FNSSAM501
Apply advanced selling techniques to selling of financial products and services


Application

This unit describes the skills and knowledge required to develop a sales strategy using advanced techniques and to monitor and evaluate its success.

It applies to individuals who, while working under supervision, have responsibility and show leadership in initiating and developing strategic activities for a team or organisation.

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. Identify products or services that would benefit from focused sales approach

1.1 Identify appropriate products and services on basis of client needs, particularly where needs are not adequately met by current approaches

1.2 Generate and discuss ideas for special approach to selling these products and services and satisfying client needs with colleagues and selected clients

1.3 Carry out checks to identify if sales enquiries are within staff personal authorities and where not, refer to appropriate personnel

2. Develop approach to selling product or service

2.1 Discuss, develop and revise possible product or service selling approaches with others and select most useful approach for trial

2.2 Undertake checks to see that selling approach complies with organisational policy and procedures, and relevant legislation

2.3 Develop selling script and train salespeople in approach for intended market segment

3. Pilot approach

3.1 Trial and review selling approach based on results of pilot

3.2 Document and present approach to appropriate personnel for approval

4. Evaluate approach

4.1 Develop criteria for evaluation of selling approach

4.2 Collect sales and other relevant data and evaluate plan on basis of data

4.3 Document results and use to determine future sales strategies

Evidence of Performance

Evidence of the ability to:

develop an effective approach to selling financial services products and services

apply high level analytical skills to identify appropriate products and services, develop new selling ideas, pilot them and evaluate their success

complete relevant documentation according to organisational policy and procedures.

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 the key features of a range of advanced selling techniques and successful selling approaches

outline the strengths and weaknesses of financial product or service evaluation techniques

evaluate techniques for generating new and innovative ideas

outline approaches to effectively training salespeople.


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, 1.3, 2.2

Researches and analyses key features of detailed information from a range of sources to address specific criteria, identify gaps and develop recommendations

Writing

1.2, 1.3, 2.1, 2.3, 3.2, 4.1-4.3

Prepares material for specific audiences using correct format, clear language and accurate spelling and grammar

Reviews and modifies material based on feedback and compliance with organisational and regulatory requirements

Oral Communication

1.2, 1.3, 2.1, 2.3

Uses vocabulary, pace, intonation and gestures appropriate to the audience to present information and encourage engagement

Uses active listening and questioning techniques to elicit the views and opinions of others and to discuss ideas and options

Numeracy

1.1, 4.1-4.3

Uses mathematical equations to calculate and estimate numerical and financial data and to interpret trends

Navigate the world of work

1.3, 2.2

Understands role and obligations in the context of legal rights, responsibilities and organisational expectations

Interact with others

1.2, 2.1, 2.3

Selects and uses appropriate conventions and protocols when communicating with others in a range of work contexts, adjusting practices to take into account the individual needs of others

Demonstrates control over oral, visual and/or written formats, drawing on a range of communication practices to achieve goals

Plays a lead role in collaborating, consulting and cooperating with others to generate solutions or new ideas

Uses interpersonal skills to build rapport and maintain effective working relationships

Get the work done

1.2, 2.1, 2.3, 3.1, 3.2, 4.1-4.3

Uses systematic processes to develop plans to sequence, prioritise and monitor relatively complex tasks

Uses lateral thinking to generate new ideas

Systematically gathers and analyses all relevant information and evaluates options to make informed decisions about selling approaches

Uses a range of digitally based technology and applications to record, access, filter, extract, organise, integrate and present information in an acceptable format


Sectors

Sales and marketing