This unit may apply to job roles in any sector of the financial services industry.

ELEMENT

PERFORMANCE CRITERIA

1. Develop professional business relationships

1.1. All dealings with the client, professionals, and other third parties are conducted professionally in accordance with the organisation's policies and procedures and legislative, regulatory and professional codes of practice

1.2. The organisation's social, business and ethical standards are used to develop and maintain positive relationships

1.3. Dealings with colleagues, clients and other parties is carried out through competent performance and with respect to confidentiality

1.4. Interpersonal styles and methods are adjusted to the needs and situation of other parties

2. Build and maintain business networks and relationships

2.1. Business and professional networks and other relationships are developed and maintained to benefit the organisation

2.2. Business and professional networks are used to identify and cultivate relationships in order to promote and market the organisation

2.3. Other professionals and third parties are cooperated with to expand and enhance the reputation of the organisation and to identify new and improved business practises

3. Nurture relationships and build on referral business for the long term

3.1. Referral business is followed up through appropriate communication channels to find and secure new business relationships

3.2. Referral needs are identified quickly and information provided about the organisation's relevant products and services

3.3. An interview with referral business is secured where needs can be met, or other sources of information are identified that may assist the client.

Required skills

highly developed communication skills to:

deal effectively with a range of clients and other professionals

establish their relationship needs using questioning and active listening as required

network and build strong personal relationships

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research and analysis to access, interpret and manage complex information

well-developed marketing skills to promote products and services

problem solving skills to address client and peer issues

judgement skills for forming recommendations in operational situations

IT skills for accessing and using specialised contact databases and using internet information

well-developed literacy skills for:

reading and interpreting documentation from a variety of sources and recording, gathering and consolidating information

drafting comprehensive reports and letters for clients and other professionals

learning skills to maintain knowledge of industry products and operating environment

organisational skills, including the ability to plan and sequence work and set achievable goals

Required knowledge

local and international economic environment and trends

marketing and public relations tools and media

negotiation and communication principles

relevant associations, conferences, and other relationship building opportunities

relevant business contexts

relevant legislation and regulations and industry codes of practice

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:

liaise, develop and secure longstanding and effective relationships

apply high level communication, negotiation, interpersonal and relationship management skills

interpret and apply the goals, policies and procedures of the organisation

monitor and introduce new ways to improve work relationships

adapt to any special needs of clients, including cultural, language, race, religion, ethnic origin, socioeconomic status and demographic needs.

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 contact software system 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

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills

accessing and validating third party reports.

Guidance information for assessment

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.

The organisation's policies and procedures may include:

clerical and administrative procedures

disputes and complaints resolution procedures

financial and IT systems

management and supervisory practises

professional development requirements.

Legislative, regulatory and professional codes of practice may include:

Commonwealth

local government

State or Territory.

Organisation's social, business and ethical standards may include:

client management practises and principles

client charter

organisational guidelines

professional codes of practice.

Confidentiality may include:

any requirements under legislation such as:

Consumer Credit Code

Privacy Act

standards described by the organisation's policies and procedures.

Interpersonal styles and methods may include:

educating and informing

hard and soft sell techniques

methods appropriate to the audience to communicate ideas and information which account for social and cultural diversity

negotiation and persuasion

seeking input from internal and external sources and use this input to develop and refine ideas and approaches

treating people with integrity, respect and empathy.

Business and professional networks may include:

award ceremonies

networking events

professional associations

seminars and conferences

sports outings and special events.

Other relationships may include:

accounting and taxation professionals

banks

building and construction professionals

company directors and managers

consumer protection authorities

finance brokers

financial advisers and consultants

financial institutions

government departments and agencies

insurance brokers and providers

land titles offices

legal professionals

licensing authorities

loss adjusters and assessors

mortgage brokers

municipal offices

professional associations

real estate professionals

surveyors, quantity surveyors and planning consultants.

Referral business may include:

developed networks

franchise recommendations and referrals

friends and relatives

organisation's:

internal call-in

referral method

past clients

recommendations from clients.

Appropriate communication channels may include:

advertisements

cold calls

community events

face to face

mail drops

office events

phone, email and other electronic technology

seminars.

Unit sector

Customer service

This unit contains employability skills.