Elements and Performance Criteria
- Establish relationship with client and identify client's objectives, needs and financial situation
- The financial products and services knowledge level of the client is established
- Enquiries in relation to Margin Lending products and services are responded to by explaining the range of products and services available and their relevant fee and charging methodology
- Client is informed of the role of the adviser and the licensee or principal responsible for the adviser's conduct, including procedures for complaints handling and the circumstances in which they should be engaged
- The client's personal, financial and business details are obtained and their needs identified by encouraging expression of their objectives and goals
- Product risk profile of the client and their expectations of cash flow and relevant taxation obligations are established
- Analyse client's objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions
- An assessment of client's needs is undertaken, utilising all information gathered and taking into account client's product expectations and specific needs
- Client is consulted throughout the analysis for further clarification where necessary
- The need for specialist advice is analysed and the client is referred to appropriate adviser for higher level or specialist advice if required
- Product risk profile of the client is assessed and agreed demonstrating understanding of the ASIC identified generic and specialist knowledge relevant to the products being offered
- An appropriate strategy to provide for identified needs and outcomes is determined from analysis of products, client risk profile and assessment of their needs
- Relevant research, analysis and product modelling is conducted and an appropriate solution, plan, policy or transaction drafted for presentation to the client
- Present appropriate strategies and solutions to client and negotiate a financial plan, policy or transaction
- Product knowledge appropriate for the service or product offered is demonstrated when presenting the product
- The proposed transaction is explained and discussed with the client in a clear and unambiguous way
- Relevant details, terms and conditions of product/service are reinforced to client
- Impacts and possible risks of the solution are disclosed in a clear and concise manner to the client
- Client is provided with written supporting documentation and guided through the key aspects of the documentation
- Concerns or issues the client has regarding the proposed plan, policy or transaction are discussed and clarified
- Confirmation is sought from client that they understand the proposed plan, policy or transaction
- Agree the plan, policy or transaction and complete documentation
- The client's formal agreement to the proposed plan, policy or transaction is gained
- Associated fee and cost structures and timeframes for execution and processing are clearly explained and confirmation of understanding gained from the client
- Proposal and all other statutory and transactional documents are completed and signed off by the client
- Copies of appropriate documentation and the signed agreement are exchanged
- Provide ongoing service where requested by client
- Type and form of ongoing service including reporting on performance and review of plan, policy or transaction is agreed with the client
- Fees and costs for ongoing and specifically defined service are clearly explained and confirmation of understanding gained from the client
- Ongoing service is provided as required