This unit applies to a range of financial services job roles. It is specifically designed to assist organisations and individuals who undertake the provision of financial services and products advice which is NOT specified in accordance with Australian Securities and Investments Commissions (ASIC) regulations and does not require Tier 1 or 2 status.

ELEMENT

PERFORMANCE CRITERIA

1. Establish relationship with client

1.1. Client enquiries are attended to in a timely and courteous manner

1.2. Active listening skills are demonstrated in dealing with client enquiries and help and assistance is provided to ensure the full and accurate completion of initial documentation where required

2. Identify client needs

2.1. Where applicable initial documentation is examined to determine the products and services of interest to the client

2.2. Clear and unambiguous communication is undertaken with the client to determine and clarify the products and services of interest to them

2.3. Clients are informed clearly on the regulatory restrictions on providing financial products advice

2.4. Clients are encouraged to disclose relevant information to determine their personal and financial situation and special needs

2.5. Requests for information, advice, products or services that fall outside the organisation's scope of operation are identified and the client informed where such information, advice, products or services can be obtained where possible

2.6. The range of products and services available are explained to the client in a clear and unambiguous way, avoiding jargon and in a language appropriate to the receiver

3. Identify general advice boundaries of product/service

3.1. The range of products and services of interest to the client are analysed to determine their categorisation is general advice in line with legislation and organisation policy

3.2. The client is referred to appropriate specialist personnel where requested advice is deemed to fall outside the category of general advice

4. Provide general advice to client

4.1. The client is assisted to make informed choices on products and services using relevant documentation

4.2. Advice is provided to the client in strict accordance with regulatory restrictions, organisation policy and organisational tools

4.3. Product knowledge appropriate for the service or advice offered is demonstrated when providing advice to the client

4.4. Recommendations are explained and discussed with the client in a clear and unambiguous way

Required skills

well-developed communication skills to:

determine and confirm client requirements, using questioning and active listening as required and avoiding unnecessary industry jargon

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

literacy skills for:

analysing information and products to ensure appropriateness to client needs, currency and accuracy

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

learning skills to maintain knowledge of changes to relevant legislation and financial product features and what constitutes general advice

organisational skills, including the ability to plan and sequence work

Required knowledge

organisational policy and guidelines related to the provision of advice

overview of products available in the industry, their characteristics and conditions

relevant document details including:

brochures

fact sheets

relevant legislation affecting the industry, particularly ASIC policy statements relating to financial product advisory services

the role of different advisers within the organisation

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 relevant legislation supporting the provision of advice to clients

maintain current knowledge of products and services available to clients

create rapport with the client and analyse their needs to identify appropriate provision of advice.

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.

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.

Enquiries may include,:

electronic communication

face-to-face enquiries

telephone enquiries

written communication.

Initial documentation may include, but is not limited to:

computer and manual application forms

disclaimers

disclosures

written advice.

Products and services of interest to the client

include:

specific products or services being offered by the organisation within the general advice category defined in relevant legislation.

Special needs include but are not limited to:

advice relating to their individual financial situation

age groups

people with a disability

the needs of people from different cultural backgrounds.

Legislation and organisation policy may include but is not limited to:

ASIC Act, policy and guidelines

organisation guidelines

organisation operating manuals

organisation policy manuals

relevant financial association's business rules and codes of conduct.

General advice:

is different to personal advice and has specific definition under the Financial Services Reform Act (FSRA).

Documentation may include:

brochures

costing manuals

in-house publications

legal, government, professional and other documents

operating guides

policy statements

procedures manuals

prospectuses

reports:

research

statistical

ad hoc

transaction

other

system specifications.

Organisational tools might include:

advice guides

brochures

computer prompts and systems

financial services guides

telephone or face-to-face scripts

training tools.

Product knowledge might include:

contract details

cooling-off periods

details on investment returns

guarantee periods

relevant interest rates.

Unit sector

Industry advice

This unit contains employability skills.