Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSFMB503 Mapping and Delivery Guide
Present broking options to client with complex needs

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFMB503 - Present broking options to client with complex needs
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to create rapport with clients with complex or special needs and present complex information to them, negotiating effectively and completing and maintaining required documentation, including a plan.It applies to individuals who use specialised knowledge and strong communication and interpersonal skills to convey and negotiate complex requirements.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

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

financial services product information

specialist software and data.

Assessors must satisfy NVR/AQTF assessor requirements.

Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Develop rapport with clients
  • Address client needs and objectives in a manner consistent with their level of financial understanding and which directly applies to objectives and requirements they have disclosed
  • Demonstrate high level communication skills in dealings with clients, including those with special needs
  • Introduce services, strategies and recommendations using clear and unambiguous language that avoids jargon in both oral and written communication
  • Ensure disclosure of capacity to client is consistent with industry requirements and organisational guidelines
       
Element: Present broking options to clients
  • Guide clients through broking options and clearly and comprehensively discuss the impact of each option including advantages, disadvantages, risks and financial implications, taking into account various assumptions or possibilities
  • Clearly explain fees, charges and commissions to clients and provide copies of research and other documentation
  • Disclose any commercial relationship of representative and their organisation to products and services mentioned in plan
  • Identify and address issues, based on professional judgement, that may require further consideration or consultation with other financial services professionals
  • Seek confirmation from clients that they understand broking options presented
       
Element: Negotiate effectively
  • Identify and respond appropriately to any client concerns and present alternatives to recommendations when requested
  • Observe limits imposed by regulatory requirements or organisational guidelines
  • Maintain communication channels when dealing with complaints and follow complaint handling procedures
  • Obtain agreement to proceed from clients
       
Element: Complete and maintain necessary documentation
  • Record client interaction in accordance with industry requirements
  • Provide confirmation including relevant documentation and contract variation to clients
  • Ensure instructing or purchasing documents, where required, are signed by clients
  • Clearly define post-broking service to be provided and communicate to clients
       


Evidence Required

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. Develop rapport with clients

1.1 Address client needs and objectives in a manner consistent with their level of financial understanding and which directly applies to objectives and requirements they have disclosed

1.2 Demonstrate high level communication skills in dealings with clients, including those with special needs

1.3 Introduce services, strategies and recommendations using clear and unambiguous language that avoids jargon in both oral and written communication

1.4 Ensure disclosure of capacity to client is consistent with industry requirements and organisational guidelines

2. Present broking options to clients

2.1 Guide clients through broking options and clearly and comprehensively discuss the impact of each option including advantages, disadvantages, risks and financial implications, taking into account various assumptions or possibilities

2.2 Clearly explain fees, charges and commissions to clients and provide copies of research and other documentation

2.3 Disclose any commercial relationship of representative and their organisation to products and services mentioned in plan

2.4 Identify and address issues, based on professional judgement, that may require further consideration or consultation with other financial services professionals

2.5 Seek confirmation from clients that they understand broking options presented

3. Negotiate effectively

3.1 Identify and respond appropriately to any client concerns and present alternatives to recommendations when requested

3.2 Observe limits imposed by regulatory requirements or organisational guidelines

3.3 Maintain communication channels when dealing with complaints and follow complaint handling procedures

3.4 Obtain agreement to proceed from clients

4. Complete and maintain necessary documentation

4.1 Record client interaction in accordance with industry requirements

4.2 Provide confirmation including relevant documentation and contract variation to clients

4.3 Ensure instructing or purchasing documents, where required, are signed by clients

4.4 Clearly define post-broking service to be provided and communicate to clients

Evidence of the ability to:

interpret and comply with legislative requirements, industry regulations and codes of practice

present broking options based on:

impact of each option on client’s financial circumstances

consideration of client’s special needs

consideration of client's level of financial understanding

obtain client feedback and respond appropriately to any concerns

complete relevant documentation in accordance with industry requirements and organisational guidelines.

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 categorise key products available in the broking industry

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 key features of legislation, regulations and codes of practice affecting the broking industry

explain risk issues relating to:

borrowing risk and gearing

specific product risk

institutional risk

risk factors and return expectations of the client

volatility of income and capital

discuss verbal and non-verbal communication

explain organisational guidelines when dealing with clients who have special needs:

visual or hearing impaired

English as a second language

cultural differences.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Develop rapport with clients

1.1 Address client needs and objectives in a manner consistent with their level of financial understanding and which directly applies to objectives and requirements they have disclosed

1.2 Demonstrate high level communication skills in dealings with clients, including those with special needs

1.3 Introduce services, strategies and recommendations using clear and unambiguous language that avoids jargon in both oral and written communication

1.4 Ensure disclosure of capacity to client is consistent with industry requirements and organisational guidelines

2. Present broking options to clients

2.1 Guide clients through broking options and clearly and comprehensively discuss the impact of each option including advantages, disadvantages, risks and financial implications, taking into account various assumptions or possibilities

2.2 Clearly explain fees, charges and commissions to clients and provide copies of research and other documentation

2.3 Disclose any commercial relationship of representative and their organisation to products and services mentioned in plan

2.4 Identify and address issues, based on professional judgement, that may require further consideration or consultation with other financial services professionals

2.5 Seek confirmation from clients that they understand broking options presented

3. Negotiate effectively

3.1 Identify and respond appropriately to any client concerns and present alternatives to recommendations when requested

3.2 Observe limits imposed by regulatory requirements or organisational guidelines

3.3 Maintain communication channels when dealing with complaints and follow complaint handling procedures

3.4 Obtain agreement to proceed from clients

4. Complete and maintain necessary documentation

4.1 Record client interaction in accordance with industry requirements

4.2 Provide confirmation including relevant documentation and contract variation to clients

4.3 Ensure instructing or purchasing documents, where required, are signed by clients

4.4 Clearly define post-broking service to be provided and communicate to clients

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Address client needs and objectives in a manner consistent with their level of financial understanding and which directly applies to objectives and requirements they have disclosed 
Demonstrate high level communication skills in dealings with clients, including those with special needs 
Introduce services, strategies and recommendations using clear and unambiguous language that avoids jargon in both oral and written communication 
Ensure disclosure of capacity to client is consistent with industry requirements and organisational guidelines 
Guide clients through broking options and clearly and comprehensively discuss the impact of each option including advantages, disadvantages, risks and financial implications, taking into account various assumptions or possibilities 
Clearly explain fees, charges and commissions to clients and provide copies of research and other documentation 
Disclose any commercial relationship of representative and their organisation to products and services mentioned in plan 
Identify and address issues, based on professional judgement, that may require further consideration or consultation with other financial services professionals 
Seek confirmation from clients that they understand broking options presented 
Identify and respond appropriately to any client concerns and present alternatives to recommendations when requested 
Observe limits imposed by regulatory requirements or organisational guidelines 
Maintain communication channels when dealing with complaints and follow complaint handling procedures 
Obtain agreement to proceed from clients 
Record client interaction in accordance with industry requirements 
Provide confirmation including relevant documentation and contract variation to clients 
Ensure instructing or purchasing documents, where required, are signed by clients 
Clearly define post-broking service to be provided and communicate to clients 

Forms

Assessment Cover Sheet

FNSFMB503 - Present broking options to client with complex needs
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSFMB503 - Present broking options to client with complex needs

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: