Unit of competency Outline

Date retreived
23/07/2026 5:59 AM AWST

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Establish client relationship and analyse needs

Establish client relationship and analyse needs

Unit of competency
National Code
FNSASIC311
State Code
OEC07
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
15/06/2022
View on TGA
State Implementation and Classification
Approved Date
07/12/2022
Field of Education
081101 - Banking And Finance
Original Release Date
07/12/2022
Nominal Hours
40
Description
This unit describes the skills and knowledge required to establish relationships with clients and analyse individual requirements in considering the financial products and services that meet their needs.The unit applies to those authorised as Australian Securities and Investments Commission (ASIC) registered Australian financial services (AFS) licence holders to provide general or wholesale advice on deposit products, non-cash payment facilities and general 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.
Notes
Elements and Performance Criteria
1. Establish relationship with client
  • 1.1 Establish client’s knowledge level in regard to products or services being sought
  • 1.2 Respond to enquiries in relation to products and services by explaining range available and associated fee and charging schedule
  • 1.3 Inform client of role of adviser and licensee or principal responsible for adviser’s conduct according to regulatory and organisational requirements
2. Identify client objectives, needs and financial situation
  • 2.1 Collect client personal, financial and business details
  • 2.2 Establish and confirm client’s objectives and short-term, medium-term and long-term goals
  • 2.3 Establish and confirm client expectations of cash flow and relevant taxation obligations
3. Analyse client objectives, needs, financial situation and risk profile
  • 3.1 Assess client’s needs, in consideration of information gathered and regulatory and organisational requirements
  • 3.2 Consult client throughout analysis for further clarification as required
  • 3.3 Analyse need for specialist advice and refer client to required adviser for higher level or specialist advice
  • 3.4 Complete product risk profile of client
No information
No information
Replaces
State Code National Code Title Type
AUQ38 FNSASIC301 Establish client relationship and analyse needs Unit of competency