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Evidence Guide: FNSINC402 - Develop and maintain in-depth knowledge of products and services used by an organisation or sector

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

 

FNSINC402 - Develop and maintain in-depth knowledge of products and services used by an organisation or sector

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

Identify products and services organisation uses

  1. Identify products and services used by organisation or sector and determine their purpose
  2. Identify characteristics of products and services and their strengths, weaknesses, terms and conditions
  3. Communicate clearly to clients the characteristics of products and services
  4. Access and apply organisation’s promotional strategy for products and services in business activities
Identify products and services used by organisation or sector and determine their purpose

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify characteristics of products and services and their strengths, weaknesses, terms and conditions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate clearly to clients the characteristics of products and services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Access and apply organisation’s promotional strategy for products and services in business activities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify compliance implications of product

  1. Establish and document compliance implications
  2. Provide client with all necessary information and documentation as per compliance requirements
Establish and document compliance implications

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide client with all necessary information and documentation as per compliance requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine appropriate users for products and services

  1. Identify and document function of each product and service, and client needs it satisfies
  2. Determine client characteristics that best suit each product
  3. Compare products and services used by organisation or sector with products of competitors
  4. Determine most effective approach to matching products to client needs
  5. Evaluate approaches to selling products and services in competitive marketplace
  6. Determine effective approaches to meeting client needs
Identify and document function of each product and service, and client needs it satisfies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine client characteristics that best suit each product

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare products and services used by organisation or sector with products of competitors

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine most effective approach to matching products to client needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate approaches to selling products and services in competitive marketplace

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine effective approaches to meeting client needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain product knowledge

  1. Review relevant products and services regularly and apply any changes to terms and conditions in daily work
  2. Establish and use systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services
  3. Review emerging trends affecting the financial services industry and apply to product and service knowledge
Review relevant products and services regularly and apply any changes to terms and conditions in daily work

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and use systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review emerging trends affecting the financial services industry and apply to product and service knowledge

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. Identify products and services organisation uses

1.1 Identify products and services used by organisation or sector and determine their purpose

1.2 Identify characteristics of products and services and their strengths, weaknesses, terms and conditions

1.3 Communicate clearly to clients the characteristics of products and services

1.4 Access and apply organisation’s promotional strategy for products and services in business activities

2. Identify compliance implications of product

2.1 Establish and document compliance implications

2.2 Provide client with all necessary information and documentation as per compliance requirements

3. Determine appropriate users for products and services

3.1 Identify and document function of each product and service, and client needs it satisfies

3.2 Determine client characteristics that best suit each product

3.3 Compare products and services used by organisation or sector with products of competitors

3.4 Determine most effective approach to matching products to client needs

3.5 Evaluate approaches to selling products and services in competitive marketplace

3.6 Determine effective approaches to meeting client needs

4. Maintain product knowledge

4.1 Review relevant products and services regularly and apply any changes to terms and conditions in daily work

4.2 Establish and use systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services

4.3 Review emerging trends affecting the financial services industry and apply to product and service knowledge

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. Identify products and services organisation uses

1.1 Identify products and services used by organisation or sector and determine their purpose

1.2 Identify characteristics of products and services and their strengths, weaknesses, terms and conditions

1.3 Communicate clearly to clients the characteristics of products and services

1.4 Access and apply organisation’s promotional strategy for products and services in business activities

2. Identify compliance implications of product

2.1 Establish and document compliance implications

2.2 Provide client with all necessary information and documentation as per compliance requirements

3. Determine appropriate users for products and services

3.1 Identify and document function of each product and service, and client needs it satisfies

3.2 Determine client characteristics that best suit each product

3.3 Compare products and services used by organisation or sector with products of competitors

3.4 Determine most effective approach to matching products to client needs

3.5 Evaluate approaches to selling products and services in competitive marketplace

3.6 Determine effective approaches to meeting client needs

4. Maintain product knowledge

4.1 Review relevant products and services regularly and apply any changes to terms and conditions in daily work

4.2 Establish and use systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services

4.3 Review emerging trends affecting the financial services industry and apply to product and service knowledge

Evidence of the ability to:

develop and use systems to maintain currency of knowledge of financial products, compliance and client characteristics.

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:

explain systems that can be accessed to obtain up-to-date information on products, services and competition

describe the products and services used by the organisation or sector and their purpose

describe products and services used by competitors that are similar to those of the organisation

explain different marketing methods and approaches to promoting or selling financial products and services

identify organisational policy in terms of promotional and marketing strategies

describe ethical and regulatory conditions that must be adhered to in promoting products and services to clients

outline general client characteristics and needs for the organisation or sector.