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Evidence Guide: FNSFMB403 - Present broking options to client

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

 

FNSFMB403 - Present broking options to client

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

Gather relevant information

  1. Review lender products, services and features, and research additional industry information where necessary for relevant lender products and services that could suit client needs
  2. Acknowledge and compare client needs to most appropriate lender product and service
Review lender products, services and features, and research additional industry information where necessary for relevant lender products and services that could suit client needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Acknowledge and compare client needs to most appropriate lender product and service

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare appropriate options

  1. Gather relevant lender information, product information and support material
  2. Organise all information clearly and concisely, in a manner appropriate to client needs and level of understanding
Gather relevant lender information, product information and support material

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Organise all information clearly and concisely, in a manner appropriate to client needs and level of understanding

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present options to clients

  1. Explain each suitable product option and its features to clients in a clear and unambiguous way
  2. Discuss impact of each option clearly and comprehensively with clients, including benefits and risks
  3. Explain fees, charges and commissions clearly to clients
  4. Communicate to clients the strategic and commercial relationship of representative and organisation with each product provider
Explain each suitable product option and its features to clients in a clear and unambiguous way

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss impact of each option clearly and comprehensively with clients, including benefits and risks

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain fees, charges and commissions clearly to clients

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate to clients the strategic and commercial relationship of representative and organisation with each product provider

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate effectively

  1. Identify and respond appropriately to client concerns, if any, and present alternatives when required
  2. Support clients to make informed choice using relevant information and documentation presented
Identify and respond appropriately to client concerns, if any, and present alternatives when required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Support clients to make informed choice using relevant information and documentation presented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain agreement to proceed

  1. Obtain agreement to proceed from client once concerns and issues are resolved
  2. Discuss, clarify and confirm implementation actions between client and broker
  3. Create or appropriately update client records in a clear and concise format in anticipation for preparation of loan application
Obtain agreement to proceed from client once concerns and issues are resolved

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss, clarify and confirm implementation actions between client and broker

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Create or appropriately update client records in a clear and concise format in anticipation for preparation of loan application

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. Gather relevant information

1.1 Review lender products, services and features, and research additional industry information where necessary for relevant lender products and services that could suit client needs

1.2 Acknowledge and compare client needs to most appropriate lender product and service

2. Prepare appropriate options

2.1 Gather relevant lender information, product information and support material

2.2 Organise all information clearly and concisely, in a manner appropriate to client needs and level of understanding

3. Present options to clients

3.1 Explain each suitable product option and its features to clients in a clear and unambiguous way

3.2 Discuss impact of each option clearly and comprehensively with clients, including benefits and risks

3.3 Explain fees, charges and commissions clearly to clients

3.4 Communicate to clients the strategic and commercial relationship of representative and organisation with each product provider

4. Negotiate effectively

4.1 Identify and respond appropriately to client concerns, if any, and present alternatives when required

4.2 Support clients to make informed choice using relevant information and documentation presented

5. Obtain agreement to proceed

5.1 Obtain agreement to proceed from client once concerns and issues are resolved

5.2 Discuss, clarify and confirm implementation actions between client and broker

5.3 Create or appropriately update client records in a clear and concise format in anticipation for preparation of loan application

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. Gather relevant information

1.1 Review lender products, services and features, and research additional industry information where necessary for relevant lender products and services that could suit client needs

1.2 Acknowledge and compare client needs to most appropriate lender product and service

2. Prepare appropriate options

2.1 Gather relevant lender information, product information and support material

2.2 Organise all information clearly and concisely, in a manner appropriate to client needs and level of understanding

3. Present options to clients

3.1 Explain each suitable product option and its features to clients in a clear and unambiguous way

3.2 Discuss impact of each option clearly and comprehensively with clients, including benefits and risks

3.3 Explain fees, charges and commissions clearly to clients

3.4 Communicate to clients the strategic and commercial relationship of representative and organisation with each product provider

4. Negotiate effectively

4.1 Identify and respond appropriately to client concerns, if any, and present alternatives when required

4.2 Support clients to make informed choice using relevant information and documentation presented

5. Obtain agreement to proceed

5.1 Obtain agreement to proceed from client once concerns and issues are resolved

5.2 Discuss, clarify and confirm implementation actions between client and broker

5.3 Create or appropriately update client records in a clear and concise format in anticipation for preparation of loan application

Evidence of the ability to:

identify and document relevant industry and product information that meets client needs and present suitable options to clients at a level of their understanding

negotiate effectively and gain commitment from clients to proceed

discuss and document implementation actions in anticipation of a loan application.

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:

identify and categorise key lending products available in the finance and mortgage industry

explain accounting and mathematical formulas to calculate:

interest rates

mortgage repayments

term of a loan

identify and describe current government assistance for:

first home buyers

disadvantaged or low income earners

detail borrowing risk factors

identify and describe the key features of different presentation techniques, including technology supported presentations

identify and outline the key products and services provided by different lenders

explain key features of relevant codes of practice in regards to disclosure

explain the features and applications of relevant fees, charges and commissions

describe the negotiation process

explain the loan application process.