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Evidence Guide: FNSFMB403A - 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

 

FNSFMB403A - Present broking options to client

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

Gather relevant information

  1. Lender products, services and features are reviewed and additional industry information researched, where necessary, for lender products and services that are relevant, could impact or provide additional benefits to clients
  2. Clients needs are acknowledged and compared to most appropriate lender product and service
Lender products, services and features are reviewed and additional industry information researched, where necessary, for lender products and services that are relevant, could impact or provide additional benefits to clients

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clients needs are acknowledged and compared to most appropriate lender product and service

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare appropriate options

  1. Relevant lender information, product information, and support material are gathered and developedin a clear and concise format for the client
  2. All information is organised clearly and concisely in a manner appropriate to the client's needs and level of understanding
Relevant lender information, product information, and support material are gathered and developedin a clear and concise format for the client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

All information is organised clearly and concisely in a manner appropriate to the client's needs and level of understanding

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present options to client

  1. Recommended product and its features is explained to client in a clear and unambiguous way with the impact of recommendations clearly and comprehensively discussed with the client including strengths, weaknesses, benefits and risks
  2. Fees, charges and commissions are clearly explained to client
  3. Strategic and commercial relationship of the representative and their organisation to recommended products is communicated to the client
Recommended product and its features is explained to client in a clear and unambiguous way with the impact of recommendations clearly and comprehensively discussed with the client including strengths, weaknesses, benefits and risks

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Fees, charges and commissions are clearly explained to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Strategic and commercial relationship of the representative and their organisation to recommended products is communicated to the client

Completed
Date:

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Negotiate effectively

  1. Client concerns, if any, are identified and responded to appropriately and alternatives to recommendations presented when requested
  2. Client is encouraged to make informed choices using the relevant information and documentation presented
Client concerns, if any, are identified and responded to appropriately and alternatives to recommendations presented when requested

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Client is encouraged to make informed choices using the relevant information and documentation presented

Completed
Date:

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Obtain agreement to proceed

  1. Agreement to proceed is obtained from client once concerns and issues are worked through and implementation actions discussed, clarified and agreed between client and broker
  2. Client records are created or updated appropriately and in a clear and concise format in anticipation for preparation of the loan application
Agreement to proceed is obtained from client once concerns and issues are worked through and implementation actions discussed, clarified and agreed between client and broker

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Client records are created or updated appropriately and in a clear and concise format in anticipation for preparation of the loan application

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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:

identify relevant information based on industry and product knowledge and match it to client needs

present information to clients effectively

negotiate effectively and gain commitment from a client.

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 lending product information

access to relevant software system and data.

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

observing processes and procedures in workplaces or role plays

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

Required Skills and Knowledge

Required skills

well-developed communication skills to:

determine and confirm client requirements, using questioning and active listening as required

build rapport with the client and clearly explain recommended product features, advantages and disadvantages

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

customer service skills such as:

providing appropriate contact with client throughout the broking procedure

presenting information in a variety of formats to ensure understanding

appropriate timing of events in the broking process

research and analysis for accessing, interpreting and managing complex information and analysing client needs and product features

numeracy and IT skills to:

access and use appropriate software to determine loan terms, interest rates, payments and other relevant information plus spreadsheets and databases

calculate client debt and risk quickly and accurately

access internet information

literacy skills to:

read and interpret organisational and industry information

prepare client records and related documentation

organisational skills, including the ability to plan and sequence work

Required knowledge

basic accounting and mathematical techniques to calculate:

interest rates

mortgage payments

other relevant terms of a loan

government grants such as:

First Home Buyer assistance packages

special assistance for disadvantaged or low income earners

others that are current and relevant at the time of client interest

negotiation techniques

presentation techniques including technology supported

products and services provided by the organisation's appropriate lenders

relevant fees, charges and commissions

Range Statement

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.

Additional industry information may include:

financial reports and brochures

internet research

new company information about products, services and special features

statistics from respected magazines and consumer reports.

A format for presenting information may include:

a presentation prepared in advance:

in document format

presentation software

overheads

other presentation methods

a written report or proposal

verbal information presented directly to the client.

Products and product features may include:

additional payment features

fixed or variable rates features

investment property products

partial interest offset features

rate lock features

redraw features

residential mortgage products

for finance brokers specifically:

chattel products

commercial mortgage products.

Fees, charges and commissions may include:

commissions from lenders

commissions paid to franchisees

down payments

interest payments

loan establishment fees

loan value fees

taxes and payments to secure a property

stamp duty

trailing commissions.

Strategic and commercial relationships may include:

exclusivity of relationships with certain banks or lenders if products are those of the organisation.

Client concerns may include:

possible accrued debt

price/interest resistance

resistance to company or broker

risk

timing issues

uncertainty about the product.

Implementation actions may include:

collecting relevant information for loan processing

collecting support documentation for loan processing

obtaining signatures from relevant persons and officials.

producing accounting information

updating bank and finance information.