Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to create rapport with the client, identify and analyse their needs, objectives and financial situation, and identify and present appropriate solutions, including completing and maintaining necessary documentation and providing after sales service. This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC). |
Application of the Unit
Application of the unit |
This unit applies to job roles advising on ASIC Tier I products such as term deposits and personal, sickness and accident insurance products. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
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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. Create rapport with client |
1.1. Disclosure of capacity to client is consistent with code of practice requirements and client concerns, if any, are identified and responded to appropriately 1.2. Active listening skills are demonstrated in dealings with clients and services explained to them orally or, if necessary, in writing in a clear and unambiguous way, avoiding jargon and in language appropriate to the receiver |
2. Identify client's needs, objectives and financial situation |
2.1. The client is encouraged to express and clarify their attitudes , views , feelings and objectives 2.2. Relevant personal , financial and business details are collected from the client using an appropriate fact finder 2.3. The client's short-, medium- and long-term objectives and investment risk profile are identified using an appropriate fact finder 2.4. The client's preferences and concerns regarding options are identified using an appropriate fact finder where applicable and priorities identified and agreed upon 2.5. The fact finder is completed in accordance with the code of practice |
3. Analyse client's needs, objectives and financial situation to identify appropriate solutions |
3.1. All information from the fact find process is used in analysing client needs and determine an appropriate strategy to provide for identified needs and outcomes 3.2. Specialist advice is sought if required to address issues that professional judgement indicates may require further consideration. |
4. Present appropriate solutions to client |
4.1. Recommendations and features of the client advice record are explained and discussed with the client in a clear and unambiguous way with product knowledge appropriate for the service or advice offered demonstrated 4.2. Impact of key aspects of the recommendations are disclosed in a clear and concise manner to the client and they are guided through the key aspects of the client information brochure prior to signing the proposal 4.3. Requirements to put the recommended program into effect are explained to the client and a copy of the fact finder is provided to the client if requested 4.4. Confirmation is sought from client that they understand the recommendations presented 4.5. The client is assisted to make informed choices using the relevant documentation so that their needs and objectives are addressed consistent with their budgetary constraints 4.6. Agreement in principle to proceed is obtained from the client |
5. Negotiate effectively |
5.1. Decisions are clearly explained to the client in accordance with company policy and they are assisted to make appropriate decisions regarding solutions to their needs and objectives 5.2. Restraint and composure are exercised when dealing with conflict situations involving clients 5.3. Communication channels are maintained when dealing with complaints and following complaint handling procedures |
6. Complete and maintain necessary documentation |
6.1. Proposal and other documents are completed and, where appropriate, signed off 6.2. Client records are created or updated 6.3. Contract variations are completed where applicable 6.4. Confirmation including relevant documentation and contract variation is provided to the client and final plan implemented 6.5. Reference material is organised in a form which facilitates the selection of appropriate products to meet client's needs and updated on a regular basis |
7. Provide after sales service |
7.1. After sales service to be provided is clearly defined, and is communicated to the client and executed as needed 7.2. Fact finder, recommendations and client advice records are periodically reviewed 7.3. Any changes to the client's situation since previous recommendations were made are identified and acted upon at subsequent reviews 7.4. Areas of client dissatisfaction are acted upon in an ethical and timely manner and addresses code of practice requirements |
Required Skills and Knowledge
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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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. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment must ensure:
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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:
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Guidance information for assessment |
Range Statement
RANGE STATEMENT |
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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. |
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Disclosure of capacity includes: |
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Attitudes , views , feelings and objectives may include: |
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Relevant personal , financial and business details to be collected from the client may include: |
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Development of appropriate strategies and solutions may include: |
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Products where detailed knowledge is required may include: |
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Documentation may include: |
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Client's needs and objectives may include: |
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Unit Sector(s)
Unit sector |
Industry advice |
Competency field
Competency field |
Co-requisite units
Co-requisite units |
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