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Evidence Guide: FNSFMB503 - Present broking options to client with complex needs

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

 

FNSFMB503 - Present broking options to client with complex needs

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

Develop rapport with clients

  1. Address client needs and objectives in a manner consistent with their level of financial understanding and which directly applies to objectives and requirements they have disclosed
  2. Demonstrate high level communication skills in dealings with clients, including those with special needs
  3. Introduce services, strategies and recommendations using clear and unambiguous language that avoids jargon in both oral and written communication
  4. Ensure disclosure of capacity to client is consistent with industry requirements and organisational guidelines
Address client needs and objectives in a manner consistent with their level of financial understanding and which directly applies to objectives and requirements they have disclosed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Demonstrate high level communication skills in dealings with clients, including those with special needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Introduce services, strategies and recommendations using clear and unambiguous language that avoids jargon in both oral and written communication

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure disclosure of capacity to client is consistent with industry requirements and organisational guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present broking options to clients

  1. Guide clients through broking options and clearly and comprehensively discuss the impact of each option including advantages, disadvantages, risks and financial implications, taking into account various assumptions or possibilities
  2. Clearly explain fees, charges and commissions to clients and provide copies of research and other documentation
  3. Disclose any commercial relationship of representative and their organisation to products and services mentioned in plan
  4. Identify and address issues, based on professional judgement, that may require further consideration or consultation with other financial services professionals
  5. Seek confirmation from clients that they understand broking options presented
Guide clients through broking options and clearly and comprehensively discuss the impact of each option including advantages, disadvantages, risks and financial implications, taking into account various assumptions or possibilities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clearly explain fees, charges and commissions to clients and provide copies of research and other documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Disclose any commercial relationship of representative and their organisation to products and services mentioned in plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and address issues, based on professional judgement, that may require further consideration or consultation with other financial services professionals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek confirmation from clients that they understand broking options presented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate effectively

  1. Identify and respond appropriately to any client concerns and present alternatives to recommendations when requested
  2. Observe limits imposed by regulatory requirements or organisational guidelines
  3. Maintain communication channels when dealing with complaints and follow complaint handling procedures
  4. Obtain agreement to proceed from clients
Identify and respond appropriately to any client concerns and present alternatives to recommendations when requested

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Observe limits imposed by regulatory requirements or organisational guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain communication channels when dealing with complaints and follow complaint handling procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain agreement to proceed from clients

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete and maintain necessary documentation

  1. Record client interaction in accordance with industry requirements
  2. Provide confirmation including relevant documentation and contract variation to clients
  3. Ensure instructing or purchasing documents, where required, are signed by clients
  4. Clearly define post-broking service to be provided and communicate to clients
Record client interaction in accordance with industry requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide confirmation including relevant documentation and contract variation to clients

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure instructing or purchasing documents, where required, are signed by clients

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clearly define post-broking service to be provided and communicate to clients

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 rapport with clients

1.1 Address client needs and objectives in a manner consistent with their level of financial understanding and which directly applies to objectives and requirements they have disclosed

1.2 Demonstrate high level communication skills in dealings with clients, including those with special needs

1.3 Introduce services, strategies and recommendations using clear and unambiguous language that avoids jargon in both oral and written communication

1.4 Ensure disclosure of capacity to client is consistent with industry requirements and organisational guidelines

2. Present broking options to clients

2.1 Guide clients through broking options and clearly and comprehensively discuss the impact of each option including advantages, disadvantages, risks and financial implications, taking into account various assumptions or possibilities

2.2 Clearly explain fees, charges and commissions to clients and provide copies of research and other documentation

2.3 Disclose any commercial relationship of representative and their organisation to products and services mentioned in plan

2.4 Identify and address issues, based on professional judgement, that may require further consideration or consultation with other financial services professionals

2.5 Seek confirmation from clients that they understand broking options presented

3. Negotiate effectively

3.1 Identify and respond appropriately to any client concerns and present alternatives to recommendations when requested

3.2 Observe limits imposed by regulatory requirements or organisational guidelines

3.3 Maintain communication channels when dealing with complaints and follow complaint handling procedures

3.4 Obtain agreement to proceed from clients

4. Complete and maintain necessary documentation

4.1 Record client interaction in accordance with industry requirements

4.2 Provide confirmation including relevant documentation and contract variation to clients

4.3 Ensure instructing or purchasing documents, where required, are signed by clients

4.4 Clearly define post-broking service to be provided and communicate to clients

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 rapport with clients

1.1 Address client needs and objectives in a manner consistent with their level of financial understanding and which directly applies to objectives and requirements they have disclosed

1.2 Demonstrate high level communication skills in dealings with clients, including those with special needs

1.3 Introduce services, strategies and recommendations using clear and unambiguous language that avoids jargon in both oral and written communication

1.4 Ensure disclosure of capacity to client is consistent with industry requirements and organisational guidelines

2. Present broking options to clients

2.1 Guide clients through broking options and clearly and comprehensively discuss the impact of each option including advantages, disadvantages, risks and financial implications, taking into account various assumptions or possibilities

2.2 Clearly explain fees, charges and commissions to clients and provide copies of research and other documentation

2.3 Disclose any commercial relationship of representative and their organisation to products and services mentioned in plan

2.4 Identify and address issues, based on professional judgement, that may require further consideration or consultation with other financial services professionals

2.5 Seek confirmation from clients that they understand broking options presented

3. Negotiate effectively

3.1 Identify and respond appropriately to any client concerns and present alternatives to recommendations when requested

3.2 Observe limits imposed by regulatory requirements or organisational guidelines

3.3 Maintain communication channels when dealing with complaints and follow complaint handling procedures

3.4 Obtain agreement to proceed from clients

4. Complete and maintain necessary documentation

4.1 Record client interaction in accordance with industry requirements

4.2 Provide confirmation including relevant documentation and contract variation to clients

4.3 Ensure instructing or purchasing documents, where required, are signed by clients

4.4 Clearly define post-broking service to be provided and communicate to clients

Evidence of the ability to:

interpret and comply with legislative requirements, industry regulations and codes of practice

present broking options based on:

impact of each option on client’s financial circumstances

consideration of client’s special needs

consideration of client's level of financial understanding

obtain client feedback and respond appropriately to any concerns

complete relevant documentation in accordance with industry requirements and organisational guidelines.

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 products available in the broking industry

identify and explain complex features of a client situation and needs including:

commercial loans

chattel leases

native title rights

heritage issues

contaminated sites or properties near noxious industries

outline key features of legislation, regulations and codes of practice affecting the broking industry

explain risk issues relating to:

borrowing risk and gearing

specific product risk

institutional risk

risk factors and return expectations of the client

volatility of income and capital

discuss verbal and non-verbal communication

explain organisational guidelines when dealing with clients who have special needs:

visual or hearing impaired

English as a second language

cultural differences.