Application
This unit describes skills and knowledge required to match financial products on offer to customer requirements based on an in-depth knowledge of the products and a comprehensive knowledge of customers’ characteristics and their financial requirements.
It applies to individuals who, within their level of authority, use specialised knowledge and analytical skills to make judgements and provide customised recommendations and solutions.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
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. Access information needed to determine fit between financial product and customer | 1.1 Gather and assess information on customer profile and requirements, characteristics, financial status, timelines and other needs 1.2 Consider and, if necessary, research most appropriate products and services used or provided by organisation based on customer stated requirements in terms of features, benefits, terms and conditions, and other factors |
2. Determine most suitable options to meet customer requirements | 2.1 Determine most suitable option, or number of options, for discussion and recommendation with customer 2.2 Establish and document customer negotiation periods in line with organisational policy and relevant legislative requirements 2.3 Discuss options with manager or other appropriate personnel, if necessary |
3. Present selected options to customer | 3.1 Present options to customer and explain all features, benefits, negotiation periods, and terms and conditions 3.2 Provide customer with further information if requested and answer all questions 3.3 Provide customer with all support needed to clarify information presented 3.4 Seek additional information where relevant to determine whether there are other needs that could be met by organisation |
Evidence of Performance
Evidence of the ability to:
assess a wide range of financial services, products and features to suit customer requirements
present product or service options to customers and negotiate sales.
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:
describe the key features of organisational policy and procedures and terms and conditions relating to provision of financial services and products
describe how to access and interpret support information, materials, relevant brochures and other appropriate information
compare and contrast products and services offered by the financial services industry as a whole
compare and contrast products and services offered by the organisation, including specific benefits and features of products and services
describe the key industry and legislative requirements applicable to specific products, services and situations
explain the purpose and requirements of customer negotiation periods in line with relevant legislation.
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
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, 1.2 | Researches and analyses detailed textual information from a range of sources to identify key information and determine requirements and options |
Writing | 2.1-2.3, 3.1-3.4 | Structures and sequences information logically to present customised recommendations and options using appropriate document formats Uses clear and concise language, incorporating correct spelling and grammar and correct terminology at a level appropriate for the audience |
Oral Communication | 2.3, 3.1-3.4 | Uses vocabulary, pace, intonation and gestures to present information and encourage engagement with a range of clients Uses listening and questioning techniques to establish and confirm understanding |
Numeracy | 1.1, 1.2, 2.1, 2.3, 3.1, 3.2 | Uses mathematical equations to perform calculations and comparisons of financial and numerical information |
Navigate the world of work | 2.2, 2.3 | Understands and follows legislative requirements and workplace policies, procedures and protocols when undertaking own work Recognises the limitations of own knowledge and skills and, where necessary, seeks advice from other more experienced work colleagues |
Interact with others | 1.1, 1.2, 2.3, 3.1-3.4 | Selects and uses appropriate conventions and protocols when communicating with colleagues, clients and other stakeholders to identify, extract, clarify or present information Involves others in collaborative discussions using effective interpersonal skills to achieve agreed outcomes |
Get the work done | 1.1, 1.2, 2.1, 2.2 | Plans, organises and implements tasks in accordance with legislative responsibilities to achieve organisational and customer objectives Systematically gathers and analyses all relevant information and evaluates options to make appropriate recommendations Uses a range of digital technologies to effectively access, filter, organise, present and store information |
Sectors
Sales and marketing