NTISthis.com

Evidence Guide: FNSCUS515 - Determine client financial 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

 

FNSCUS515 - Determine client financial requirements and expectations

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

Establish client’s personal and financial situation

  1. Obtain from authorised representative all available information on client required to identify client’s situation according to organisational procedures and professional protocols
  2. Identify and clarify with authorised representative client expectations, needs and objectives
  3. Develop summary analysis of client’s financial position and determine their contact category based on extent of client disclosure
  4. Determine if client requires execution or settlement-only action and do not offer or provide further advice
  5. Update organisational system with required client information
Obtain from authorised representative all available information on client required to identify client’s situation according to organisational procedures and professional protocols

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and clarify with authorised representative client expectations, needs and objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine if client requires execution or settlement-only action and do not offer or provide further advice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update organisational system with required client information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine client’s financial position and risk profile

  1. Review summary analysis and communicate with relevant stakeholders to confirm client’s financial position according to organisational procedures
  2. Identify risk and fraud indicators and take required action according to organisational procedures
  3. Record assessment of client’s financial position where required
Review summary analysis and communicate with relevant stakeholders to confirm client’s financial position according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify risk and fraud indicators and take required action according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record assessment of client’s financial position where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess client preferences relating to financial investment products

  1. Determine client investment needs and preferences with respect to financial product and service selection or portfolio
  2. Clarify client requirements, expectations and concerns with authorised representative, and respond to identified concerns according to professional protocols
  3. Obtain specialist advice where necessary or refer client to relevant personnel or organisation if required services cannot be provided by organisation
  4. Analyse information provided by authorised representative and determine risk or reward and asset allocation strategies according to client and legislative requirements, organisational policies and procedures and industry codes of practice
  5. Complete required client information, financial and personal histories and disclosure documentation according to organisational procedures
  6. File completed documentation and information according to legislative and regulatory requirements, and organisational policies and procedures
  7. Create or update organisation’s client records as required and according to organisational procedures
Determine client investment needs and preferences with respect to financial product and service selection or portfolio

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clarify client requirements, expectations and concerns with authorised representative, and respond to identified concerns according to professional protocols

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain specialist advice where necessary or refer client to relevant personnel or organisation if required services cannot be provided by organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse information provided by authorised representative and determine risk or reward and asset allocation strategies according to client and legislative requirements, organisational policies and procedures and industry codes of practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete required client information, financial and personal histories and disclosure documentation according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

File completed documentation and information according to legislative and regulatory requirements, and organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Create or update organisation’s client records as required and according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Required Skills and Knowledge

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

determine the financial requirements and expectations for financial investment products of at least three different clients.

In the course of the above, the candidate must:

establish an overview of each client’s personal and financial situation

determine each client’s risk profile.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative requirements and industry codes of practice relating to determining client financial requirements and expectations

organisational policies, procedures and protocols, including for:

determining client financial requirements, expectations and investment needs

recording and maintaining client-related information, including required formats and accessible locations

types of information used to determine clients’ financial situation and expectations

financial product sales techniques

risk and fraud indicators relating to client’s financial position

risk and reward principles in relation to financial products and services

techniques and tools for providing quality customer service.