Determine client requirements and expectations

This unit describes the performance outcomes, skills and knowledge required to establish a client's financial requirements and expectations in regard to financial investment products and includes quotations, claims and requests for service or amendments.It does not cover the application of the specific skills and knowledge required to recommend and provide advice on specific financial products requiring Australian Securities and Investments Commission (ASIC) licensing.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.


This unit applies to a range of client service job roles in the financial services industry.

Elements and Performance Criteria



1. Develop an awareness of the client's situation

1.1. Relevant facts and information are obtained courteously and professionally to determine client's situation prior to defining their expectations, requirements and objectives

1.2. Clients are encouraged to disclose relevant information to determine their personal and financial situation and special needs

1.3. Summary analysis of client's financial position is developed and the client contact categorised based on extent of client disclosure

1.4. Further advice is not offered or provided if client is categorised as requiring execution or settlement-only action

2. Obtain relevant knowledge of client's financial position and risk profile

2.1. Where relevant, client financial position is ascertained

2.2. Risk and fraud indicators are identified accurately and consistently

3. Determine client expectations and requirements with respect to financial markets advice

3.1. Client is encouraged to express and clarify their requirements and expectations and their concerns, if any are identified and responded to promptly and appropriately

3.2. Client's investment needs and preferences with respect to financial product selection or portfolio are determined

3.3. Specialist advice is sought where necessary or client is referred to appropriate personnel or organisation where required services are not available or cannot be provided

3.4. All information and facts provided by client are analysed and appropriate risk or reward and asset allocation strategies are determined in accordance with client requirements, organisation policies and guidelines and with relevant legislation or industry codes of practice

4. Prepare and update necessary documentation where required

4.1. All relevant client facts, financial and personal histories and completed disclosure documents are completed and filed in accordance with organisation policy and guidelines and relevant legislation and regulatory requirements

4.2. Client records are created or updated where necessary and client documentation, information and histories filed in a format and location readily accessible to other advisers

Required Skills

Required skills

well-developed communication skills to:

establish client financial service requirements, using questioning and active listening as required

deal effectively with client complaints

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research and analysis to access, interpret and manage information on client needs and match to products and services

problem solving skills to address client issues

judgement skills for forming recommendations in operational situations

IT skills for accessing and using specialised contact databases, client and product information systems and using internet information

well-developed literacy skills for:

reading and interpreting documentation from a variety of sources and recording, gathering and consolidating information

drafting reports and maintaining records

learning skills to maintain knowledge of industry products and operating environment

organisational skills, including coordinating activities across an organisation, monitoring client satisfaction and planning and sequencing work

Required knowledge

financial product sales techniques

organisation policies and procedures for dealing with clients and recording information

quality client service techniques and tools

Evidence Required

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

develop an awareness of the client's financial situation and obtain accurate knowledge of the client's risk profile

determine client expectations and requirements with respect to stock or portfolio advice

empathise and build rapport with clients by offering thorough and ongoing assistance with all enquiries and requests for service

consider and adapt to any special needs of clients, including cultural, language, race, religion, ethnic origin, socioeconomic status and demographic needs.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to financial services product information

access to an client contact and information system and data.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills

setting and reviewing business simulations or scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Client special needs may include:

age groups

people with a disability

the needs of people from different cultural backgrounds.

Client contact categorisation may include:

clients seeking no advice

execution or settlement-only transactions

financial planning

general information

portfolio advice

stock specific advice.

Client financial position may include:

current listed stock held

managed funds held

types of derivatives held

types of securities held.

Relevant information may include:


current level of liquidity

current portfolio including:

family holdings

any Capital Gains Tax (CGT) related details such as stocks acquired prior to 20/09/1985

employer details

experience with investment in stock markets

extent to which the client is geared

family structure and dependants

home ownership

insurance and superannuation arrangements

investable funds

level of debt

marginal tax rates


past, present and future employment prospects

personal income

previous financial history including:


refusal of credit.

Relevant legislation and codes of practice may include:

Consumer Affairs Act

Consumer Credit Code

contract law

Corporations Act

Financial Services Reform Act (FSRA)

industry codes of practice

National Guarantee Fund rules

Privacy Act

relevant financial association's business rules and codes of practice

Taxation Act

Trade Practices Act

trust law.

Organisation policy and guidelines may include:

advertising and marketing

administrative procedures

complaints and dispute resolution procedures

IT and administrative systems

policies and procedures in relation to client service

product or service development.

Client documentation may include:



Australian Securities Exchange (ASX) explanatory booklets


client agreement forms

completed disclosure documents

contracts or policy statements

financial services guides

in-house publications

legal, government, professional and other documents

meeting notes


official, general and other correspondence

product disclosure statements

program recommendations



reasons for adopting or incorporating certain information in preference to other information


records of telephone conversations

reference to all evidence and information considered




ad hoc



statements of advice.


Unit sector

Customer service

Employability Skills

This unit contains employability skills.

Licensing Information

Not applicable.