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

FNSFMB403 Mapping and Delivery Guide
Present broking options to client

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFMB403 - Present broking options to client
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to collect information, conduct relevant research and develop and present broking options to clients. It applies to individuals who use analytical skills and effective communication and negotiation skills to clearly present financial information to a range of individuals with varying needs.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

lending 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: Gather relevant information
  • Review lender products, services and features, and research additional industry information where necessary for relevant lender products and services that could suit client needs
  • Acknowledge and compare client needs to most appropriate lender product and service
       
Element: Prepare appropriate options
  • Gather relevant lender information, product information and support material
  • Organise all information clearly and concisely, in a manner appropriate to client needs and level of understanding
       
Element: Present options to clients
  • Explain each suitable product option and its features to clients in a clear and unambiguous way
  • Discuss impact of each option clearly and comprehensively with clients, including benefits and risks
  • Explain fees, charges and commissions clearly to clients
  • Communicate to clients the strategic and commercial relationship of representative and organisation with each product provider
       
Element: Negotiate effectively
  • Identify and respond appropriately to client concerns, if any, and present alternatives when required
  • Support clients to make informed choice using relevant information and documentation presented
       
Element: Obtain agreement to proceed
  • Obtain agreement to proceed from client once concerns and issues are resolved
  • Discuss, clarify and confirm implementation actions between client and broker
  • Create or appropriately update client records in a clear and concise format in anticipation for preparation of loan application
       


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. Gather relevant information

1.1 Review lender products, services and features, and research additional industry information where necessary for relevant lender products and services that could suit client needs

1.2 Acknowledge and compare client needs to most appropriate lender product and service

2. Prepare appropriate options

2.1 Gather relevant lender information, product information and support material

2.2 Organise all information clearly and concisely, in a manner appropriate to client needs and level of understanding

3. Present options to clients

3.1 Explain each suitable product option and its features to clients in a clear and unambiguous way

3.2 Discuss impact of each option clearly and comprehensively with clients, including benefits and risks

3.3 Explain fees, charges and commissions clearly to clients

3.4 Communicate to clients the strategic and commercial relationship of representative and organisation with each product provider

4. Negotiate effectively

4.1 Identify and respond appropriately to client concerns, if any, and present alternatives when required

4.2 Support clients to make informed choice using relevant information and documentation presented

5. Obtain agreement to proceed

5.1 Obtain agreement to proceed from client once concerns and issues are resolved

5.2 Discuss, clarify and confirm implementation actions between client and broker

5.3 Create or appropriately update client records in a clear and concise format in anticipation for preparation of loan application

Evidence of the ability to:

identify and document relevant industry and product information that meets client needs and present suitable options to clients at a level of their understanding

negotiate effectively and gain commitment from clients to proceed

discuss and document implementation actions in anticipation of a loan application.

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:

identify and categorise key lending products available in the finance and mortgage industry

explain accounting and mathematical formulas to calculate:

interest rates

mortgage repayments

term of a loan

identify and describe current government assistance for:

first home buyers

disadvantaged or low income earners

detail borrowing risk factors

identify and describe the key features of different presentation techniques, including technology supported presentations

identify and outline the key products and services provided by different lenders

explain key features of relevant codes of practice in regards to disclosure

explain the features and applications of relevant fees, charges and commissions

describe the negotiation process

explain the loan application process.

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. Gather relevant information

1.1 Review lender products, services and features, and research additional industry information where necessary for relevant lender products and services that could suit client needs

1.2 Acknowledge and compare client needs to most appropriate lender product and service

2. Prepare appropriate options

2.1 Gather relevant lender information, product information and support material

2.2 Organise all information clearly and concisely, in a manner appropriate to client needs and level of understanding

3. Present options to clients

3.1 Explain each suitable product option and its features to clients in a clear and unambiguous way

3.2 Discuss impact of each option clearly and comprehensively with clients, including benefits and risks

3.3 Explain fees, charges and commissions clearly to clients

3.4 Communicate to clients the strategic and commercial relationship of representative and organisation with each product provider

4. Negotiate effectively

4.1 Identify and respond appropriately to client concerns, if any, and present alternatives when required

4.2 Support clients to make informed choice using relevant information and documentation presented

5. Obtain agreement to proceed

5.1 Obtain agreement to proceed from client once concerns and issues are resolved

5.2 Discuss, clarify and confirm implementation actions between client and broker

5.3 Create or appropriately update client records in a clear and concise format in anticipation for preparation of loan application

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
Review lender products, services and features, and research additional industry information where necessary for relevant lender products and services that could suit client needs 
Acknowledge and compare client needs to most appropriate lender product and service 
Gather relevant lender information, product information and support material 
Organise all information clearly and concisely, in a manner appropriate to client needs and level of understanding 
Explain each suitable product option and its features to clients in a clear and unambiguous way 
Discuss impact of each option clearly and comprehensively with clients, including benefits and risks 
Explain fees, charges and commissions clearly to clients 
Communicate to clients the strategic and commercial relationship of representative and organisation with each product provider 
Identify and respond appropriately to client concerns, if any, and present alternatives when required 
Support clients to make informed choice using relevant information and documentation presented 
Obtain agreement to proceed from client once concerns and issues are resolved 
Discuss, clarify and confirm implementation actions between client and broker 
Create or appropriately update client records in a clear and concise format in anticipation for preparation of loan application 

Forms

Assessment Cover Sheet

FNSFMB403 - Present broking options to client
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

FNSFMB403 - Present broking options to client

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: