Elements and Performance Criteria
- Create rapport with client
- Ensure disclosure of capacity to client is consistent with industry requirements and organisational guidelines
- Identify client concerns, if any, and respond appropriately
- Explain services to client orally and in writing in clear and unambiguous way, avoiding jargon and using language appropriate to receiver
- Assist client to make informed choices using relevant documentation
- 1.5 Address client’s needs and objectives in manner consistent with client's level of financial understanding
- Present financial plan to client
- Explain strategies and recommendations in financial plan and discuss with client in clear and unambiguous way
- Prepare, explain and discuss financial plan document with client in clear and unambiguous way
- Guide client through assumptions used in formulating plan and discuss degree to which variations in assumptions may impact on expected outcomes
- Clearly and comprehensively discuss impact of recommendations with client, including advantages, risks and any disadvantages of particular proposals
- Clearly explain implementation actions required by client and obtain written agreement to actions
- Clearly explain fees, charges and commissions to client
- Disclose any commercial relationship of representative and organisation to products and/or services mentioned in plan to client
- Identify and address issues that in adviser’s professional judgement may require further consideration or consultation with other financial services professionals
- Provide copies of research and other documentation to client as required or when requested, and seek confirmation that client understands recommendations presented
- Demonstrate product knowledge appropriate for service or advice offered in discussion with client
- Clearly define and communicate after sales service to be provided to client
- Negotiate effectively
- Assist clients to make appropriate decisions regarding solutions to their needs and objectives, and present alternatives to recommendations when requested
- Observe limits imposed by regulatory requirements or organisational guidelines
- Exercise restraint and composure when dealing with conflict situations involving clients
- Maintain communication channels when dealing with complaints and observe internal and external complaint handling procedures
- Obtain agreement in principle to proceed from client
- Complete and maintain necessary documentation
- Adjust financial plan according to changes agreed to with client, complete proposal and related documents, and obtain sign off when plan is agreed
- Create or update client records and complete contract variations if required
- Provide confirmation, including relevant documentation and contract variation, to client and implement final plan
- Record client advice in accordance with current industry documentation requirements
- Ensure instructing or purchasing documents where required are signed by client