Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 5.0. |
Application
This unit describes the skills and knowledge required to collect and analyse client information and to use it as the basis for determining and reviewing the required level of service to achieve clients’ financial needs. It addresses the level of contact required to monitor and maintain the quality of service provided.
The unit applies to those who use a range of specialised managerial techniques to plan, monitor and review their work in any sector of the financial services industry. The information required to monitor clients’ financial requirements may come from authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Customer service
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. Determine client financial needs |
1.1 Obtain all available information on client required to perform work task from authorised representative according to organisational procedures and industry compliance requirements 1.2 Review records and confirm currency of client information according to organisational procedures 1.3 Assess client risks and take required action according to organisational procedures 1.4 Maintain records of assessed risks and action taken according to organisational procedures |
2. Establish communication with authorised representative |
2.1 Apply service guidelines to determine level of required contact 2.2 Establish communication with authorised representative according to agreed service guidelines and based on client need 2.3 Formalise communication where interests of organisation and client need to be protected 2.4 Monitor effectiveness of service guidelines according to organisational policies and procedures and adjust as required |
3. Identify and review information required to service client’s financial needs |
3.1 Identify and gather information relevant to service provided according to organisational procedures 3.2 Monitor business environment and identify need to amend information services 3.3 Establish mechanisms to select and filter information according to organisational policies and procedures 3.4 Review and maintain information to ensure its effectiveness in meeting client requirements according to organisational procedures |
Foundation Skills
This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.
S KILL |
DESCRIPTION |
Oral communication |
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Reading |
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Writing |
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Initiative and enterprise |
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Problem solving |
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Self-management |
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Technology |
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Unit Mapping Information
Supersedes and is equivalent to FNSCUS502 Monitor client requirements.
Links
Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe