ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Establish relationship with client

1.1 Use range of communication and interpersonal skills to establish knowledge level of client

1.2 Respond to enquiries by explaining range of products and services available and their relevant fees and charging methodology

1.3 Inform client about role of adviser and licensee or principal responsible for adviser’s conduct

1.4 Demonstrate knowledge of procedures for complaints handling and circumstances in which they should be engaged

2. Identify client’s objectives, needs and financial situation

2.1 Use range of communication and interpersonal skills to gather client’s personal, financial and business details

2.2 Encourage client to express objectives and goals, in short-term, medium-term and long-term, to identify client requirements in tandem with product

2.3 Identify product risk profile of client

2.4 Identify client’s expectations of cash flow and relevant taxation obligations

3. Analyse client’s objectives, needs, financial situation and risk profile

3.1 Undertake assessment of client needs, using all information gathered and taking into account client’s product expectations and specific needs

3.2 Consult client throughout analysis to seek further clarification where necessary

3.3 Analyse need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required

3.4 Assess and agree on product risk profile of client

3.5 Apply ASIC generic and specialist knowledge relevant to products being offered

4. Develop appropriate strategies and solutions

4.1 Determine appropriate strategy to provide for identified needs and outcomes by analysing products and client risk profile, and assessing client’s needs

4.2 Undertake relevant research, analysis and product modelling

4.3 Draft appropriate solution (plan, policy or transaction) for presentation to client

5. Present appropriate strategies and solutions to client

5.1 Explain and discuss proposed transaction with client in clear and unambiguous way, demonstrating product knowledge appropriate for service or product offered

5.2 Reinforce all relevant details, terms and conditions of product and service to client

5.3 Disclose impacts and possible risks of solution in clear and concise manner

5.4 Provide client with written supporting documentation and guide client through key aspects of documentation

6. Negotiate financial plan, policy or transaction with client

6.1 Discuss and clarify any concerns and/or issues client has regarding proposed insurance plan, policy or transaction

6.2 Seek client’s preferred plan, policy or transaction and confirm client’s preference

7. Coordinate implementation of agreed plan, policy or transaction

7.1 Seek formal agreement from client to proposed plan, policy or transaction

7.2 Clearly explain associated fee and cost structures, and confirm client understands all details

7.3 Ensure that timeframes for execution and processing are clearly explained to client

8. Complete and maintain necessary documentation

8.1 Confirm that proposal and other documents are completed and, where appropriate, are signed off by client

8.2 Ensure that signed agreement and copies of appropriate documentation are exchanged

9. Provide ongoing service where requested by client

9.1 Ensure that type and form of ongoing service, including review of plan, policy or transaction, is agreed with client

9.2 Clearly explain and confirm fees and costs for ongoing and specifically defined service, and confirm client understands all details

9.3 Provide ongoing service as required