Unit of competency details
FNSASIC311 - Establish client relationship and analyse needs (Release 1)
Summary
Usage recommendation:
Current
Releases:
| 1 1 (this release) |
15/Jun/2022 |
Companion volumes:
Unit of competency
Assessment requirements
Training packages that include this unit
Qualifications that include this unit
Classifications
Classification history
| ASCED Module/Unit of Competency Field of Education Identifier | 081101 | Banking And Finance | 15/Jun/2022 | |
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Unit of competency
Modification History
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Release
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Comments
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Release 1
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This version first released with the FNS Financial Services Training Package Version 8.0.
Supersedes and is equivalent to FNSASIC301 Establish client relationship and analyse needs.
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Application
This unit describes the skills and knowledge required to establish relationships with clients and analyse individual requirements in considering the financial products and services that meet their needs.
The unit applies to those authorised as Australian Securities and Investments Commission (ASIC) registered Australian financial services (AFS) licence holders to provide general or wholesale advice on deposit products, non-cash payment facilities and general insurance products.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant regulatory authorities to confirm those requirements.
Unit Sector
ASIC
Elements and Performance Criteria
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ELEMENT
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PERFORMANCE CRITERIA
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Elements describe the essential outcomes.
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Performance criteria describe the performance needed to demonstrate achievement of the element.
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1. Establish relationship with client
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1.1 Establish client’s knowledge level in regard to products or services being sought
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 according to regulatory and organisational requirements
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2. Identify client objectives, needs and financial situation
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2.1 Collect client personal, financial and business details
2.2 Establish and confirm client’s objectives and short-term, medium-term and long-term goals
2.3 Establish and confirm client expectations of cash flow and relevant taxation obligations
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3. Analyse client objectives, needs, financial situation and risk profile
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3.1 Assess client’s needs, in consideration of information gathered and regulatory and organisational requirements
3.2 Consult client throughout analysis for further clarification as required
3.3 Analyse need for specialist advice and refer client to required adviser for higher level or specialist advice
3.4 Complete product risk profile of client
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Foundation Skills
This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.
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SKILL
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DESCRIPTION
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Numeracy
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- Interprets financial product information and analyses numerical data in spreadsheets and databases
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Oral communication
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- Elicits the view and opinions of others by listening and questioning
- Articulates requirements using language appropriate to audience and environment, and participates in verbal exchange of ideas and solutions
- Builds rapport with clients using appropriate conventions and protocols
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Reading
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- Identifies and interprets information from relevant sources
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Writing
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- Completes and updates workplace documentation using clear, specific and industry-related terminology
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Self-management
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- Takes responsibility for providing current and informed services that comply with legislative, regulatory and organisational requirements
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Technology
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- Completes work tasks and provides information using the main features and functions of organisation-supported digital tools
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Unit Mapping Information
Supersedes and is equivalent to FNSASIC301 Establish client relationship and analyse needs.
Links
Companion Volume Implementation Guide is found on 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 the FNS Financial Services Training Package Version 8.0.
Supersedes and is equivalent to FNSASIC301 Establish client relationship and analyse needs.
|
Performance Evidence
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
- establish relationship with and analyse the needs of at least two different clients.
In the course of the above, the candidate must:
- inform client of role and compliance with requirements of industry regulations and codes of practice
- complete clients’ product risk profiles
- refer at least one of the above clients for higher level or specialist advice.
Knowledge Evidence
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
- key aspects of the legal and regulatory environment surrounding general insurance, deposit products and non-cash payments and relevant first home saver account products, including:
- disclosure and compliance
- role of representative and adviser
- legal principles, including the Corporations Act, Competition and Consumer Act, and Australian Securities and Investments Commission (ASIC) Act
- relationship between ethics and regulatory requirements, including good faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest that may influence adviser’s recommendation
- ASIC regulatory guidelines and industry codes of practice and conduct relating to work described in performance evidence
- resolution procedures for internal and external complaints
- key aspects of general insurance, including:
- characteristics of and participants in Australian insurance markets and roles played by intermediaries
- key types and aspects of insurance products, including:
- types of insurance products
- conditions, exclusions and level of coverage of risk transfer products
- pricing of risk products
- taxation issues relating to insurance products
- advisory functions, including:
- role of representative, broker and adviser
- participants in the insurance advisory services market
- range of services provided
- profile and financial information of the client
- appropriateness of a risk assessment
- 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
- underwriting
- key aspects of deposit products and non-cash payment facilities, including:
- types of deposit products and non-cash payment products
- product characteristics
- key aspects of first home saver accounts, including:
- types of first home saver account products, including the range of accounts, associated risks and alternative products
- product characteristics relating to first home saver accounts, including:
- eligibility and withdrawal
- government conditions
- taxation issues.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
- office equipment, technology, software and consumables used to analyse client needs
- clients requiring general financial advice on general insurance products
- general insurance product information.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Links
Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe
