This unit may be applied in job roles providing professional services in any sector of the financial services industry. It is particularly relevant to senior managers/principals within financial or insurance distribution contexts.

ELEMENT

PERFORMANCE CRITERIA

1. Demonstrate business management skills

1.1. Administrative tasks relevant to the business are identified and effective business management practices are followed in operating the business

1.2. A financial plan covering income, expenditure and cash flow is developed and the financial performance of the business monitored against the plan

1.3. Job descriptions and operation manuals are provided to business areas or units

1.4. Copies of proposals and follow-up through to completion are recorded and kept with financial records, including all correspondence and agreements, maintained in a systematic manner

1.5. Commission and other remuneration statements are monitored and evaluated

2. Maintain comprehensive records of client's affairs

2.1. Records of interviews and contact with clients and other key business relationships are accurately documented and recorded in compliance with client service arrangements and other relevant organisation requirements

2.2. Records of disclosure of capacity and terms of engagement are kept

2.3. Up-to-date copy of the fact finder and customer advice record, client records and correspondence are maintained in a systematic manner

3. Maintain relevant reference material

3.1. Reference material is updated on a regular basis and made readily accessible to any staff

3.2. Accurate information on products, services and distribution channels is maintained

4. Develop and maintain competency requirements of staff

4.1. Competency requirements for professional development are identified for staff at the appropriate time to support efficient service implementation

4.2. Development plans reflect identified goals and needs to achieve the required business outcomes

4.3. Development plans are maintained, evaluated and reviewed against requirements on a regular planned basis

4.4. Authorisation requirements are met

Required skills

well-developed communication skills to:

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

negotiate timelines and responsibilities

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

well-developed research and analysis skills for accessing, analysing and managing financial services information and analysing data

well-developed literacy skills for preparing clear written reports for organisations and business units in required formats

monitoring and evaluation skills

well-developed numeracy skills for financial calculations and analysis, estimating and forecasting

IT skills for using integrated financial systems and using spreadsheets and databases

learning skills to maintain:

knowledge of business systems and best practice and procedures

knowledge of professional development techniques programs

problem solving skills to identify any client business issues that have the potential to impact on organisations and to develop options to resolve these issues when they arise

organisational skills, including the ability to plan and sequence work and correctly schedule reporting

Required knowledge

administrative processes and systems

financial authorisation and compliance requirements

financial product knowledge

human resource management practices

information management systems

principles of business financial and strategic management planning

professional services provided in the financial services industry

record keeping principles and systems

relevant acts, regulations and codes of practice impacting on the financial services industry

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:

apply high level business management, financial planning, personnel management and marketing skills

maintain and use thorough knowledge of industry markets, trends and opportunities

interpret and comply with organisation policies and guidelines, industry codes of practice and relevant legislation and regulations

establish targets, monitor and review performance of the business and its staff, and develop effective strategies to obtain information not readily available within a business

identify and address factors which may affect client service performance.

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 an integrated financial software system and data

access to organisational policies and procedures documentation.

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 business simulations or scenarios

evaluating samples of work

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.

Business management practices may include:

business planning

marketing strategies

personnel management.

Business areas or units may include:

estate planning

fire and general insurance

investment advice

life insurance

superannuation.

Financial records may include

budgeting

cash flow planning

debt-to-equityratios

tax records:

Fringe Benefits Tax (FBT)

payroll tax

income tax returns

company tax.

Agreements may include:

agency and sub-agency agreements

broker authority

general agency agreements.

Client service arrangements may include:

appropriate personal contact

complaints handling

enquiries and information management

policy changes

records management

reports

timely and accurate documentation

written communication

feedback systems:

formal or informal (formal may include client surveys)

internal or external.

Reference material may include details of:

costs

enhancements

investment strategies adopted by fund managers

range

risk return characteristics.

Unit sector

Organisational skills

This unit contains employability skills.