NTISthis.com

Evidence Guide: FNSIAD501A - 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

 

FNSIAD501A - 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 client

  1. Disclosure of capacity to client is consistent with code of practice requirements and client concerns, if any, are identified and responded to appropriately
  2. Active listening skills are demonstrated in dealings with clients and services explained to them orally or, if necessary, in writing in a clear and unambiguous way, avoiding jargon and in language appropriate to the receiver
Disclosure of capacity to client is consistent with code of practice requirements and client concerns, if any, are identified and responded to appropriately

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Active listening skills are demonstrated in dealings with clients and services explained 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's needs, objectives and financial situation

  1. The client is encouraged to express and clarify their attitudes, views, feelings and objectives
  2. Relevant personal, financial and business details are collected from the client using an appropriate fact finder
  3. The client's short-, medium- and long-term objectives and investment risk profile are identified using an appropriate fact finder
  4. The client's preferences and concerns regarding options are identified using an appropriate fact finder where applicable and priorities identified and agreed upon
  5. The fact finder is completed in accordance with the code of practice
The client is encouraged to express and clarify their attitudes, views, feelings and objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Relevant personal, financial and business details are collected from the client using an appropriate fact finder

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The client's short-, medium- and long-term objectives and investment risk profile are identified using an appropriate fact finder

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The client's preferences and concerns regarding options are identified using an appropriate fact finder where applicable and priorities identified and agreed upon

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The fact finder is completed in accordance with the code of practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

  1. All information from the fact find process is used in analysing client needs and determine an appropriate strategy to provide for identified needs and outcomes
  2. Specialist advice is sought if required to address issues that professional judgement indicates may require further consideration.
All information from the fact find process is used in analysing client needs and determine an appropriate strategy to provide for identified needs and outcomes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Specialist advice is sought if required to address issues that professional judgement indicates may require further consideration.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present appropriate solutions to client

  1. Recommendations and features of the client advice record are explained and discussed with the client in a clear and unambiguous way with product knowledge appropriate for the service or advice offered demonstrated
  2. Impact of key aspects of the recommendations are disclosed in a clear and concise manner to the client and they are guided through the key aspects of the client information brochure prior to signing the proposal
  3. Requirements to put the recommended program into effect are explained to the client and a copy of the fact finder is provided to the client if requested
  4. Confirmation is sought from client that they understand the recommendations presented
  5. The client is assisted to make informed choices using the relevant documentation so that their needs and objectives are addressed consistent with their budgetary constraints
  6. Agreement in principle to proceed is obtained from the client
Recommendations and features of the client advice record are explained and discussed with the client in a clear and unambiguous way with product knowledge appropriate for the service or advice offered demonstrated

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Impact of key aspects of the recommendations are disclosed in a clear and concise manner to the client and they are guided through the key aspects of the client information brochure prior to signing the proposal

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Requirements to put the recommended program into effect are explained to the client and a copy of the fact finder is provided to the client if requested

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirmation is sought from client that they understand the recommendations presented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The client is assisted to make informed choices using the relevant documentation so that their needs and objectives are addressed consistent with their budgetary constraints

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Agreement in principle to proceed is obtained from the client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate effectively

  1. Decisions are clearly explained to the client in accordance with company policy and they are assisted to make appropriate decisions regarding solutions to their needs and objectives
  2. Restraint and composure are exercised when dealing with conflict situations involving clients
  3. Communication channels are maintained when dealing with complaints and following complaint handling procedures
Decisions are clearly explained to the client in accordance with company policy and they are assisted to make appropriate decisions regarding solutions to their needs and objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Restraint and composure 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:

 

 

 

 

 

 

 

Complete and maintain necessary documentation

  1. Proposal and other documents are completed and, where appropriate, signed off
  2. Client records are created or updated
  3. Contract variations are completed where applicable
  4. Confirmation including relevant documentation and contract variation is provided to the client and final plan implemented
  5. Reference material is organised in a form which facilitates the selection of appropriate products to meet client's needs and updated on a regular basis
Proposal and other documents are completed and, where appropriate, signed off

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Client records are created or updated

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Contract variations are completed where applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reference material is organised in a form which facilitates the selection of appropriate products to meet client's needs and updated on a regular basis

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide after sales service

  1. After sales service to be provided is clearly defined, and is communicated to the client and executed as needed
  2. Fact finder, recommendations and client advice records are periodically reviewed
  3. Any changes to the client's situation since previous recommendations were made are identified and acted upon at subsequent reviews
  4. Areas of client dissatisfaction are acted upon in an ethical and timely manner and addresses code of practice requirements
After sales service to be provided is clearly defined, and is communicated to the client and executed as needed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Fact finder, recommendations and client advice records are periodically reviewed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Any changes to the client's situation since previous recommendations were made are identified and acted upon at subsequent reviews

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Areas of client dissatisfaction are acted upon in an ethical and timely manner and addresses code of practice requirements

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 relevant legislation supporting the providing of advice to clients and apply relevant industry codes of conduct

use organisational fact finders

identify and analyse client needs, objectives and financial situation in order to present appropriate solutions to the client

complete and maintain necessary documentation and provide after sales service.

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.

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

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 and avoiding unnecessary industry jargon

negotiate with clients on suitable products and services

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research and analysis to access, interpret and manage complex information and product characteristics

presentation skills to inform clients of findings and recommendations

well-developed literacy skills for:

analysing information and products to ensure appropriateness to client needs, currency and accuracy

reading and interpreting documentation from a variety of sources and recording, gathering and consolidating financial information

drafting comprehensive client documentation and recommendations

learning skills to maintain knowledge of changes to relevant legislation and financial product features

organisational skills, including the ability to plan and sequence work

Required knowledge

financial products available in the industry

industry codes of practice and relevant regulation affecting the industry

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

investment risk factors and relationship to return expectations

options, strategies and solutions suitable for typical clients situations and profiles

principles of effective negotiation

requirements related to the disclosure of capacity

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

the role of the:

adviser

organisation

broker (if relevant)

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 includes:

a statement indicating whether the adviser is only accredited to sell or advise on a restricted range of products

name and address of the registered adviser

whether the adviser's primary duty is to the client or the organisation.

Attitudes, views, feelings and objectives may include:

beliefs about performance

fluctuations in income or capital

investor:

conservative

long-term or short-term

moderate

passive

risk taking

speculator

security.

Relevant personal, financial and business details to be collected from the client may include:

current expenditure and income and an indication of:

future income and expenses

capacity to save

tax status

details of assets including income protection and life insurance held by the client

details of liabilities and potential liabilities of the client

details of the clients' needs and objectives for:

income

capital growth

security

liquidity

time period the client is planning for

individual investment preferences and aversion or tolerance to risk

level and type of superannuation cover and current and likely future social security entitlements of the client

other client details such as:

employment security

age

partner's age

family commitments

expected retirement age

partner's expected retirement age.

Development of appropriate strategies and solutions may include:

flexibility

investigation and assessment of costs

liquidity

safety

tax effectiveness and investment spread of relevant products available to the adviser

volatility of expected income and capital growth.

Products where detailed knowledge is required may include:

allocated pensions

annuities

endowment policies

income protection

insurance bonds

personal superannuation products

term insurance

trauma insurance

whole of life policies.

Documentation may include:

computer and manual applications

disclaimers

disclosures

Eligible Termination Payment (ETP) forms

written advice.

Client's needs and objectives may include:

business protection

debt position

educational expenses

family income

retirement income

security.