Application
This unit requires the application of management and professional skills and may be applied to a professional practice or to a discrete unit of a larger organisation in any sector of the financial services industry. |
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
1. Establish or review marketing | 1.1. Marketing strategy is established or reviewed and marketing tools developed and made available within budget and timelines 1.2. Marketing strategy is confirmed and implemented across the organisation or business unit |
2. Established or review supplier relationship | 2.1. Criteria to enable an effective evaluation of supplier services are established and all existing suppliers assessed against the criteria 2.2. Availability and suitability of alternate suppliers who can meet the service support requirements within legislative requirements are identified and analysed 2.3. Terms of appointment of suppliers to achieve service support requirements are established and relationships with suppliers maintained and developed |
3. Establish or review client services | 3.1. Client services are determined which will meet client expectations, are within enterprise policy and philosophy, and meet industry legislative requirements 3.2. Key performance indicators to measure customer service are established and existing client services reviewed against these and improved where required 3.3. Service standards are documented in the prescribed format and communicated to all stakeholders 3.4. Services are delivered within the timeframe and budget |
Required Skills
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Required skills |
highly developed communication skills to: determine and analyse organisational marketing and client services, using questioning and active listening as required liaise with peers, staff and external service providers, share information, listen and understand use language and concepts appropriate to cultural differences highly developed research skills for: accessing and managing complex information from a wide variety of sources interpreting complex data coordinating multiple tasks across an organisation highly developed literacy skills to read and interpret documentation from a variety of sources and produce high quality reports and organisational guidelines IT skills for accessing and using appropriate software such as word processors, spreadsheets and databases and using internet information management skills for working effectively in a constantly changing environment interpersonal skills to establish rapport with peers, staff and clients highly developed judgement skills for forming recommendations in senior organisational situations organisational and time management skills to sequence tasks, meet timelines and arrange meetings well-developed problem solving skills to identify marketing strategies and client services that have the potential to impact on the practice and to develop options to resolve any issues if they arise self-management skills for complying with ethical, legal and procedural requirements learning skills to maintain knowledge of changes to compliance legislation and best practice management techniques teamwork skills high level project management skills |
Required knowledge |
financial practice administrative processes and systems financial products, their characteristics and risk profile financial practice professional services marketing and advertising principles, techniques and tools office IT systems and software relevant acts, regulations and codes of practice impacting on the financial service industry |
Evidence Required
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: identify and address factors which may affect the marketing and performance of client services and assess risks and benefits associated with using a range of products and services within a practice review suppliers and establish and maintain the required level of service evaluate business systems against practice requirements and make recommendations apply cost-benefit analyses to systems and procedures. |
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 relevant legislation, regulations and codes of practice. |
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 workplace projects and business simulations/scenarios evaluating samples of work accessing and validating third party reports. |
Guidance information for assessment |
Range Statement
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. | |
Marketing tools (that may be impacted by regulation) include: | advertising brochures and sales aids client base development direct marketing focus groups in-house publications lead generation market surveys product marketing public relations activities reports specialist contact software sponsorship telemarketing using compliance materials. |
Suppliers include: | accountants actuaries auditors consultants fund administrators IT specialists insurance companies investment managers legal professionals other financial planning practices risk managers sales and marketing specialists solicitors. |
Supplier terms of appointment can be: | formal informal. |
Client services may be pre, point of, or post sale and may include: | appropriate personal contact complaints handling enquiries policy changes records management reports timely and accurate documentation written communication. |
Service standards may include: | accuracy rates completion dates data availability document presentation procedures response times staff communication. |
Methods of communication may include: | at meetings electronic in writing individual and group verbal. |
Sectors
Unit sector | Practice management |
Employability Skills
This unit contains employability skills. |
Licensing Information
Not applicable.