Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to establish complex or special financial needs for a client, and consider complex issues such as economic and legislative developments and requirements to develop complex broking strategies and solutions for a client. This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body. |
Application of the Unit
Application of the unit |
This unit may be applied by finance brokers working with clients whose needs may include, but are not limited to:
|
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
||
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. Identify complex broking needs of client |
1.1. Special or complex features of a client's situation and objectives are discussed, reviewed and clarified 1.2. Risk issues and tolerance are explored and discussed comprehensively and ethically with the client, including unusual risks or requirements, and interdependencies and implications 1.3. Risks to the client or organisation are assessed for their impact according to company policy, guidelines and relevant legislation and further questioning and information gathering is engaged as required |
2. Research and consider complex broking solutions based on client needs |
2.1. Current client situation is analysed to determine opportunities and constraints 2.2. Research into loan structures or options is conducted including those which are new or non-standard, if required 2.3. Complex financial issues are considered in terms of economic, legislation, taxation, legal, insurance and other implications 2.4. Possible loan structures or options, fees and charges are analysed, modelled, prioritised and measured against risk and inappropriate options are rejected 2.5. Preliminary options are checked to ensure compliance with relevant Acts, legislation , regulatory and ethical guidelines and are assessed for their ability to successfully achieve the client objectives |
3. Select and gather appropriate options and information for client review |
3.1. Broking options for review with client are selected and explanatory material developed or obtained 3.2. If appropriate, consequences and other issues relating to the broking strategy are considered including referrals to accountant, financial adviser or lawyer where required 3.3. Recommendations on risk management strategies are developed and incorporated into materials for the client and description of anticipated fees and charges included 3.4. Information on complaints resolution procedures (internal and external) is included in the client information 3.5. Broking recommendations and loan structures that will be presented to client are documented according to organisation guidelines and procedures |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
|
Required knowledge |
|
Evidence Guide
EVIDENCE GUIDE |
|
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. |
|
Overview of assessment |
|
Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
|
Context of and specific resources for assessment |
Assessment must ensure:
|
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:
|
Guidance information for assessment |
Range Statement
RANGE STATEMENT |
|
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. |
|
Special or complex features may include: |
|
Risk issues may include: |
|
Legislation , regulatory and ethical guidelines may include: |
|
Broking options may include but are not limited to: |
|
Unit Sector(s)
Unit sector |
Finance/mortgage broking |
Competency field
Competency field |
Co-requisite units
Co-requisite units |
||