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Evidence Guide: FNSSAM521 - Apply advanced techniques to provide 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

 

FNSSAM521 - Apply advanced techniques to provide financial products and services

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

Establish financial products or services

  1. Identify client needs, requirements and expectations
  2. Identify suitable products or services according to client needs
Identify client needs, requirements and expectations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify suitable products or services according to client needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop approach to providing products or services

  1. Identify organisational techniques and strategies for promoting identified products or services to clients
  2. Determine approach for promoting products or services according to client expectations
  3. Discuss, assess and revise approach with relevant stakeholders
  4. Develop advisor aids and train advisors and customer service representatives in approach for intended market segment
  5. Identify opportunities for providing ancillary products or services according to organisational policies and procedures, legislation and regulations
Identify organisational techniques and strategies for promoting identified products or services to clients

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine approach for promoting products or services according to client expectations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss, assess and revise approach with relevant stakeholders

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop advisor aids and train advisors and customer service representatives in approach for intended market segment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify opportunities for providing ancillary products or services according to organisational policies and procedures, legislation and regulations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement, monitor and evaluate promotional approach

  1. Develop criteria for evaluating promotional approach
  2. Trial promotional approach and gather feedback
  3. Evaluate trial results and update approach
  4. Communicate updated approach to required stakeholders and obtain approval
  5. Review required data on product or service take up and plan
  6. Document results and determine future promotional strategies
Develop criteria for evaluating promotional approach

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Trial promotional approach and gather feedback

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate trial results and update approach

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate updated approach to required stakeholders and obtain approval

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review required data on product or service take up and plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document results and determine future promotional strategies

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. Establish financial products or services

1.1 Identify client needs, requirements and expectations

1.2 Identify suitable products or services according to client needs

2. Develop approach to providing products or services

2.1 Identify organisational techniques and strategies for promoting identified products or services to clients

2.2 Determine approach for promoting products or services according to client expectations

2.3 Discuss, assess and revise approach with relevant stakeholders

2.4 Develop advisor aids and train advisors and customer service representatives in approach for intended market segment

2.5 Identify opportunities for providing ancillary products or services according to organisational policies and procedures, legislation and regulations

3. Implement, monitor and evaluate promotional approach

3.1 Develop criteria for evaluating promotional approach

3.2 Trial promotional approach and gather feedback

3.3 Evaluate trial results and update approach

3.4 Communicate updated approach to required stakeholders and obtain approval

3.5 Review required data on product or service take up and plan

3.6 Document results and determine future promotional strategies

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. Establish financial products or services

1.1 Identify client needs, requirements and expectations

1.2 Identify suitable products or services according to client needs

2. Develop approach to providing products or services

2.1 Identify organisational techniques and strategies for promoting identified products or services to clients

2.2 Determine approach for promoting products or services according to client expectations

2.3 Discuss, assess and revise approach with relevant stakeholders

2.4 Develop advisor aids and train advisors and customer service representatives in approach for intended market segment

2.5 Identify opportunities for providing ancillary products or services according to organisational policies and procedures, legislation and regulations

3. Implement, monitor and evaluate promotional approach

3.1 Develop criteria for evaluating promotional approach

3.2 Trial promotional approach and gather feedback

3.3 Evaluate trial results and update approach

3.4 Communicate updated approach to required stakeholders and obtain approval

3.5 Review required data on product or service take up and plan

3.6 Document results and determine future promotional strategies

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

apply advanced techniques to provide at least two different financial products and two different services.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

organisational policies and procedures and legislative and regulatory requirements relating to promoting financial products and services

advanced product positioning techniques and promotional approaches

processes for monitoring and reviewing a promotional approach

techniques and features of training and development programs for advisors and customer service representatives

evaluation and monitoring techniques for financial products and services, their strengths, weaknesses and alignment with customer needs

techniques and features of collateral and key messaging used to promote financial products and services to customers

techniques for generating new and innovative ideas for promoting financial products and services

opportunities for promoting ancillary products and services

organisational documentation processes relating to provision of financial products or services

techniques to calculate and estimate numerical and financial data used for products and services comparison.