FNSIAD311 Provide general advice on financial products and services

Release: 1

FNSIAD311 Provide general advice on financial products and services

Modification History

Release	Comments
Release 1	This version first released with the FNS Financial Services Training Package Version 8.0. Supersedes and is equivalent to FNSIAD301 Provide general advice on financial products and services.

Application

This unit describes the skills and knowledge required to identify legislative and organisational boundaries on the provision of general advice on financial products and services and take the required approaches to providing such advice.

The unit applies to individuals working in organisations and job roles that provide general advice on relevant financial products, as deemed by the Australian Securities and Investments Commission (ASIC), such as term deposits and personal, sickness and accident insurance products.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant regulatory authorities to confirm those requirements.

Unit Sector

Industry advice

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. Identify customer needs and advisor authority level	1.1 Seek information from customers relevant to provision of general advice 1.2 Identify advice authority level allocated to adviser by organisation 1.3 Inform customer of regulatory restrictions and scope of factual information and general advice to be provided according to organisational policies and procedures, legislative and regulatory requirements, and confirm customer understanding
2. Identify scope of general advice and confirm products or services are appropriate	2.1 Determine products and services of interest to customer 2.2 Discuss options with customer and clarify products and services of interest to them 2.3 Analyse range of products and services of interest to customers and determine that they fit into the remit of general advice 2.4 Identify requests for information, advice, products or services that fall outside organisation’s scope of operation or adviser’s advice authority and inform customers where information, advice, products or services can be obtained, as required
3. Provide general advice to customers	3.1 Provide fact-based general advice to customers according to regulatory restrictions and organisational policies and procedures 3.2 Provide general advice warning as required according to regulatory restrictions and organisational policies and procedures 3.3 Provide further fact-based guidance on product or service to customer as required 3.4 Explain general advice recommendations with customer 3.5 Identify method of storing customer information according to organisational policies and procedures and legislative and regulatory requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Ensures knowledge of legislative requirements and products is kept up-to-date to provide accurate information
Numeracy	Analyses financial information from various sources to provide advice to the customer
Oral communication	Participates in verbal exchange of information, clearly articulating identified products and services options using language, tone and pace appropriate to audience and environment Uses active listening and questioning techniques to elicit the views and opinions of others and to confirm understanding
Reading	Evaluates information and products from a variety of sources to ensure appropriateness to customer needs
Writing	Records and completes accurate organisational documents and correspondence using clear language and correct spelling, grammar and terminology
Initiative and enterprise	Uses a range of strategies to establish a sense of connection and build rapport with customers

Unit Mapping Information

Supersedes and is equivalent to FNSIAD301 Provide general advice on financial products and services.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe