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Evidence Guide: FNSSAM603 - Tailor financial products to meet customer needs

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

 

FNSSAM603 - Tailor financial products to meet customer needs

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

Access information needed to determine fit between financial product and customer

  1. Gather and assess information on customer profile and requirements, characteristics, financial status, timelines and other needs
  2. Consider and, if necessary, research most appropriate products and services used or provided by organisation based on customer stated requirements in terms of features, benefits, terms and conditions, and other factors
Gather and assess information on customer profile and requirements, characteristics, financial status, timelines and other needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consider and, if necessary, research most appropriate products and services used or provided by organisation based on customer stated requirements in terms of features, benefits, terms and conditions, and other factors

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine most suitable options to meet customer requirements

  1. Determine most suitable option, or number of options, for discussion and recommendation with customer
  2. Establish and document customer negotiation periods in line with organisational policy and relevant legislative requirements
  3. Discuss options with manager or other appropriate personnel, if necessary
Determine most suitable option, or number of options, for discussion and recommendation with customer

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and document customer negotiation periods in line with organisational policy and relevant legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss options with manager or other appropriate personnel, if necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present selected options to customer

  1. Present options to customer and explain all features, benefits, negotiation periods, and terms and conditions
  2. Provide customer with further information if requested and answer all questions
  3. Provide customer with all support needed to clarify information presented
  4. Seek additional information where relevant to determine whether there are other needs that could be met by organisation
Present options to customer and explain all features, benefits, negotiation periods, and terms and conditions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide customer with further information if requested and answer all questions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide customer with all support needed to clarify information presented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek additional information where relevant to determine whether there are other needs that could be met by organisation

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. Access information needed to determine fit between financial product and customer

1.1 Gather and assess information on customer profile and requirements, characteristics, financial status, timelines and other needs

1.2 Consider and, if necessary, research most appropriate products and services used or provided by organisation based on customer stated requirements in terms of features, benefits, terms and conditions, and other factors

2. Determine most suitable options to meet customer requirements

2.1 Determine most suitable option, or number of options, for discussion and recommendation with customer

2.2 Establish and document customer negotiation periods in line with organisational policy and relevant legislative requirements

2.3 Discuss options with manager or other appropriate personnel, if necessary

3. Present selected options to customer

3.1 Present options to customer and explain all features, benefits, negotiation periods, and terms and conditions

3.2 Provide customer with further information if requested and answer all questions

3.3 Provide customer with all support needed to clarify information presented

3.4 Seek additional information where relevant to determine whether there are other needs that could be met by organisation

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. Access information needed to determine fit between financial product and customer

1.1 Gather and assess information on customer profile and requirements, characteristics, financial status, timelines and other needs

1.2 Consider and, if necessary, research most appropriate products and services used or provided by organisation based on customer stated requirements in terms of features, benefits, terms and conditions, and other factors

2. Determine most suitable options to meet customer requirements

2.1 Determine most suitable option, or number of options, for discussion and recommendation with customer

2.2 Establish and document customer negotiation periods in line with organisational policy and relevant legislative requirements

2.3 Discuss options with manager or other appropriate personnel, if necessary

3. Present selected options to customer

3.1 Present options to customer and explain all features, benefits, negotiation periods, and terms and conditions

3.2 Provide customer with further information if requested and answer all questions

3.3 Provide customer with all support needed to clarify information presented

3.4 Seek additional information where relevant to determine whether there are other needs that could be met by organisation

Evidence of the ability to:

assess a wide range of financial services, products and features to suit customer requirements

present product or service options to customers and negotiate sales.

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:

describe the key features of organisational policy and procedures and terms and conditions relating to provision of financial services and products

describe how to access and interpret support information, materials, relevant brochures and other appropriate information

compare and contrast products and services offered by the financial services industry as a whole

compare and contrast products and services offered by the organisation, including specific benefits and features of products and services

describe the key industry and legislative requirements applicable to specific products, services and situations

explain the purpose and requirements of customer negotiation periods in line with relevant legislation.