Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes , skills and knowledge required to match financial products on offer to customer requirements based on an in-depth knowledge of the products and a comprehensive knowledge of customers' characteristics and their financial requirements . No licensing , legislative , regulatory or certification requirements apply to this unit at the time of endorsement . |
Application of the Unit
Application of the unit |
This unit applies in a range of industry sectors in which financial products are provided to individuals and organisations to meet their financial needs . |
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. Access the information needed to determine the fit between the financial product and the customer |
1.1. Information on customer profile and requirements, characteristics, financial status, timelines and other needs are gathered and assessed 1.2. Most appropriate products and services used or provided by the organisation are considered and, if necessary, researched based on customer stated requirements in terms of features, benefits, terms and conditions, and other factors |
2. Determine most suitable options to meet customer requirements |
2.1. The most suitable option, or a number of options, are determined for discussion and recommendation with customer 2.2. Customer negotiation periods are established and documented in line with organisation policy and relevant legislation 2.3. Options are discussed with manager or other appropriate personnel, if necessary |
3. Present the selected options to customer |
3.1. Options are presented to the customer and all features, benefits, negotiation periods and terms and conditions are explained 3.2. Customer is given further information if requested and all questions are answered 3.3. Customer is provided with all the support needed to clarify the information presented 3.4. If relevant, additional information is taken to see whether there are other needs that could be met by the organisation |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
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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Most appropriate products and services may include: |
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Negotiation periods may include: |
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Support may include: |
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Unit Sector(s)
Unit sector |
Sales and marketing |
Competency field
Competency field |
Co-requisite units
Co-requisite units |
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