Provide Tier 1 personal advice in life insurance

Formats and tools

Unit Description
Reconstruct the unit from the xml and display it as an HTML page.
Assessment Tool
an assessor resource that builds a framework for writing an assessment tool
Assessment Template
generate a spreadsheet for marking this unit in a classroom environment. Put student names in the top row and check them off as they demonstrate competenece for each of the unit's elements and performance criteria.
Assessment Matrix
a slightly different format than the assessment template. A spreadsheet with unit names, elements and performance criteria in separate columns. Put assessment names in column headings to track which performance criteria each one covers. Good for ensuring that you've covered every one of the performance criteria with your assessment instrument (all assessement tools together).
Wiki Markup
mark up the unit in a wiki markup codes, ready to copy and paste into a wiki page. The output will work in most wikis but is designed to work particularly well as a Wikiversity learning project.
Evidence Guide
create an evidence guide for workplace assessment and RPL applicants
Competency Mapping Template
Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners. A template for developing assessments for a unit, which will help you to create valid, fair and reliable assessments for the unit, ready to give to trainers and students
Observation Checklist
create an observation checklist for workplace assessment and RPL applicants. This is similar to the evidence guide above, but a little shorter and friendlier on your printer. You will also need to create a seperate Assessor Marking Guide for guidelines on gathering evidence and a list of key points for each activity observed using the unit's range statement, required skills and evidence required (see the unit's html page for details)

Self Assessment Survey
A form for students to assess thier current skill levels against each of the unit's performance criteria. Cut and paste into a web document or print and distribute in hard copy.
Moodle Outcomes
Create a csv file of the unit's performance criteria to import into a moodle course as outcomes, ready to associate with each of your assignments. Here's a quick 'how to' for importing these into moodle 2.x
Registered Training Organisations
Trying to find someone to train or assess you? This link lists all the RTOs that are currently registered to deliver FNSASICM503A, 'Provide Tier 1 personal advice in life insurance'.
Google Links
links to google searches, with filtering in place to maximise the usefulness of the returned results
Books
Reference books for 'Provide Tier 1 personal advice in life insurance' on fishpond.com.au. This online store has a huge range of books, pretty reasonable prices, free delivery in Australia *and* they give a small commission to ntisthis.com for every purchase, so go nuts :)


Elements and Performance Criteria

ELEMENT

PERFORMANCE CRITERIA

1. Establish relationship with client

1.1. A range of communication and interpersonal skills are used to establish the knowledge level of client

1.2. Enquiries in relation to products and services are responded to by explaining the range of products and services available and their relevant fee and charging methodology

1.3. Client is informed of the role of the adviser and the licensee/principal responsible for the adviser's conduct

1.4. Familiarity with the procedures for complaints handling and the circumstances in which they should be engaged is demonstrated

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

2.1. A range of communication and interpersonal skills are used to gather client's personal, financial and business details

2.2. Client's needs are identified by encouraging expression of their objectives and goals (short-, medium- and long-term goals as relevant to the product)

2.3. Product risk profile of the client is identified

2.4. Client's expectations of cash flow and relevant taxation obligations are obtained

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

3.1. An assessment of client needs is undertaken, utilising all information gathered and taking into account clients product expectations and specific needs

3.2. Client is consulted throughout the analysis for further clarification where necessary

3.3. The need for specialist advice is analysed and/or client is referred to appropriate adviser for higher level/specialist advice if required

3.4. Product risk profile of the client is assessed and agreed

3.5. Understanding of the ASIC identified generic and specialist knowledge relevant to the products being offered, as detailed in the evidence guide, is demonstrated

4. Develop appropriate strategies and solutions

4.1. An appropriate strategy to provide for identified needs and outcomes is determined from analysis of products, client risk profile and assessment of client's needs

4.2. Relevant research, analysis and product modelling is conducted

4.3. Appropriate solution (plan, policy or transaction) is drafted for presentation to client

5. Present appropriate strategies and solutions to client

5.1. Product knowledge appropriate for the service or product offered is demonstrated when presenting the product

5.2. The proposed transaction is explained and discussed with the client in a clear and unambiguous way

5.3. Relevant details, terms and conditions of product/service are reinforced to client

5.4. Impacts and possible risks of the solution are disclosed in a clear and concise manner to the client

5.5. Client is provided with written supporting documentation and guided through the key aspects of the documentation

6. Negotiate financial plan/policy/transaction with client

6.1. Concerns and/or issues the client has regarding the proposed plan/policy/transaction are discussed and clarified

6.2. Confirmation is sought from client that they understand the proposed plan/policy/transaction

7. Coordinate implementation of agreed plan/policy/ transaction

7.1. The client's formal agreement to the proposed plan/policy/transaction is gained

7.2. Associated fee and cost structures are clearly explained and confirmation of understanding gained from the client

7.3. Timeframes for execution and processing are clearly explained and confirmation of understanding gained from the client

8. Complete and maintain necessary documentation

8.1. Proposal and all other statutory and transactional documents are completed and signed off by the client

8.2. Copies of appropriate documentation and the signed agreement are exchanged

9. Provide ongoing service where requested by client

9.1. Type and form of ongoing service, including reporting on performance and review of plan/policy/transaction is agreed with the client

9.2. Fees and costs for ongoing and specifically defined service are clearly explained and confirmation of understanding gained from the client

9.3. Ongoing service is provided as required


Qualifications and Skillsets

FNSASICM503A appears in the following qualifications:

  • FNS51210 - Diploma of Insurance Broking
  • FNS51310 - Diploma of Life Insurance
  • FNS41510 - Certificate IV in Life Insurance
  • FNS50611 - Diploma of Financial Planning
  • FNS51312 - Diploma of Life Insurance