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Evidence Guide: FNSIAD501 - Provide appropriate services, advice and products to 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

 

FNSIAD501 - Provide appropriate services, advice and products to clients

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

Create rapport with clients

  1. Disclose capacity and capability to clients consistent with code of practice and legislative and regulatory requirements, and identify and respond appropriately to any client concerns
  2. Demonstrate active listening skills in dealings with clients and explain services to them orally or, if necessary, in writing in a clear and unambiguous way, avoiding jargon and in language appropriate to the receiver
Disclose capacity and capability to clients consistent with code of practice and legislative and regulatory requirements, and identify and respond appropriately to any client concerns

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Demonstrate active listening skills in dealings with clients and explain services to them orally or, if necessary, in writing in a clear and unambiguous way, avoiding jargon and in language appropriate to the receiver

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify client needs, objectives and financial situation

  1. Encourage clients to express and clarify their attitudes, views, feelings and objectives
  2. Collect relevant personal, financial and business details from clients using appropriate organisational tool such as a fact finder
  3. Identify clients’ short-term, medium-term and long-term objectives and investment risk profile using an appropriate fact finder
  4. Identify client preferences and concerns regarding options, using appropriate fact finder where applicable and priorities identified and agreed on
  5. Complete fact finder in accordance with code of practice
Encourage clients to express and clarify their attitudes, views, feelings and objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Collect relevant personal, financial and business details from clients using appropriate organisational tool such as a fact finder

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify clients’ short-term, medium-term and long-term objectives and investment risk profile using an appropriate fact finder

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify client preferences and concerns regarding options, using appropriate fact finder where applicable and priorities identified and agreed on

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete fact finder in accordance with code of practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse client needs, objectives and financial situation to identify appropriate solutions

  1. Use all information from fact finder process to analyse client needs and determine appropriate strategy to provide for identified needs and outcomes
  2. Seek specialist advice if required to address issues that professional judgement indicates may require further consideration
Use all information from fact finder process to analyse client needs and determine appropriate strategy to provide for identified needs and outcomes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek specialist advice if required to address issues that professional judgement indicates may require further consideration

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present appropriate solutions to clients

  1. Explain and discuss recommendations and features of client advice record with clients in a clear and unambiguous way and demonstrate product knowledge appropriate for service or advice offered
  2. Disclose impact of key aspects of recommendations in a clear and concise manner, and guide clients through key aspects of client information brochure prior to signing proposal
  3. Explain requirements to put recommended program into effect to clients and provide copy of fact finder to clients if requested
  4. Seek confirmation from clients that they understand recommendations presented
  5. Assist clients to make informed choices using relevant documentation so that their needs and objectives are addressed, consistent with their budgetary constraints
  6. Obtain agreement in principle to proceed from clients
Explain and discuss recommendations and features of client advice record with clients in a clear and unambiguous way and demonstrate product knowledge appropriate for service or advice offered

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Disclose impact of key aspects of recommendations in a clear and concise manner, and guide clients through key aspects of client information brochure prior to signing proposal

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain requirements to put recommended program into effect to clients and provide copy of fact finder to clients if requested

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek confirmation from clients that they understand recommendations presented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assist clients to make informed choices using relevant documentation so that their needs and objectives are addressed, consistent with their budgetary constraints

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain agreement in principle to proceed from clients

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate effectively

  1. Explain decisions clearly to clients in accordance with company policy and assist them to make appropriate decisions regarding solutions to their needs and objectives
  2. Exercise restraint and composure when dealing with conflict situations involving clients
  3. Follow complaint handling procedures and maintain communication channels when dealing with complaints
Explain decisions clearly to clients in accordance with company policy and assist them to make appropriate decisions regarding solutions to their needs and objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Exercise restraint and composure when dealing with conflict situations involving clients

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Follow complaint handling procedures and maintain communication channels when dealing with complaints

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete and maintain necessary documentation

  1. Complete proposal and other documents and, where appropriate, obtain sign off
  2. Create or update client records
  3. Complete contract variations where applicable
  4. Provide confirmation, including relevant documentation and contract variation, to clients and implement final plan
  5. Organise reference material in a form which facilitates the selection of appropriate products to meet client needs, and update on a regular basis
Complete proposal and other documents and, where appropriate, obtain sign off

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Create or update client records

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete contract variations where applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide confirmation, including relevant documentation and contract variation, to clients and implement final plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Organise reference material in a form which facilitates the selection of appropriate products to meet client needs, and update on a regular basis

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide after sales service

  1. Define and communicate after sales service to be provided to clients and execute as needed
  2. Periodically review fact finder, recommendations and client advice records
  3. Identify and act on any changes to clients’ situation since previous recommendations were made at subsequent reviews
  4. Act on areas of client dissatisfaction in an ethical and timely manner that addresses code of practice requirements
Define and communicate after sales service to be provided to clients and execute as needed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Periodically review fact finder, recommendations and client advice records

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and act on any changes to clients’ situation since previous recommendations were made at subsequent reviews

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Act on areas of client dissatisfaction in an ethical and timely manner that addresses code of practice requirements

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. Create rapport with clients

1.1 Disclose capacity and capability to clients consistent with code of practice and legislative and regulatory requirements, and identify and respond appropriately to any client concerns

1.2 Demonstrate active listening skills in dealings with clients and explain services to them orally or, if necessary, in writing in a clear and unambiguous way, avoiding jargon and in language appropriate to the receiver

2. Identify client needs, objectives and financial situation

2.1 Encourage clients to express and clarify their attitudes, views, feelings and objectives

2.2 Collect relevant personal, financial and business details from clients using appropriate organisational tool such as a fact finder

2.3 Identify clients’ short-term, medium-term and long-term objectives and investment risk profile using an appropriate fact finder

2.4 Identify client preferences and concerns regarding options, using appropriate fact finder where applicable and priorities identified and agreed on

2.5 Complete fact finder in accordance with code of practice

3. Analyse client needs, objectives and financial situation to identify appropriate solutions

3.1 Use all information from fact finder process to analyse client needs and determine appropriate strategy to provide for identified needs and outcomes

3.2 Seek specialist advice if required to address issues that professional judgement indicates may require further consideration

4. Present appropriate solutions to clients

4.1 Explain and discuss recommendations and features of client advice record with clients in a clear and unambiguous way and demonstrate product knowledge appropriate for service or advice offered

4.2 Disclose impact of key aspects of recommendations in a clear and concise manner, and guide clients through key aspects of client information brochure prior to signing proposal

4.3 Explain requirements to put recommended program into effect to clients and provide copy of fact finder to clients if requested

4.4 Seek confirmation from clients that they understand recommendations presented

4.5 Assist clients to make informed choices using relevant documentation so that their needs and objectives are addressed, consistent with their budgetary constraints

4.6 Obtain agreement in principle to proceed from clients

5. Negotiate effectively

5.1 Explain decisions clearly to clients in accordance with company policy and assist them to make appropriate decisions regarding solutions to their needs and objectives

5.2 Exercise restraint and composure when dealing with conflict situations involving clients

5.3 Follow complaint handling procedures and maintain communication channels when dealing with complaints

6. Complete and maintain necessary documentation

6.1 Complete proposal and other documents and, where appropriate, obtain sign off

6.2 Create or update client records

6.3 Complete contract variations where applicable

6.4 Provide confirmation, including relevant documentation and contract variation, to clients and implement final plan

6.5 Organise reference material in a form which facilitates the selection of appropriate products to meet client needs, and update on a regular basis

7. Provide after sales service

7.1 Define and communicate after sales service to be provided to clients and execute as needed

7.2 Periodically review fact finder, recommendations and client advice records

7.3 Identify and act on any changes to clients’ situation since previous recommendations were made at subsequent reviews

7.4 Act on areas of client dissatisfaction in an ethical and timely manner that addresses code of practice requirements

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. Create rapport with clients

1.1 Disclose capacity and capability to clients consistent with code of practice and legislative and regulatory requirements, and identify and respond appropriately to any client concerns

1.2 Demonstrate active listening skills in dealings with clients and explain services to them orally or, if necessary, in writing in a clear and unambiguous way, avoiding jargon and in language appropriate to the receiver

2. Identify client needs, objectives and financial situation

2.1 Encourage clients to express and clarify their attitudes, views, feelings and objectives

2.2 Collect relevant personal, financial and business details from clients using appropriate organisational tool such as a fact finder

2.3 Identify clients’ short-term, medium-term and long-term objectives and investment risk profile using an appropriate fact finder

2.4 Identify client preferences and concerns regarding options, using appropriate fact finder where applicable and priorities identified and agreed on

2.5 Complete fact finder in accordance with code of practice

3. Analyse client needs, objectives and financial situation to identify appropriate solutions

3.1 Use all information from fact finder process to analyse client needs and determine appropriate strategy to provide for identified needs and outcomes

3.2 Seek specialist advice if required to address issues that professional judgement indicates may require further consideration

4. Present appropriate solutions to clients

4.1 Explain and discuss recommendations and features of client advice record with clients in a clear and unambiguous way and demonstrate product knowledge appropriate for service or advice offered

4.2 Disclose impact of key aspects of recommendations in a clear and concise manner, and guide clients through key aspects of client information brochure prior to signing proposal

4.3 Explain requirements to put recommended program into effect to clients and provide copy of fact finder to clients if requested

4.4 Seek confirmation from clients that they understand recommendations presented

4.5 Assist clients to make informed choices using relevant documentation so that their needs and objectives are addressed, consistent with their budgetary constraints

4.6 Obtain agreement in principle to proceed from clients

5. Negotiate effectively

5.1 Explain decisions clearly to clients in accordance with company policy and assist them to make appropriate decisions regarding solutions to their needs and objectives

5.2 Exercise restraint and composure when dealing with conflict situations involving clients

5.3 Follow complaint handling procedures and maintain communication channels when dealing with complaints

6. Complete and maintain necessary documentation

6.1 Complete proposal and other documents and, where appropriate, obtain sign off

6.2 Create or update client records

6.3 Complete contract variations where applicable

6.4 Provide confirmation, including relevant documentation and contract variation, to clients and implement final plan

6.5 Organise reference material in a form which facilitates the selection of appropriate products to meet client needs, and update on a regular basis

7. Provide after sales service

7.1 Define and communicate after sales service to be provided to clients and execute as needed

7.2 Periodically review fact finder, recommendations and client advice records

7.3 Identify and act on any changes to clients’ situation since previous recommendations were made at subsequent reviews

7.4 Act on areas of client dissatisfaction in an ethical and timely manner that addresses code of practice requirements

Evidence of the ability to:

provide advice to clients that complies with relevant legislation, regulations and industry codes of conduct

use organisational tools such as fact finders

present appropriate solutions to the client after identifying and analysing client needs, objectives and financial situation

complete and maintain necessary documentation and provide after sales service.

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:

outline the range of financial products available in the industry

explain key requirements of industry codes of practice and relevant legislation and regulation affecting the industry

describe investment and savings vehicles, financial markets, asset classes and investment characteristics

explain investment risk factors and relationship to return expectations

explain options, strategies and solutions suitable for typical client situations and profiles

outline the principles of effective negotiation

describe the internal and external issue resolution processes

list the requirements related to the disclosure of capacity

explain the general impact of relevant economic, taxation and social security policy on the client’s financial needs

outline the role of the:

adviser

organisation

broker (if relevant).