Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to create rapport with clients with complex or special needs and present complex information to them, negotiating effectively and completing and maintaining required documentation, including a plan.
It applies to individuals who use specialised knowledge and strong communication and interpersonal skills to convey and negotiate complex requirements.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Unit Sector
Finance/mortgage broking
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. Develop rapport with clients |
1.1 Address client needs and objectives in a manner consistent with their level of financial understanding and which directly applies to objectives and requirements they have disclosed 1.2 Demonstrate high level communication skills in dealings with clients, including those with special needs 1.3 Introduce services, strategies and recommendations using clear and unambiguous language that avoids jargon in both oral and written communication 1.4 Ensure disclosure of capacity to client is consistent with industry requirements and organisational guidelines |
2. Present broking options to clients |
2.1 Guide clients through broking options and clearly and comprehensively discuss the impact of each option including advantages, disadvantages, risks and financial implications, taking into account various assumptions or possibilities 2.2 Clearly explain fees, charges and commissions to clients and provide copies of research and other documentation 2.3 Disclose any commercial relationship of representative and their organisation to products and services mentioned in plan 2.4 Identify and address issues, based on professional judgement, that may require further consideration or consultation with other financial services professionals 2.5 Seek confirmation from clients that they understand broking options presented |
3. Negotiate effectively |
3.1 Identify and respond appropriately to any client concerns and present alternatives to recommendations when requested 3.2 Observe limits imposed by regulatory requirements or organisational guidelines 3.3 Maintain communication channels when dealing with complaints and follow complaint handling procedures 3.4 Obtain agreement to proceed from clients |
4. Complete and maintain necessary documentation |
4.1 Record client interaction in accordance with industry requirements 4.2 Provide confirmation including relevant documentation and contract variation to clients 4.3 Ensure instructing or purchasing documents, where required, are signed by clients 4.4 Clearly define post-broking service to be provided and communicate to clients |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
3.1 |
|
Writing |
1.1, 1.3, 2.1, 2.3, 2.5, 3.1, 3.4, 4.1, 4.2, 4.4, 4.5 |
|
Oral Communication |
1.1-1.3, 2.1, 2.2, 2.3, 2.5, 3.1, 3.4, 4.2, 4.4 |
|
Numeracy |
1.1, 1.3, 2.2, 3.1 |
|
Navigate the world of work |
1.4, 3.2, 3.4, 4.3 |
|
Interact with others |
1.1-1.3, 2.2-2.5, 3.1, 3.3-3.4, 4.4 |
|
Get the work done |
2.1, 2.2, 2.4, 3.4, 4.1, 4.2, 4.4, 4.5 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSFMB503 Present broking options to client with complex needs |
FNSFMB503A Present broking options to client with complex needs |
Updated to meet Standards for Training Packages Minor edits to clarify intent and remove repetition |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe