ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Create rapport with client

1.1 Ensure disclosure of capacity to client is consistent with codes of practice and legislative requirements, and that organisational requirements and client concerns, if any, are identified and responded to appropriately

1.2 Explain services to client when appropriate, including in writing, in clear and unambiguous way, avoiding jargon and in language appropriate to level of financial understanding of client

1.3 Assist client to make informed choices using relevant documentation

1.4 Address client’s needs and objectives consistent with client’s budgetary situation

2. Discuss financial plan with client

2.1 Clearly explain scope and limitations of plan and/or advice to client, together with provision of appropriate warnings

2.2 Explain strategies and recommendations in financial plan and discuss with client in clear and unambiguous way

2.3 Prepare, explain and discuss financial plan documentation with client when appropriate

2.4 Disclose impact of key aspects of recommendations in clear and concise manner to client

2.5 Guide client through key aspects of strategies proposed when appropriate and demonstrate product knowledge appropriate for service or advice offered

2.6 Explain assumptions used in formulating plan and degree to which variations in assumptions may impact on client’s expected outcomes

2.7 Explain requirements to put recommended plan into effect to client and identify and note any areas in plan that may require further advice

2.8 Provide copies of research and other relevant documentation to client if requested and seek confirmation that client understands all recommendations presented

2.9 Obtain agreement in principle to proceed from client

2.10 Clearly define and communicate appropriate level of after sales service to be provided to client

3. Negotiate effectively

3.1 Assist clients when necessary to make appropriate decisions regarding solutions to their needs and objectives within scope of plan, and present alternatives to recommendations when requested

3.2 Observe limits imposed by regulatory requirements or organisational guidelines

3.3 Exercise restraint and composure when dealing with any conflict situations involving clients

3.4 Maintain communication channels when dealing with any complaints and follow internal or external complaint handling procedures

4. Complete and maintain necessary documentation

4.1 Adjust financial plan according to changes agreed to by client

4.2 Complete proposals and other documents and arrange sign off when plan is agreed between client and authorised representative

4.3 Clearly identify implementation actions required by client and obtain written agreement to actions

4.4 Create or update client records with any contract variations completed if required

4.5 Provide confirmation, including relevant documentation and contract variation, to client and implement final plan

4.6 Record client advice in accordance with organisational guidelines and/or financial plan documentation requirements

4.7 Obtain client signatures on instructing and/or purchasing documents where required