Unit of competency Outline

Date retreived
22/07/2026 11:35 PM AWST

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Determine client financial requirements and expectations

Determine client financial requirements and expectations

Unit of competency
National Code
FNSCUS515
State Code
OCI77
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
04/11/2020
View on TGA
State Implementation and Classification
Approved Date
11/03/2021
Field of Education
080501 - Sales
Original Release Date
11/03/2021
Nominal Hours
60
Description
This unit describes the skills and knowledge required to establish clients’ requirements and expectations for financial investment products, which include quotations, claims and requests for services or amendments.It applies to individuals who may provide guidance and responsibility in any sector of the financial services industry. The information required to determine client financial requirements and expectations to be implemented may come from authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.The unit does not cover the application of the specific skills and knowledge required to recommend and provide advice on specific financial products requiring Australian Securities and Investments Commission (ASIC) licensing.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Establish client’s personal and financial situation
  • 1.1 Obtain from authorised representative all available information on client required to identify client’s situation according to organisational procedures and professional protocols
  • 1.2 Identify and clarify with authorised representative client expectations, needs and objectives
  • 1.3 Develop summary analysis of client’s financial position and determine their contact category based on extent of client disclosure
  • 1.4 Determine if client requires execution or settlement-only action and do not offer or provide further advice
  • 1.5 Update organisational system with required client information
2. Determine client’s financial position and risk profile
  • 2.1 Review summary analysis and communicate with relevant stakeholders to confirm client’s financial position according to organisational procedures
  • 2.2 Identify risk and fraud indicators and take required action according to organisational procedures
  • 2.3 Record assessment of client’s financial position where required
3. Assess client preferences relating to financial investment products
  • 3.1 Determine client investment needs and preferences with respect to financial product and service selection or portfolio
  • 3.2 Clarify client requirements, expectations and concerns with authorised representative, and respond to identified concerns according to professional protocols
  • 3.3 Obtain specialist advice where necessary or refer client to relevant personnel or organisation if required services cannot be provided by organisation
  • 3.4 Analyse information provided by authorised representative and determine risk or reward and asset allocation strategies according to client and legislative requirements, organisational policies and procedures and industry codes of practice
4. Prepare documentation
  • 4.1 Complete required client information, financial and personal histories and disclosure documentation according to organisational procedures
  • 4.2 File completed documentation and information according to legislative and regulatory requirements, and organisational policies and procedures
  • 4.3 Create or update organisation’s client records as required and according to organisational procedures
No information
No information
Replaces
State Code National Code Title Type
AUQ87 FNSCUS505 Determine client requirements and expectations Unit of competency