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Evidence Guide: FNSFMK513 - Undertake assessment of product and advice suitability for non-retail clients

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

 

FNSFMK513 - Undertake assessment of product and advice suitability for non-retail clients

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

Research and investigate needs and services required by client

  1. Investigate financial needs of client, including objectives, risk tolerance and types of services client is seeking
  2. Gather information necessary to assess client knowledge and experience in financial products according to regulatory and organisational requirements
  3. Confirm all onboarding requirements have been met, including required organisational and regulatory documentation
Investigate financial needs of client, including objectives, risk tolerance and types of services client is seeking

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Gather information necessary to assess client knowledge and experience in financial products according to regulatory and organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm all onboarding requirements have been met, including required organisational and regulatory documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess and provide suitable product

  1. Assess client’s financial needs to determine appropriate product and advice consistent with client needs and organisational capability
  2. Advise client of applicable product or advice
  3. Complete required documentation and tasks to ensure compliance with organisation’s client suitability framework
  4. Communicate assessment to required team members and client according to organisational policies and procedures
Assess client’s financial needs to determine appropriate product and advice consistent with client needs and organisational capability

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client of applicable product or advice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete required documentation and tasks to ensure compliance with organisation’s client suitability framework

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate assessment to required team members and client according to organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and review client needs and product suitability

  1. Conduct periodic reviews of client needs and product suitability
  2. Monitor and record changes to client’s financial needs and objectives relevant to provided product and/or advice
  3. Communicate to required team members whether existing product and advice remains fit for purpose
Conduct periodic reviews of client needs and product suitability

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and record changes to client’s financial needs and objectives relevant to provided product and/or advice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate to required team members whether existing product and advice remains fit for purpose

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:

apply organisation’s product and advice suitability framework to at least one client.

In the course of the above, the candidate must:

evaluate client information to establish client financial situation, knowledge and experience in financial markets

assess client needs and risk profile

determine suitable products or advice for client

conduct review of client product and advice suitability

report on ongoing suitability or unsuitability of the product and advice for the client

comply with organisational practices when assessing client product and advice suitability.

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:

definitions of client suitability and elements of established client suitability frameworks

types of client categorisations and implications on product and advice suitability

organisational processes for assessing client product and suitability of advice

regulatory requirements that may affect assessment of client suitability

range of products available in a particular asset class

documentation required for trading in financial products including ISDA Master Agreements.