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Evidence Guide: FNSCUS505 - Determine client requirements and expectations

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSCUS505 - Determine client requirements and expectations

What evidence can you provide to prove your understanding of each of the following citeria?

Develop awareness of clients’ situation

  1. Obtain relevant facts and information courteously and professionally to determine clients’ situation prior to defining their expectations, requirements and objectives
  2. Encourage clients to disclose relevant information to determine their personal and financial situation and special needs
  3. Develop summary analysis of clients’ financial position and determine their contact category based on extent of client disclosure
  4. Determine if clients require execution or settlement only action and, if that is the case, do not offer or provide further advice
Obtain relevant facts and information courteously and professionally to determine clients’ situation prior to defining their expectations, requirements and objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Encourage clients to disclose relevant information to determine their personal and financial situation and special needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop summary analysis of clients’ financial position and determine their contact category based on extent of client disclosure

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine if clients require execution or settlement only action and, if that is the case, do not offer or provide further advice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain relevant knowledge of clients’ financial position and risk profile

  1. Ascertain client s’ financial position where relevant
  2. Identify risk and fraud indicators accurately and consistently
Ascertain client s’ financial position where relevant

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify risk and fraud indicators accurately and consistently

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine client expectations and requirements with respect to financial markets advice

  1. Encourage clients to express and clarify their requirements, expectations and concerns, and respond promptly and appropriately to any identified concerns
  2. Determine clients’ investment needs and preferences with respect to financial product selection or portfolio
  3. Obtain specialist advice where necessary or refer clients to appropriate personnel or organisation if required services are not available or cannot be provided
  4. Analyse all information and facts provided by clients and determine appropriate risk or reward and asset allocation strategies in accordance with client requirements, organisational policy and guidelines, and relevant legislation or industry codes of practice
Encourage clients to express and clarify their requirements, expectations and concerns, and respond promptly and appropriately to any identified concerns

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine clients’ investment needs and preferences with respect to financial product selection or portfolio

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain specialist advice where necessary or refer clients to appropriate personnel or organisation if required services are not available or cannot be provided

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse all information and facts provided by clients and determine appropriate risk or reward and asset allocation strategies in accordance with client requirements, organisational policy and guidelines, and relevant legislation or industry codes of practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and update necessary documentation

  1. Complete all relevant client facts, financial and personal histories and disclosure documents, and file in accordance with organisational policy and guidelines and relevant legislation and regulatory requirements
  2. Create or update client records where necessary, and file client documentation and information in a format and location readily accessible to other advisers
Complete all relevant client facts, financial and personal histories and disclosure documents, and file in accordance with organisational policy and guidelines and relevant legislation and regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Create or update client records where necessary, and file client documentation and information in a format and location readily accessible to other advisers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop awareness of clients’ situation

  1. Obtain relevant facts and information courteously and professionally to determine clients’ situation prior to defining their expectations, requirements and objectives
  2. Encourage clients to disclose relevant information to determine their personal and financial situation and special needs
  3. Develop summary analysis of clients’ financial position and determine their contact category based on extent of client disclosure
  4. Determine if clients require execution or settlement only action and, if that is the case, do not offer or provide further advice
Obtain relevant facts and information courteously and professionally to determine clients’ situation prior to defining their expectations, requirements and objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Encourage clients to disclose relevant information to determine their personal and financial situation and special needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop summary analysis of clients’ financial position and determine their contact category based on extent of client disclosure

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine if clients require execution or settlement only action and, if that is the case, do not offer or provide further advice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain relevant knowledge of clients’ financial position and risk profile

  1. Ascertain client s’ financial position where relevant
  2. Identify risk and fraud indicators accurately and consistently
Ascertain client s’ financial position where relevant

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify risk and fraud indicators accurately and consistently

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Develop awareness of clients’ situation

1.1 Obtain relevant facts and information courteously and professionally to determine clients’ situation prior to defining their expectations, requirements and objectives

1.2 Encourage clients to disclose relevant information to determine their personal and financial situation and special needs

1.3 Develop summary analysis of clients’ financial position and determine their contact category based on extent of client disclosure

1.4 Determine if clients require execution or settlement only action and, if that is the case, do not offer or provide further advice

2. Obtain relevant knowledge of clients’ financial position and risk profile

2.1 Ascertain client s’ financial position where relevant

2.2 Identify risk and fraud indicators accurately and consistently

3. Determine client expectations and requirements with respect to financial markets advice

3.1 Encourage clients to express and clarify their requirements, expectations and concerns, and respond promptly and appropriately to any identified concerns

3.2 Determine clients’ investment needs and preferences with respect to financial product selection or portfolio

3.3 Obtain specialist advice where necessary or refer clients to appropriate personnel or organisation if required services are not available or cannot be provided

3.4 Analyse all information and facts provided by clients and determine appropriate risk or reward and asset allocation strategies in accordance with client requirements, organisational policy and guidelines, and relevant legislation or industry codes of practice

4. Prepare and update necessary documentation

4.1 Complete all relevant client facts, financial and personal histories and disclosure documents, and file in accordance with organisational policy and guidelines and relevant legislation and regulatory requirements

4.2 Create or update client records where necessary, and file client documentation and information in a format and location readily accessible to other advisers

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Develop awareness of clients’ situation

1.1 Obtain relevant facts and information courteously and professionally to determine clients’ situation prior to defining their expectations, requirements and objectives

1.2 Encourage clients to disclose relevant information to determine their personal and financial situation and special needs

1.3 Develop summary analysis of clients’ financial position and determine their contact category based on extent of client disclosure

1.4 Determine if clients require execution or settlement only action and, if that is the case, do not offer or provide further advice

2. Obtain relevant knowledge of clients’ financial position and risk profile

2.1 Ascertain client s’ financial position where relevant

2.2 Identify risk and fraud indicators accurately and consistently

3. Determine client expectations and requirements with respect to financial markets advice

3.1 Encourage clients to express and clarify their requirements, expectations and concerns, and respond promptly and appropriately to any identified concerns

3.2 Determine clients’ investment needs and preferences with respect to financial product selection or portfolio

3.3 Obtain specialist advice where necessary or refer clients to appropriate personnel or organisation if required services are not available or cannot be provided

3.4 Analyse all information and facts provided by clients and determine appropriate risk or reward and asset allocation strategies in accordance with client requirements, organisational policy and guidelines, and relevant legislation or industry codes of practice

4. Prepare and update necessary documentation

4.1 Complete all relevant client facts, financial and personal histories and disclosure documents, and file in accordance with organisational policy and guidelines and relevant legislation and regulatory requirements

4.2 Create or update client records where necessary, and file client documentation and information in a format and location readily accessible to other advisers

Evidence of the ability to:

obtain comprehensive information about clients to establish an overview of their financial situation and analyse to determine risk profile

build rapport with clients to determine their expectations and requirements with respect to financial product or portfolio advice

accurately prepare documentation and update client records according to organisational procedures and legislative requirements.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

outline key requirements of relevant legislation and industry codes of practice relating to working with clients in financial services

describe the types of information used to determine the client’s financial situation and expectations

explain the principles of financial product sales techniques

explain key features of organisational policy and procedures for dealing with clients and recording information

describe the characteristics of quality client service techniques and tools.