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.
Elements and Performance Criteria
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 Performance
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.
Evidence of Knowledge
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.
Assessment Conditions
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.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 3.1 | Accesses and interprets information to determine and confirm requirements |
Writing | 1.1, 1.3, 2.1, 2.3, 2.5, 3.1, 3.4, 4.1, 4.2, 4.4, 4.5 | Prepares correspondence and documentation using clear and unambiguous language to convey complex information Records information clearly and effectively, using logical structure and appropriate formats |
Oral Communication | 1.1-1.3, 2.1, 2.2, 2.3, 2.5, 3.1, 3.4, 4.2, 4.4 | Uses active listening and questioning skills in verbal exchanges to clarify information Uses language, tone and pace appropriate to audience and purpose when presenting information and options to clients |
Numeracy | 1.1, 1.3, 2.2, 3.1 | Interprets and clearly explains potentially complex numerical and financial information |
Navigate the world of work | 1.4, 3.2, 3.4, 4.3 | Recognises and applies legislative requirements and workplace protocols, and meets expectations associated with role |
Interact with others | 1.1-1.3, 2.2-2.5, 3.1, 3.3-3.4, 4.4 | Uses the appropriate communication mode and protocols to respond, explain, clarify and seek information as required Recognises the importance of building rapport to establish and maintain effective working relationships Collaborates and negotiates with others to achieve joint or agreeable outcomes, playing an active role in facilitating consensus in potentially contentious situations Recognises triggers for specific emotions and employs a range of strategies to moderate aspects that may cause conflict Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others |
Get the work done | 2.1, 2.2, 2.4, 3.4, 4.1, 4.2, 4.4, 4.5 | Develops plans to manage routine and non-routine tasks with an awareness of their impact on long-term operational and strategic goals Uses experience and judgement to determine if further referrals or requirements are needed Uses familiar digital systems to access, organise, analyse and display information relevant to the task at hand |
Sectors
Finance/mortgage broking