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

FNSSAM403 Mapping and Delivery Guide
Prospect for new clients

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSSAM403 - Prospect for new clients
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to identify and contact potential client prospects using networks, leads and research skills as well as cold calling. Initial contact may happen over the phone or email, in person, at conferences and presentations, or through a variety of networking opportunities.It applies to individuals who provide specialised product knowledge and use a range of interpersonal, communication and promotional skills when interacting with 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 sales and marketing field of work and include access to:

financial services product information

a relevant software system and data

organisational policy and procedures

common office equipment, technology, software and consumables.

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: Create rapport with prospective client
  • Carry out prospecting and provide general introduction to products, services, organisational values and experience to potential client through range of communication methods
  • Use appropriate questioning and listening skills to determine prospective client’s understanding of financial processes
  • Inform prospective client of role of advisers and organisation
       
Element: Identify prospective client’s needs
  • Encourage prospective client to express needs and goals
  • Identify prospective client’s questions and concerns, and respond appropriately, in clear and unambiguous way and in manner consistent with prospect’s level of financial understanding
       
Element: Secure commitment
  • Probe reasons for resistance and identify and address in appropriate manner through strategy to manage resistance
  • Use range of communication and interpersonal skills to gather prospect’s personal, financial and business details in accordance with relevant legislation, and map out next steps that will occur
       
Element: Manage prospective client information
  • Record prospect information in appropriate way and conduct additional product and service research to determine possible appropriate products and services to meet potential client needs, if necessary
  • Consider initial range of options and prepare for next contact
       
Element: Identify prospective client’s needs
  • Encourage prospective client to express needs and goals
  • Identify prospective client’s questions and concerns, and respond appropriately, in clear and unambiguous way and in manner consistent with prospect’s level of financial understanding
       


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. Create rapport with prospective client

1.1 Carry out prospecting and provide general introduction to products, services, organisational values and experience to potential client through range of communication methods

1.2 Use appropriate questioning and listening skills to determine prospective client’s understanding of financial processes

1.3 Inform prospective client of role of advisers and organisation

2. Identify prospective client’s needs

2.1 Encourage prospective client to express needs and goals

2.2 Identify prospective client’s questions and concerns, and respond appropriately, in clear and unambiguous way and in manner consistent with prospect’s level of financial understanding

3. Secure commitment

3.1 Probe reasons for resistance and identify and address in appropriate manner through strategy to manage resistance

3.2 Use range of communication and interpersonal skills to gather prospect’s personal, financial and business details in accordance with relevant legislation, and map out next steps that will occur

4. Manage prospective client information

4.1 Record prospect information in appropriate way and conduct additional product and service research to determine possible appropriate products and services to meet potential client needs, if necessary

4.2 Consider initial range of options and prepare for next contact

Evidence of the ability to:

successfully undertake cold calling, relationship building and prospecting for sales of financial products and services

establish a sales response and record required information.

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:

analyse and discuss issues relating to buyer motives

describe the key features of the buying and selling processes

discuss the key features of conflict resolution and persuasion techniques, including how to overcome buyer resistance

describe current industry product and service trends

outline the key features of organisational requirements, including policy and procedures relevant to prospecting for new clients

compare and contrast prospecting methods and management strategies

analyse a range of relevant financial products and services, including their strengths and weaknesses

describe the key features of sales and marketing techniques.

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. Create rapport with prospective client

1.1 Carry out prospecting and provide general introduction to products, services, organisational values and experience to potential client through range of communication methods

1.2 Use appropriate questioning and listening skills to determine prospective client’s understanding of financial processes

1.3 Inform prospective client of role of advisers and organisation

2. Identify prospective client’s needs

2.1 Encourage prospective client to express needs and goals

2.2 Identify prospective client’s questions and concerns, and respond appropriately, in clear and unambiguous way and in manner consistent with prospect’s level of financial understanding

3. Secure commitment

3.1 Probe reasons for resistance and identify and address in appropriate manner through strategy to manage resistance

3.2 Use range of communication and interpersonal skills to gather prospect’s personal, financial and business details in accordance with relevant legislation, and map out next steps that will occur

4. Manage prospective client information

4.1 Record prospect information in appropriate way and conduct additional product and service research to determine possible appropriate products and services to meet potential client needs, if necessary

4.2 Consider initial range of options and prepare for next contact

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
Carry out prospecting and provide general introduction to products, services, organisational values and experience to potential client through range of communication methods 
Use appropriate questioning and listening skills to determine prospective client’s understanding of financial processes 
Inform prospective client of role of advisers and organisation 
Encourage prospective client to express needs and goals 
Identify prospective client’s questions and concerns, and respond appropriately, in clear and unambiguous way and in manner consistent with prospect’s level of financial understanding 
Probe reasons for resistance and identify and address in appropriate manner through strategy to manage resistance 
Use range of communication and interpersonal skills to gather prospect’s personal, financial and business details in accordance with relevant legislation, and map out next steps that will occur 
Record prospect information in appropriate way and conduct additional product and service research to determine possible appropriate products and services to meet potential client needs, if necessary 
Consider initial range of options and prepare for next contact 
Encourage prospective client to express needs and goals 
Identify prospective client’s questions and concerns, and respond appropriately, in clear and unambiguous way and in manner consistent with prospect’s level of financial understanding 

Forms

Assessment Cover Sheet

FNSSAM403 - Prospect for new clients
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

FNSSAM403 - Prospect for new clients

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: