1 Explain the finance and mortgage broking process to clients in a clear and unambiguous way, and clarify the background, credentials and role of the broker to build rapport

1.2 Present the services, values and capacity of the organisation to clients and confirm client understanding of fees and charges

1.3 Identify and confirm procedures for complaints handling and resolution with clients

2. Determine clients’ existing financial situation

2.1 Ask clients to disclose relevant facts to begin determining their personal and financial situation and establish clients’ current income, expenditure and liabilities

2.2 Determine current investment and assets position of clients and conduct initial analysis of clients’ financial position based on extent of client disclosure

3. Determine client goals and priorities with respect to broking services

3.1 Ask clients to clarify their product expectations

3.2 Comprehensively explore differences in what products provide and what clients expect, and respond to client concerns, if any, promptly and appropriately

3.3 Establish and confirm client priorities

3.4 Seek specialist advice where necessary or refer clients to appropriate sources where required advice or services cannot be provided

4. Prepare necessary documentation follow up

4.1 Document and check all relevant client facts, information, financial and personal histories and manage confidentially in accordance with organisational policy and guidelines, and relevant legislation and industry codes of practice

4.2 Create or update client records where necessary in a clear and concise format, and file securely in a format and location readily accessible to other appropriate advisers

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
Explain the finance and mortgage broking process to clients in a clear and unambiguous way, and clarify the background, credentials and role of the broker to build rapport 
Present the services, values and capacity of the organisation to clients and confirm client understanding of fees and charges 
Identify and confirm procedures for complaints handling and resolution with clients 
Ask clients to disclose relevant facts to begin determining their personal and financial situation and establish clients’ current income, expenditure and liabilities 
Determine current investment and assets position of clients and conduct initial analysis of clients’ financial position based on extent of client disclosure 
Ask clients to clarify their product expectations 
Comprehensively explore differences in what products provide and what clients expect, and respond to client concerns, if any, promptly and appropriately 
Establish and confirm client priorities 
Seek specialist advice where necessary or refer clients to appropriate sources where required advice or services cannot be provided 
Document and check all relevant client facts, information, financial and personal histories and manage confidentially in accordance with organisational policy and guidelines, and relevant legislation and industry codes of practice 
Create or update client records where necessary in a clear and concise format, and file securely in a format and location readily accessible to other appropriate advisers 
Ask clients to disclose relevant facts to begin determining their personal and financial situation and establish clients’ current income, expenditure and liabilities 
Determine current investment and assets position of clients and conduct initial analysis of clients’ financial position based on extent of client disclosure 

Forms

Assessment Cover Sheet

FNSFMB402 - Identify client needs for broking services
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

FNSFMB402 - Identify client needs for broking services

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: