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Unit of competency details

FNSASIC301 - Establish client relationship and analyse needs (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSASIC301C - Establish client relationship and analyse needsUpdated to meet Standards for Training Packages 24/Mar/2015

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 25/Mar/2015


Training packages that include this unit

Qualifications that include this unit

Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 081101 Banking And Finance  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 081101 Banking And Finance  30/Jul/2015 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to interpret and comply with industry regulations and codes of practice when considering the characteristics of financial products and services for individual client needs.

It applies to individuals with excellent communication skills who are authorised as Australian Securities and Investments Commission (ASIC) registered Australian financial services licence (AFSL) holders to provide advice on deposit products, non-cash payment facilities and general insurance products at Tier 2 level.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Unit Sector

ASIC units

Elements and Performance Criteria

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 in relation to products and services by explaining range available and associated fee and charging schedule

1.3 Inform client of role of adviser and licensee or principal responsible for adviser’s conduct, including procedures for complaints handling and circumstances in which they should be engaged

2. Identify client objectives, needs and financial situation

2.1 Employ range of communication and interpersonal skills to gather client personal, financial and business details

2.2 Identify client’s needs and product risk profile by encouraging expression of objectives and short-term, medium-term and long-term goals as relevant to product

2.3 Establish and confirm client expectations of cash flow and relevant taxation obligations

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

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

3.2 Consult client throughout analysis for 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 Complete product risk profile of client that demonstrates correct application of ASIC generic and specialist knowledge relevant to products being offered

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill 

Performance Criteria 

Description 

Reading

3.1

  • Recognises and interprets information from relevant sources to safeguard client needs

Writing

1.1-1.3, 2.1-2.3, 3.1-3.4

  • Uses clear, specific and industry related terminology to complete and update workplace documentation

Oral Communication

1.1-1.3, 2.1-2.3, 3.1-3.4

  • Elicits the view and opinions of others by listening and questioning
  • Clearly articulates requirements using language appropriate to the audience and environment, and participates in a verbal exchange of ideas and solutions

Numeracy

1.2

  • Interprets financial product information and analyses numerical data within spreadsheets and databases

Navigate the world of work

1.2, 1.3, 3.4

  • Takes responsibility for providing effective advisory services that comply with legislative, regulatory and organisational requirements

Interact with others

1.1, 2.1, 2.2

  • Selects and uses appropriate conventions and protocols to build rapport with clients to elicit and provide relevant information
  • Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others

Get the work done

2.1-2.3, 3.1, 3.3, 3.4

  • Takes responsibility for the sequence and priority of tasks within own workload to achieve effective outcomes
  • Uses analytical thinking and organisational techniques to assess relevant and key information that informs critical and non-critical decisions about client needs, risk profile and the potential need for input from others
  • Uses familiar digital tools and systems to complete job tasks

Unit Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSASIC301 Establish client relationship and analyse needs

FNSASIC301C Establish client relationship and analyse needs

Updated to meet Standards for Training Packages

Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

  • work effectively with clients to collect relevant personal and/or business information that will enable identification of their objectives, needs, expectations, financial situation and risk profile
  • interpret and comply with relevant industry regulations and codes of practice requirements that relate to the provision of financial product advice
  • analyse client information and assess client risk profile to determine the characteristics of financial products and services relevant to client needs.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must satisfy the knowledge requirements relevant to the products and activities in which advice is given.

For general insurance, deposit products and non-cash payments and relevant first home saver account products the individual must:

  • explain the legal environment including disclosure and compliance covering:
  • role of the representative or adviser
  • relevant legal principles including the Corporations Act, Financial Services Reform Act (FSRA), Competition and Consumer Act, Insurance Contracts Act and Australian Securities and Investments Commission (ASIC) Act
  • the relationship between ethics and regulatory requirements including good faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser’s recommendation
  • name relevant industry codes of practice and conduct
  • identify complaints resolution procedures (internal and external)
  • outline relevant ASIC regulatory guidelines.

For general insurance the individual must:

  • summarise the characteristics and participants of Australian insurance markets and the roles played by intermediaries, and identify insurance products including:
  • definition of an insurance product
  • conditions, exclusions and level of coverage of risk transfer products
  • types of insurance products
  • pricing of risk products
  • identify taxation issues relating to insurance products
  • explain advisory functions including:
  • role of the representative, broker or adviser
  • participants in the insurance advisory services market
  • range of services provided
  • profile and financial information of the client
  • appropriateness of a risk assessment
  • summarise the specific product knowledge for the general insurance products in which advice is given including:
  • standard cover (and deviations)
  • policy wordings
  • taxes and charges
  • insurance claims
  • premium rating and risk selection
  • reporting
  • product development
  • underwriting.

For deposit products and non-cash payment facilities the individual must:

  • name the types of deposit products and non-cash payment products
  • summarise the product characteristics.

For first home saver accounts the individual must:

  • name the types of first home saver account products including the range of accounts, associated risks and alternative products
  • summarise the product characteristics – eligibility and withdrawal, and government conditions
  • explain the taxation issues relating to first home saver accounts.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial services and products advice field of work and include access to:

  • office equipment, technology, software and consumables
  • financial services product information.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe