Unit of competency Outline

Date retreived
24/07/2026 1:12 AM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Provide appropriate services, advice and products to clients

Provide appropriate services, advice and products to clients

Unit of competency
National Code
FNSIAD501A
State Code
D4165
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
24/11/2010
View on TGA
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
080501 - Sales
Original Release Date
31/07/2014
Nominal Hours
120
Description
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).
Notes
Elements and 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
RANGE STATEMENT
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.
Disclosure of capacity includes:
a statement indicating whether the adviser is only accredited to sell or advise on a restricted range of products
name and address of the registered adviser
whether the adviser's primary duty is to the client or the organisation.
Attitudes, views, feelings and objectives may include:
beliefs about performance
fluctuations in income or capital
investor:
conservative
long-term or short-term
moderate
passive
risk taking
speculator
security.
Relevant personal, financial and business details to be collected from the client may include:
current expenditure and income and an indication of:
future income and expenses
capacity to save
tax status
details of assets including income protection and life insurance held by the client
details of liabilities and potential liabilities of the client
details of the clients' needs and objectives for:
income
capital growth
security
liquidity
time period the client is planning for
individual investment preferences and aversion or tolerance to risk
level and type of superannuation cover and current and likely future social security entitlements of the client
other client details such as:
employment security
age
partner's age
family commitments
expected retirement age
partner's expected retirement age.
Development of appropriate strategies and solutions may include:
flexibility
investigation and assessment of costs
liquidity
safety
tax effectiveness and investment spread of relevant products available to the adviser
volatility of expected income and capital growth.
Products where detailed knowledge is required may include:
allocated pensions
annuities
endowment policies
income protection
insurance bonds
personal superannuation products
term insurance
trauma insurance
whole of life policies.
Documentation may include:
computer and manual applications
disclaimers
disclosures
Eligible Termination Payment (ETP) forms
written advice.
Client's needs and objectives may include:
business protection
debt position
educational expenses
family income
retirement income
security.
EVIDENCE GUIDE
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.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
interpret and comply with relevant legislation supporting the providing of advice to clients and apply relevant industry codes of conduct
use organisational fact finders
identify and analyse client needs, objectives and financial situation in order to present appropriate solutions to the client
complete and maintain necessary documentation and provide after sales service.

Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to financial services product information.

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:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports.

Guidance information for assessment
Replaced By
State Code National Code Title Type
AUR30 FNSIAD501 Provide appropriate services, advice and products to clients Unit of competency