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Evidence Guide: FNSSAM401 - Sell financial products and services

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

 

FNSSAM401 - Sell financial products and services

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

Identify nature of enquiry

  1. Establish rapport with client and determine reason for enquiry to allow suitable response
  2. Determine needs of client by questioning
  3. Check to see whether enquiry is within personal authorities or should be referred to appropriate personnel
Establish rapport with client and determine reason for enquiry to allow suitable response

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine needs of client by questioning

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check to see whether enquiry is within personal authorities or should be referred to appropriate personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine suitability of client for financial product or service

  1. Identify products and/or services that might satisfy client needs
  2. Obtain all information required to determine eligibility of client for product or service, with predetermined risk assessment criteria applied in accordance with product or service requirements
  3. Prepare business proposal in compliance with legislation, regulations and codes of practice and personal authorities, and refer to appropriate personnel for further action if business proposal is outside defined guidelines
Identify products and/or services that might satisfy client needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain all information required to determine eligibility of client for product or service, with predetermined risk assessment criteria applied in accordance with product or service requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare business proposal in compliance with legislation, regulations and codes of practice and personal authorities, and refer to appropriate personnel for further action if business proposal is outside defined guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide client with information about product or service

  1. Present business proposal to client and supply all product information
  2. Discuss client queries, clarify proposal and make follow-up arrangements if required
Present business proposal to client and supply all product information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss client queries, clarify proposal and make follow-up arrangements if required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm sale and process documentation

  1. Confirm suitability of product and price with client and obtain agreement to proceed with sale
  2. Issue documentation in accordance with organisational policy and procedures
  3. Process payment details without delay and update record systems promptly and accurately
Confirm suitability of product and price with client and obtain agreement to proceed with sale

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Issue documentation in accordance with organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process payment details without delay and update record systems promptly and accurately

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 nature of enquiry

1.1 Establish rapport with client and determine reason for enquiry to allow suitable response

1.2 Determine needs of client by questioning

1.3 Check to see whether enquiry is within personal authorities or should be referred to appropriate personnel

2. Determine suitability of client for financial product or service

2.1 Identify products and/or services that might satisfy client needs

2.2 Obtain all information required to determine eligibility of client for product or service, with predetermined risk assessment criteria applied in accordance with product or service requirements

2.3 Prepare business proposal in compliance with legislation, regulations and codes of practice and personal authorities, and refer to appropriate personnel for further action if business proposal is outside defined guidelines

3. Provide client with information about product or service

3.1 Present business proposal to client and supply all product information

3.2 Discuss client queries, clarify proposal and make follow-up arrangements if required

4. Confirm sale and process documentation

4.1 Confirm suitability of product and price with client and obtain agreement to proceed with sale

4.2 Issue documentation in accordance with organisational policy and procedures

4.3 Process payment details without delay and update record systems promptly and accurately

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 nature of enquiry

1.1 Establish rapport with client and determine reason for enquiry to allow suitable response

1.2 Determine needs of client by questioning

1.3 Check to see whether enquiry is within personal authorities or should be referred to appropriate personnel

2. Determine suitability of client for financial product or service

2.1 Identify products and/or services that might satisfy client needs

2.2 Obtain all information required to determine eligibility of client for product or service, with predetermined risk assessment criteria applied in accordance with product or service requirements

2.3 Prepare business proposal in compliance with legislation, regulations and codes of practice and personal authorities, and refer to appropriate personnel for further action if business proposal is outside defined guidelines

3. Provide client with information about product or service

3.1 Present business proposal to client and supply all product information

3.2 Discuss client queries, clarify proposal and make follow-up arrangements if required

4. Confirm sale and process documentation

4.1 Confirm suitability of product and price with client and obtain agreement to proceed with sale

4.2 Issue documentation in accordance with organisational policy and procedures

4.3 Process payment details without delay and update record systems promptly and accurately

Evidence of the ability to:

interact with clients, collect the necessary information and match client needs to company products or services

sell products and services, including matching client requirements to company products and services

finalise and record the sale, completing relevant documentation as required.

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:

identify the basic structure and operation of the financial services industry

identify the key features of services and products within the financial services industry

describe the key features of company policy and procedures for interacting with clients and solving problems

describe the key requirements of relevant legislation and regulations impacting on the financial services industry in relation to selling products and services

compare and contrast selling techniques

describe the key features of the range of products and services available from an organisation including terms, interest rates, special packages and other conditions.