This unit applies in a range of industry sectors in which financial products are provided to individuals and organisations to meet their financial needs.

ELEMENT

PERFORMANCE CRITERIA

1. Access the information needed to determine the fit between the financial product and the customer

1.1. Information on customer profile and requirements, characteristics, financial status, timelines and other needs are gathered and assessed

1.2. Most appropriate products and services used or provided by the organisation are considered and, if necessary, researched 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. The most suitable option, or a number of options, are determined for discussion and recommendation with customer

2.2. Customer negotiation periods are established and documented in line with organisation policy and relevant legislation

2.3. Options are discussed with manager or other appropriate personnel, if necessary

3. Present the selected options to customer

3.1. Options are presented to the customer and all features, benefits, negotiation periods and terms and conditions are explained

3.2. Customer is given further information if requested and all questions are answered

3.3. Customer is provided with all the support needed to clarify the information presented

3.4. If relevant, additional information is taken to see whether there are other needs that could be met by the organisation

Required skills

highly developed communication skills to:

provide comprehensive product and service information to customers, using questioning and active listening as required

present product options and negotiate with customers

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

IT skills for:

accessing and using appropriate software such as spreadsheets and databases and using internet information

managing information on financial products and services

well-developed literacy skills to:

analyse information and products to suit customer needs

document sales outcomes

well-developed analysis and decision making skills

problem solving skills to address market product or service issues

organisational skills, including the ability to plan and sequence work

Required knowledge

organisation policies and procedures and terms and conditions

how to access and interpret support information, materials, relevant brochures and other appropriate information

products and services offered by the financial services industry as a whole

products and services offered by the organisation, including specific benefits and features of products and services

regulatory documents, industry requirements and legislation applicable to specific products, services and situations

requirement for negotiation periods in line with relevant legislation

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:

assess a wide range of financial services, products and features to suit customer requirements

present product or service options to customers and negotiate sales.

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.

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 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.

Most appropriate products and services may include:

products and services developed and offered by the organisation

products and services developed by other vendors, lenders, and organisations that are used by or contracted out by the organisation.

Negotiation periods may include:

application valid period

cooling-off period

negotiation period.

Support may include:

all relevant regulatory documents

organisation brochures and annual reports

product and service information, printed or in electronic formats

relevant contacts and referrals.

Unit sector

Sales and marketing

This unit contains employability skills.