Application
This unit describes the skills and knowledge required to identify and contact potential client prospects using networks, leads and research skills as well as cold calling. Initial contact may happen over the phone or email, in person, at conferences and presentations, or through a variety of networking opportunities.
It applies to individuals who provide specialised product knowledge and use a range of interpersonal, communication and promotional skills when interacting with clients.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Create rapport with prospective client | 1.1 Carry out prospecting and provide general introduction to products, services, organisational values and experience to potential client through range of communication methods 1.2 Use appropriate questioning and listening skills to determine prospective client’s understanding of financial processes 1.3 Inform prospective client of role of advisers and organisation |
2. Identify prospective client’s needs | 2.1 Encourage prospective client to express needs and goals 2.2 Identify prospective client’s questions and concerns, and respond appropriately, in clear and unambiguous way and in manner consistent with prospect’s level of financial understanding |
3. Secure commitment | 3.1 Probe reasons for resistance and identify and address in appropriate manner through strategy to manage resistance 3.2 Use range of communication and interpersonal skills to gather prospect’s personal, financial and business details in accordance with relevant legislation, and map out next steps that will occur |
4. Manage prospective client information | 4.1 Record prospect information in appropriate way and conduct additional product and service research to determine possible appropriate products and services to meet potential client needs, if necessary 4.2 Consider initial range of options and prepare for next contact |
Evidence of Performance
Evidence of the ability to:
successfully undertake cold calling, relationship building and prospecting for sales of financial products and services
establish a sales response and record required information.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Evidence of Knowledge
To complete the unit requirements safely and effectively, the individual must:
analyse and discuss issues relating to buyer motives
describe the key features of the buying and selling processes
discuss the key features of conflict resolution and persuasion techniques, including how to overcome buyer resistance
describe current industry product and service trends
outline the key features of organisational requirements, including policy and procedures relevant to prospecting for new clients
compare and contrast prospecting methods and management strategies
analyse a range of relevant financial products and services, including their strengths and weaknesses
describe the key features of sales and marketing techniques.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the sales and marketing field of work and include access to:
financial services product information
a relevant software system and data
organisational policy and procedures
common office equipment, technology, software and consumables.
Assessors must satisfy NVR/AQTF assessor requirements.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1, 3.2, 4.1, 4.2 | Researches and analyses key features of detailed information from a range of sources to address specific criteria and develop recommendations |
Writing | 1.1, 1.3, 2.1, 2.2, 3.1, 3.2, 4.1 | Records information and prepares material for a specific audience using correct format, clear language and accurate spelling and grammar |
Oral Communication | 1.1, 1.2, 1.3, 2.1, 2.2, 3.1, 3.2 | Uses pace, intonation and gestures appropriate to the audience to present information, encourage engagement and finalise transactions Uses effective listening and questioning techniques to clarify and confirm understanding |
Numeracy | 1.1, 1.2, 2.2, 3.1, 3.2 | Uses mathematical calculations to compare and estimate numerical and financial information Collates and explains numerical and financial information appropriate to the audience and requirements |
Navigate the world of work | 1.3, 3.2 | Understands role and obligations in the context of legal rights, responsibilities and organisational expectations |
Interact with others | 1.1-1.3, 2.1, 2.2, 3.1, 3.2, 4.2 | Follows accepted communication practices and protocols, adjusting personal communication style in response to the values, beliefs and cultural expectations of others Develops and implements communications strategies with prospective clients to build rapport and establish positive working relationships Uses collaborative techniques to engage prospective clients in consultations and negotiations |
Get the work done | 1.1, 3.2, 4.1, 4.2 | Uses systematic processes to develop plans to manage routine and non-routine tasks Responds to problems requiring immediate resolution, drawing on past experiences to focus on the cause of product or service issues or client resistance Uses a range of digital systems and tools to record, access, filter, extract, organise and present information to an acceptable standard |
Sectors
Sales and marketing