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

FNSFMB503A Mapping and Delivery Guide
Present broking options to client with complex needs

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFMB503A - Present broking options to client with complex needs
Description This unit describes the performance outcomes, skills and knowledge required to create rapport with clients with complex or special needs and present complex information to them, negotiating effectively and completing and maintaining required documentation, including a plan.This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit applies to finance brokers working with clients whose needs may include, but are not limited to:commercial loanschattelnative title rightsheritage issuescontaminated sitesproperties near noxious industries.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
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: Develop rapport with client
  • Client's needs and objectives are addressed in a manner consistent with their level of financial understanding and which directly applies to the objectives and requirements they have disclosed
  • High level active listening skills are demonstrated in dealings with client, including those with special needs
  • Services, strategies and recommendations are introduced to the client orally and in writing in a clear and unambiguous way, avoiding jargon and in appropriate language
  • Disclosure of capacity to client is consistent with industry requirements and organisation guidelines
       
Element: Present broking options to the client
  • Client is guided through broking options and the impact of each option is clearly and comprehensively discussed with client including advantages, disadvantages, risks and financial implications, taking into account various assumptions or possibilities
  • Fees, charges and commissions are clearly explained to the client and copies of the research and other documentation provided
  • Any commercial relationship of the representative and their organisation to products and or services mentioned in the plan are disclosed
  • Adviser identifies and addresses issues that in their professional judgement may require further consideration or consultation with other financial services professionals
  • Confirmation is sought from client that they understand the broking options presented
       
Element: Negotiate effectively
  • Client concerns, if any, are identified and responded to appropriately with alternatives to recommendations presented when requested
  • Limits imposed by regulatory requirements or organisation guidelines are observed
  • Restraint and control of feelings are exercised when dealing with conflict situations involving clients
  • Communication channels are maintained when dealing with complaints and following complaint handling procedures
  • Agreement to proceed is obtained from the client
       
Element: Complete and maintain necessary documentation
  • Client interaction is recorded in accordance with the current industry documentation requirements
  • Confirmation including relevant documentation and contract variation is provided to the client
  • Instructing or purchasing documents where required are signed by the client
  • Post broking service to be provided is clearly defined, and is communicated to the client
  • Client records are created or updated
       


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

assess broking options, financial markets and investment characteristics

identify the roles of associated financial advisers

assessimpacts of taxation, social security, economic and other government policies on client investment and financial requirements

use appropriate sales and marketing methodologies and provide justification and research evidence

gain client feedback on and or agreement to the plan.

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

access to specialist software and data.

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

verbal or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business simulations or scenarios

evaluating samples of work

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

highly developed communication skills to:

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

develop a rapport with clients and deal with any emotive issues sensitively

communicate aspects of a valuation result to clients

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

customer service skills such as:

providing appropriate contact with client throughout the complex broking process

appropriate timing of events

well-developed research and analysis for:

accessing, interpreting and analysing complex information to meet client needs

interpreting results of a valuation and implication on financing proposal

identifying key issues for developing strategic options

well-developed numeracy and IT skills to:

access and use appropriate specialist software, organisational templates plus spreadsheets and databases

access internet information

well-developed literacy skills to:

read and interpret organisational and industry information

draft documentation for clients that is comprehensive and clear

draft reports setting out research findings and analysis

organisational skills, including the ability to plan and sequence work

Required knowledge

acts and regulations affecting the financial industry

borrowing risk factors

environmental legislation impacting on financial services

heritage property issues and requirements

native title rights

products available in the financial services industry

relevant codes of practice

requirements related to the disclosure of capacity

the role of the finance brokers

valuation practises and methodology

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.

Disclosure of capacity may include:

a statement indicating whether the finance broker is only accredited to deal with a restricted range of products

any relationship the broker and their organisation has with products mentioned in the presentation or loan structure

name and address of the finance broker

the means of remuneration of the finance broker

who is responsible for the finance broker's conduct.

Broking options may include, but are not limited to:

direct investments

insurance products

loan products

sources of funding

types of finance.

Documentation may include:

computer and manual applications

disclaimers

disclosures

Eligible Termination Payment (ETP) forms

written advice.

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
Client's needs and objectives are addressed in a manner consistent with their level of financial understanding and which directly applies to the objectives and requirements they have disclosed 
High level active listening skills are demonstrated in dealings with client, including those with special needs 
Services, strategies and recommendations are introduced to the client orally and in writing in a clear and unambiguous way, avoiding jargon and in appropriate language 
Disclosure of capacity to client is consistent with industry requirements and organisation guidelines 
Client is guided through broking options and the impact of each option is clearly and comprehensively discussed with client including advantages, disadvantages, risks and financial implications, taking into account various assumptions or possibilities 
Fees, charges and commissions are clearly explained to the client and copies of the research and other documentation provided 
Any commercial relationship of the representative and their organisation to products and or services mentioned in the plan are disclosed 
Adviser identifies and addresses issues that in their professional judgement may require further consideration or consultation with other financial services professionals 
Confirmation is sought from client that they understand the broking options presented 
Client concerns, if any, are identified and responded to appropriately with alternatives to recommendations presented when requested 
Limits imposed by regulatory requirements or organisation guidelines are observed 
Restraint and control of feelings are exercised when dealing with conflict situations involving clients 
Communication channels are maintained when dealing with complaints and following complaint handling procedures 
Agreement to proceed is obtained from the client 
Client interaction is recorded in accordance with the current industry documentation requirements 
Confirmation including relevant documentation and contract variation is provided to the client 
Instructing or purchasing documents where required are signed by the client 
Post broking service to be provided is clearly defined, and is communicated to the client 
Client records are created or updated 

Forms

Assessment Cover Sheet

FNSFMB503A - Present broking options to client with complex 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

FNSFMB503A - Present broking options to client with complex 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: