List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Identify complex broking needs of client | 1.1 Discuss, review and clarify special or complex features of a client’s situation and needs 1.2 Explore and comprehensively and ethically discuss risk issues and tolerance with the client, including unusual risks or requirements, and interdependencies and implications 1.3 Assess impact of risks to the client or organisation according to legislative requirements and organisational guidelines and procedures, engaging in further questioning and information gathering as required |
2. Research and consider broking solutions based on client needs | 2.1 Analyse current client situation to determine opportunities and constraints 2.2 Research loan structures or options including those which are new or non-standard products 2.3 Analyse complex financial issues in terms of economics, legislation, taxation and insurance 2.4 Model, analyse and prioritise options, comparing features, fees and charges, and risks, and reject inappropriate options 2.5 Check preliminary options to ensure compliance with relevant legislation and regulatory and ethical guidelines, and assess ability to successfully meet client needs |
3. Select and gather appropriate options and information for client review | 3.1 Select broking options for review with client and develop or obtain explanatory material 3.2 Consider referrals to an accountant, financial adviser or lawyer where required in broking solution 3.3 Develop recommendations on risk management strategies and incorporate into materials for client, and include description of anticipated fees and charges 3.4 Include information on complaints resolution procedures (internal and external) in client materials 3.5 Document broking recommendations and loan structures that will be presented to client according to organisational guidelines and procedures |
Evidence of the ability to:
develop detailed broking options and recommendations designed to maximise client outcomes and meet client needs
provide detailed analysis of research strategies and findings, and risk analysis
test and make appropriate checks on a proposed recommendation for integrity and compliance with legislative requirements, and organisational guidelines and procedures
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
identify and explain complex features of a client situation and needs including:
commercial loans
chattel leases
native title rights
heritage issues
contaminated sites or properties near noxious industries
outline the legislation, regulations and codes of practice affecting the broking industry
explain risk issues relevant to:
borrowing risk and gearing
economic risk
specific product risk
institutional risk
risk factors and return expectations of the client
volatility of income and capital
detail organisational guidelines and procedures on assessing impact of risks and documenting broking recommendations
discuss complaint handling and dispute resolution procedures
explain key products available in the broking industry
research methods on gathering information on new or non-standard products.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the finance and mortgage broking field of work and include access to:
office equipment, technology, software and consumables
economic and financial services product information
specialist software and data.
Assessors must satisfy NVR/AQTF assessor requirements.