Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to satisfy the training requirements for authorisation by an Australian ASIC registered License (AFSL) holder to provide advice on deposit products, non-cash payment facilities and general insurance products at Tier 2 level. This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by ASIC. |
Application of the Unit
Application of the unit |
This unit applies to job roles involving provision of advice on financial products and services at ASIC Tier 2 level. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
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 the 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 including procedures for complaints handling and the circumstances in which they should be engaged |
2. Identify client' objectives, needs and financial situation |
2.1. A range of communication and interpersonal skills are used to gather client personal, financial and business details 2.2. Client's needs and their product risk profile are identified by encouraging expression of their objectives and goals (short-, medium- and long-term goals as relevant to the product) 2.3. Client expectations of cash flow and relevant taxation obligations are established and confirmed |
3. Analyse client's objectives, needs, financial situation and risk profile |
3.1. An assessment of client's needs is undertaken, utilising all information gathered and taking into account client's product expectations and specific needs 3.2. Client isconsulted throughout the analysis for further clarification where necessary 3.3. The need for specialist advice is analysed and the client is referred to an appropriate adviser for higher level or specialist advice if required 3.4. Product risk profile of the client is assessed and agreed demonstrating understanding of the ASIC identified generic and specialist knowledge relevant to the products being offered |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
Generic knowledge requirements
Specialist knowledge requirements
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Evidence Guide
EVIDENCE GUIDE |
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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. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment must ensure:
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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:
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Guidance information for assessment |
Range Statement
RANGE STATEMENT |
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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. |
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Adviser may include: |
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Client needs , objectives and financial situation may include: |
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Risk profile may include: |
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Information gathered from the client may include: |
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Client product expectations may include: |
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Unit Sector(s)
Unit sector |
ASIC units |
Competency field
Competency field |
Co-requisite units
Co-requisite units |
FNSASIC302C |
Develop, present and negotiate client solutions |