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Evidence Guide: FNSSAM403 - Prospect for new 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

 

FNSSAM403 - Prospect for new clients

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

Create rapport with prospective client

  1. Carry out prospecting and provide general introduction to products, services, organisational values and experience to potential client through range of communication methods
  2. Use appropriate questioning and listening skills to determine prospective client’s understanding of financial processes
  3. Inform prospective client of role of advisers and organisation
Carry out prospecting and provide general introduction to products, services, organisational values and experience to potential client through range of communication methods

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Use appropriate questioning and listening skills to determine prospective client’s understanding of financial processes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Inform prospective client of role of advisers and organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify prospective client’s needs

  1. Encourage prospective client to express needs and goals
  2. Identify prospective client’s questions and concerns, and respond appropriately, in clear and unambiguous way and in manner consistent with prospect’s level of financial understanding
Encourage prospective client to express needs and goals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify prospective client’s questions and concerns, and respond appropriately, in clear and unambiguous way and in manner consistent with prospect’s level of financial understanding

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Secure commitment

  1. Probe reasons for resistance and identify and address in appropriate manner through strategy to manage resistance
  2. Use range of communication and interpersonal skills to gather prospect’s personal, financial and business details in accordance with relevant legislation, and map out next steps that will occur
Probe reasons for resistance and identify and address in appropriate manner through strategy to manage resistance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Use range of communication and interpersonal skills to gather prospect’s personal, financial and business details in accordance with relevant legislation, and map out next steps that will occur

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage prospective client information

  1. Record prospect information in appropriate way and conduct additional product and service research to determine possible appropriate products and services to meet potential client needs, if necessary
  2. Consider initial range of options and prepare for next contact
Record prospect information in appropriate way and conduct additional product and service research to determine possible appropriate products and services to meet potential client needs, if necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consider initial range of options and prepare for next contact

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify prospective client’s needs

  1. Encourage prospective client to express needs and goals
  2. Identify prospective client’s questions and concerns, and respond appropriately, in clear and unambiguous way and in manner consistent with prospect’s level of financial understanding
Encourage prospective client to express needs and goals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify prospective client’s questions and concerns, and respond appropriately, in clear and unambiguous way and in manner consistent with prospect’s level of financial understanding

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 prospective client

1.1 Carry out prospecting and provide general introduction to products, services, organisational values and experience to potential client through range of communication methods

1.2 Use appropriate questioning and listening skills to determine prospective client’s understanding of financial processes

1.3 Inform prospective client of role of advisers and organisation

2. Identify prospective client’s needs

2.1 Encourage prospective client to express needs and goals

2.2 Identify prospective client’s questions and concerns, and respond appropriately, in clear and unambiguous way and in manner consistent with prospect’s level of financial understanding

3. Secure commitment

3.1 Probe reasons for resistance and identify and address in appropriate manner through strategy to manage resistance

3.2 Use range of communication and interpersonal skills to gather prospect’s personal, financial and business details in accordance with relevant legislation, and map out next steps that will occur

4. Manage prospective client information

4.1 Record prospect information in appropriate way and conduct additional product and service research to determine possible appropriate products and services to meet potential client needs, if necessary

4.2 Consider initial range of options and prepare for next contact

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 prospective client

1.1 Carry out prospecting and provide general introduction to products, services, organisational values and experience to potential client through range of communication methods

1.2 Use appropriate questioning and listening skills to determine prospective client’s understanding of financial processes

1.3 Inform prospective client of role of advisers and organisation

2. Identify prospective client’s needs

2.1 Encourage prospective client to express needs and goals

2.2 Identify prospective client’s questions and concerns, and respond appropriately, in clear and unambiguous way and in manner consistent with prospect’s level of financial understanding

3. Secure commitment

3.1 Probe reasons for resistance and identify and address in appropriate manner through strategy to manage resistance

3.2 Use range of communication and interpersonal skills to gather prospect’s personal, financial and business details in accordance with relevant legislation, and map out next steps that will occur

4. Manage prospective client information

4.1 Record prospect information in appropriate way and conduct additional product and service research to determine possible appropriate products and services to meet potential client needs, if necessary

4.2 Consider initial range of options and prepare for next contact

Evidence of the ability to:

successfully undertake cold calling, relationship building and prospecting for sales of financial products and services

establish a sales response and record required information.

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:

analyse and discuss issues relating to buyer motives

describe the key features of the buying and selling processes

discuss the key features of conflict resolution and persuasion techniques, including how to overcome buyer resistance

describe current industry product and service trends

outline the key features of organisational requirements, including policy and procedures relevant to prospecting for new clients

compare and contrast prospecting methods and management strategies

analyse a range of relevant financial products and services, including their strengths and weaknesses

describe the key features of sales and marketing techniques.