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Evidence Guide: FNSFMB503A - 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

 

FNSFMB503A - 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 client

  1. Client's needs and objectives are addressed in a manner consistent with their level of financial understanding and which directly applies to the objectives and requirements they have disclosed
  2. High level active listening skills are demonstrated in dealings with client, including those with special needs
  3. Services, strategies and recommendations are introduced to the client orally and in writing in a clear and unambiguous way, avoiding jargon and in appropriate language
  4. Disclosure of capacity to client is consistent with industry requirements and organisation guidelines
Client's needs and objectives are addressed in a manner consistent with their level of financial understanding and which directly applies to the objectives and requirements they have disclosed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

High level active listening skills are demonstrated in dealings with client, including those with special needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Services, strategies and recommendations are introduced to the client orally and in writing in a clear and unambiguous way, avoiding jargon and in appropriate language

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Disclosure of capacity to client is consistent with industry requirements and organisation guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present broking options to the client

  1. Client is guided through broking options and the impact of each option is clearly and comprehensively discussed with client including advantages, disadvantages, risks and financial implications, taking into account various assumptions or possibilities
  2. Fees, charges and commissions are clearly explained to the client and copies of the research and other documentation provided
  3. Any commercial relationship of the representative and their organisation to products and or services mentioned in the plan are disclosed
  4. Adviser identifies and addresses issues that in their professional judgement may require further consideration or consultation with other financial services professionals
  5. Confirmation is sought from client that they understand the broking options presented
Client is guided through broking options and the impact of each option is clearly and comprehensively discussed with client including advantages, disadvantages, risks and financial implications, taking into account various assumptions or possibilities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Fees, charges and commissions are clearly explained to the client and copies of the research and other documentation provided

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Any commercial relationship of the representative and their organisation to products and or services mentioned in the plan are disclosed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Adviser identifies and addresses issues that in their professional judgement may require further consideration or consultation with other financial services professionals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirmation is sought from client that they understand the broking options presented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate effectively

  1. Client concerns, if any, are identified and responded to appropriately with alternatives to recommendations presented when requested
  2. Limits imposed by regulatory requirements or organisation guidelines are observed
  3. Restraint and control of feelings are exercised when dealing with conflict situations involving clients
  4. Communication channels are maintained when dealing with complaints and following complaint handling procedures
  5. Agreement to proceed is obtained from the client
Client concerns, if any, are identified and responded to appropriately with alternatives to recommendations presented when requested

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Limits imposed by regulatory requirements or organisation guidelines are observed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Restraint and control of feelings are exercised when dealing with conflict situations involving clients

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communication channels are maintained when dealing with complaints and following complaint handling procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Agreement to proceed is obtained from the client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete and maintain necessary documentation

  1. Client interaction is recorded in accordance with the current industry documentation requirements
  2. Confirmation including relevant documentation and contract variation is provided to the client
  3. Instructing or purchasing documents where required are signed by the client
  4. Post broking service to be provided is clearly defined, and is communicated to the client
  5. Client records are created or updated
Client interaction is recorded in accordance with the current industry documentation requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirmation including relevant documentation and contract variation is provided to the client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Instructing or purchasing documents where required are signed by the client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Post broking service to be provided is clearly defined, and is communicated to the client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Client records are created or updated

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:

interpret and comply with industry regulations and codes of practice

assess broking options, financial markets and investment characteristics

identify the roles of associated financial advisers

assessimpacts of taxation, social security, economic and other government policies on client investment and financial requirements

use appropriate sales and marketing methodologies and provide justification and research evidence

gain client feedback on and or agreement to the plan.

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 financial services product information

access to specialist software 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

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

highly developed communication skills to:

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

develop a rapport with clients and deal with any emotive issues sensitively

communicate aspects of a valuation result to clients

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 complex broking process

appropriate timing of events

well-developed research and analysis for:

accessing, interpreting and analysing complex information to meet client needs

interpreting results of a valuation and implication on financing proposal

identifying key issues for developing strategic options

well-developed numeracy and IT skills to:

access and use appropriate specialist software, organisational templates plus spreadsheets and databases

access internet information

well-developed literacy skills to:

read and interpret organisational and industry information

draft documentation for clients that is comprehensive and clear

draft reports setting out research findings and analysis

organisational skills, including the ability to plan and sequence work

Required knowledge

acts and regulations affecting the financial industry

borrowing risk factors

environmental legislation impacting on financial services

heritage property issues and requirements

native title rights

products available in the financial services industry

relevant codes of practice

requirements related to the disclosure of capacity

the role of the finance brokers

valuation practises and methodology

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.

Disclosure of capacity may include:

a statement indicating whether the finance broker is only accredited to deal with a restricted range of products

any relationship the broker and their organisation has with products mentioned in the presentation or loan structure

name and address of the finance broker

the means of remuneration of the finance broker

who is responsible for the finance broker's conduct.

Broking options may include, but are not limited to:

direct investments

insurance products

loan products

sources of funding

types of finance.

Documentation may include:

computer and manual applications

disclaimers

disclosures

Eligible Termination Payment (ETP) forms

written advice.