Release 

Comments 

Release 1

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

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 relevant to knowledge level of client

1.2 Respond to enquiries by explaining range of general insurance products and services available and their relevant fees and charging methodology

1.3 Inform client about role of adviser and licensee or principal responsible for adviser’s conduct

1.4 Inform client about procedures for complaints handling

2. Identify client objectives and risk situation

2.1 Use range of communication and interpersonal skills to establish client objectives and goals

2.2 Ensure appropriate risk assessment processes and tools are used to collect relevant personal, financial and business details

3. Analyse client risk information

3.1 Analyse all information from risk assessment process

3.2 Make sure that specialist advice is sought if required to address issues that professional judgement indicates may require further consideration

3.3 Ensure that clients are consulted throughout analysis for further clarification where necessary

4. Identify appropriate risk solution

4.1 Identify and assess available options using information from risk analysis

4.2 Conduct relevant product research

4.3 Prepare statement of advice for presentation to client

4.4 Confirm that client is referred to appropriate adviser for higher level or specialist advice if required

5. Present appropriate solutions to client

5.1 Ensure that features of statement of advice are explained to client in clear and unambiguous way

5.2 Disclose impact of key aspects of recommendations, including possible risks, in clear and concise manner to client

6. Negotiate effectively

6.1 Discuss and clarify any concerns and/or issues client has regarding proposed insurance plan, policy and/or transaction

6.2 Obtain from client and confirm preferred insurance plan, policy and/or transaction

7. Coordinate implementation of agreed solution

7.1 Seek agreement from client about proposed insurance plan, policy and/or transaction, including all associated fees and costs

7.2 Ensure that timeframes for execution and processing are clearly explained to client

8. Complete and maintain necessary documentation

8.1 Confirm that proposal and other documents are completed and, where appropriate, are signed off by client

8.2 Ensure that signed agreement and copies of appropriate documentation are exchanged

8.3 Create and update client records

9. Provide ongoing service where requested by client

9.1 Ensure that type and form of ongoing service, including review of insurance plan, policy and/or transaction, is agreed with client

9.2 Clearly explain fees and costs for defined ongoing services and confirm client understands all details

9.3 Provide ongoing service as required

Skill 

Performance Criteria 

Description 

Reading

3.1, 4.1, 4.2

• Recognises and interprets textual information from relevant sources

Writing

1.1-1.4, 2.1, 3.3, 4.3, 5.1, 5.2, 6.2, 7.1, 7.2, 8.1-8.3, 9.1

• Uses clear, specific and industry related terminology to record and consolidate workplace documentation

Oral Communication

1.1-1.4, 2.1, 3.2, 3.3, 5.1, 5.2, 6.2, 7.1, 7.2, 9.1, 9.2

• Clearly articulates product and service information unambiguously, using language appropriate to the audience and environment
• Confirms client’s understanding through active listening and questioning

Numeracy

1.2

• Interprets financial product information and completes calculations to achieve required outcomes

Navigate the world of work

1.3, 1.4, 4.2, 5.2

• Understands and adheres to organisational requirements and protocols within own area of responsibility
• Develops and maintains product knowledge to provide accurate and relevant information in compliance with implicit and explicit organisational protocols

Interact with others

1.1, 2.1, 6.1, 6.2, 7.1, 7.2

• Selects and uses appropriate communication conventions and protocols to establish rapport with clients to determine their understanding, needs and preferences and provide the required information to negotiate agreement
• Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others

Get the work done

2.2, 3.2, 3.3, 4.1, 4.4, 8.1, 8.2, 9.3

• Takes responsibility for mostly routine tasks and decisions relating to client advice and support that comply with legal and organisational requirements, and recognises when client requires specialist assistance
• Uses the main features and functions of digital tools to complete work tasks

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSASIC305 Provide Tier 2 personal advice in general insurance

FNSASIC305A Provide Tier 2 personal advice in general insurance

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

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