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

FNSSAM521 Mapping and Delivery Guide
Apply advanced techniques to provide financial products and services

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSSAM521 - Apply advanced techniques to provide financial products and services
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to develop and implement a promotional strategy for financial products and services using advanced techniques and to monitor and evaluate its success. This will involve building an innovative and effective promotional plan for a team.The unit applies to those who have responsibility and show leadership in initiating and developing strategic activities for a team or organisation.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

financial services and product information

organisational policies and procedures and legislation

office equipment, technology, software systems and consumables.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
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: Establish financial products or services
  • Identify client needs, requirements and expectations
  • Identify suitable products or services according to client needs
       
Element: Develop approach to providing products or services
  • Identify organisational techniques and strategies for promoting identified products or services to clients
  • Determine approach for promoting products or services according to client expectations
  • Discuss, assess and revise approach with relevant stakeholders
  • Develop advisor aids and train advisors and customer service representatives in approach for intended market segment
  • Identify opportunities for providing ancillary products or services according to organisational policies and procedures, legislation and regulations
       
Element: Implement, monitor and evaluate promotional approach
  • Develop criteria for evaluating promotional approach
  • Trial promotional approach and gather feedback
  • Evaluate trial results and update approach
  • Communicate updated approach to required stakeholders and obtain approval
  • Review required data on product or service take up and plan
  • Document results and determine future promotional strategies
       


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. Establish financial products or services

1.1 Identify client needs, requirements and expectations

1.2 Identify suitable products or services according to client needs

2. Develop approach to providing products or services

2.1 Identify organisational techniques and strategies for promoting identified products or services to clients

2.2 Determine approach for promoting products or services according to client expectations

2.3 Discuss, assess and revise approach with relevant stakeholders

2.4 Develop advisor aids and train advisors and customer service representatives in approach for intended market segment

2.5 Identify opportunities for providing ancillary products or services according to organisational policies and procedures, legislation and regulations

3. Implement, monitor and evaluate promotional approach

3.1 Develop criteria for evaluating promotional approach

3.2 Trial promotional approach and gather feedback

3.3 Evaluate trial results and update approach

3.4 Communicate updated approach to required stakeholders and obtain approval

3.5 Review required data on product or service take up and plan

3.6 Document results and determine future promotional strategies

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

apply advanced techniques to provide at least two different financial products and two different services.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

organisational policies and procedures and legislative and regulatory requirements relating to promoting financial products and services

advanced product positioning techniques and promotional approaches

processes for monitoring and reviewing a promotional approach

techniques and features of training and development programs for advisors and customer service representatives

evaluation and monitoring techniques for financial products and services, their strengths, weaknesses and alignment with customer needs

techniques and features of collateral and key messaging used to promote financial products and services to customers

techniques for generating new and innovative ideas for promoting financial products and services

opportunities for promoting ancillary products and services

organisational documentation processes relating to provision of financial products or services

techniques to calculate and estimate numerical and financial data used for products and services comparison.

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. Establish financial products or services

1.1 Identify client needs, requirements and expectations

1.2 Identify suitable products or services according to client needs

2. Develop approach to providing products or services

2.1 Identify organisational techniques and strategies for promoting identified products or services to clients

2.2 Determine approach for promoting products or services according to client expectations

2.3 Discuss, assess and revise approach with relevant stakeholders

2.4 Develop advisor aids and train advisors and customer service representatives in approach for intended market segment

2.5 Identify opportunities for providing ancillary products or services according to organisational policies and procedures, legislation and regulations

3. Implement, monitor and evaluate promotional approach

3.1 Develop criteria for evaluating promotional approach

3.2 Trial promotional approach and gather feedback

3.3 Evaluate trial results and update approach

3.4 Communicate updated approach to required stakeholders and obtain approval

3.5 Review required data on product or service take up and plan

3.6 Document results and determine future promotional strategies

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
Identify client needs, requirements and expectations 
Identify suitable products or services according to client needs 
Identify organisational techniques and strategies for promoting identified products or services to clients 
Determine approach for promoting products or services according to client expectations 
Discuss, assess and revise approach with relevant stakeholders 
Develop advisor aids and train advisors and customer service representatives in approach for intended market segment 
Identify opportunities for providing ancillary products or services according to organisational policies and procedures, legislation and regulations 
Develop criteria for evaluating promotional approach 
Trial promotional approach and gather feedback 
Evaluate trial results and update approach 
Communicate updated approach to required stakeholders and obtain approval 
Review required data on product or service take up and plan 
Document results and determine future promotional strategies 

Forms

Assessment Cover Sheet

FNSSAM521 - Apply advanced techniques to provide financial products and 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

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Assessment Record Sheet

FNSSAM521 - Apply advanced techniques to provide financial products and 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:

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