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. Identify complex broking needs of client

1.1 Discuss, review and clarify special or complex features of a client’s situation and needs

1.2 Explore and comprehensively and ethically discuss risk issues and tolerance with the client, including unusual risks or requirements, and interdependencies and implications

1.3 Assess impact of risks to the client or organisation according to legislative requirements and organisational guidelines and procedures, engaging in further questioning and information gathering as required

2. Research and consider broking solutions based on client needs

2.1 Analyse current client situation to determine opportunities and constraints

2.2 Research loan structures or options including those which are new or non-standard products

2.3 Analyse complex financial issues in terms of economics, legislation, taxation and insurance

2.4 Model, analyse and prioritise options, comparing features, fees and charges, and risks, and reject inappropriate options

2.5 Check preliminary options to ensure compliance with relevant legislation and regulatory and ethical guidelines, and assess ability to successfully meet client needs

3. Select and gather appropriate options and information for client review

3.1 Select broking options for review with client and develop or obtain explanatory material

3.2 Consider referrals to an accountant, financial adviser or lawyer where required in broking solution

3.3 Develop recommendations on risk management strategies and incorporate into materials for client, and include description of anticipated fees and charges

3.4 Include information on complaints resolution procedures (internal and external) in client materials

3.5 Document broking recommendations and loan structures that will be presented to client according to organisational guidelines and procedures

Skill 

Performance Criteria 

Description 

Reading

1.1-1.3, 2.1, 2.2, 2.5

• Researches textual information from a range of sources and analyses issues and risks to develop strategic options

Writing

1.1-1.3, 3.1, 3.3, 3.4

• Prepares reports containing complex information and strategies in logical structure using organisational formats
• Uses clear and concise language, terminology and concepts appropriate for the client

Oral Communication

1.1-1.3

• Uses active listening and questioning to elicit information and explore issues
• Participates in verbal exchanges to explain and clarify complex financial information

Numeracy

1.1-1.3, 2.1-2.5

• Performs calculations, manipulates data for modelling and undertakes comparative analyses of numerical and financial information to determine requirements and develop options

Navigate the world of work

1.2, 1.3, 2.2, 2.3, 2.5

• Recognises and adheres to workplace protocols and procedures
• Monitors adherence to legislative requirements in the conduct of work
• Maintains currency of industry and product knowledge as required by role

Interact with others

1.1-1.3

• Selects and uses appropriate communication conventions and protocols to liaise with clients and other stakeholders
• Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others

Get the work done

1.2, 1.3, 2.1-2.5, 3.1-3.5

• Uses formal and informal planning processes to identify relevant information and risks, and evaluate appropriate strategies
• Recognises and addresses complex problems involving multiple variables
• Reflects on the impact of decisions on outcomes
• Invests time in recognising new ideas and opportunities
• Uses familiar digital systems and tools to access, filter, organise, analyse and display relevant information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSFMB502 Identify and develop broking options for clients with complex needs

FNSFMB502A Identify and develop complex broking options for client

Updated to meet Standards for Training Packages

Revised title

Minor edits to clarify intent of performance criteria

Equivalent unit

Release 

Comments 

Release 1

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