Application
This unit applies to a range of job roles in the financial markets sector. |
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
1. Identify client needs | 1.1. Client information is accessed, and consultative processes are conducted to review and quantify client objectives, needs and expectations 1.2. Appropriate communication and interpersonal skills are used to establish rapport and promote positive client adviser interaction 1.3. Specialist advice is sought, as required, where it is identified or anticipated that clients have a complexity of needs or problems 1.4. Appropriate techniques are used to accurately assess client requirements and strategies developed to meet client needs and outcomes |
2. Conduct analysis of financial market products | 2.1. Information relevant to the range of available financial products is sourced and assessed for currency and accuracy 2.2. Appropriate analytical techniques and processes are applied to identify facts, issues and patterns, inter-relationships and trends 2.3. Trends are accurately analysed to provide meaningful information on the performance of financial products and markets 2.4. Risk assessment is conducted of possible financial strategies and products identified through research and analysis processes |
3. Provide advice and recommendations | 3.1. Performance, trend and risk analyses are collated and reviewed to ensure accuracy and thoroughness, and presented in an appropriate format, style and structure 3.2. Recommendations are supported by evidence, and advice is consistent with relevant legislative, industry and organisational requirements 3.3. Features and benefits of recommended financial products are clearly described to client and meet client requirements and expectations |
Required Skills
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Required skills |
well-developed communication skills to: determine and confirm client and organisational requirements, using questioning and active listening as required disseminate accurate market information liaise with team members and peers, share information, listen and understand use language and concepts appropriate to cultural differences numeracy and IT skills to: use comparative analysis techniques use spreadsheets and databases access internet information highly developed research and analysis skills for: accessing, interpreting and managing complex information and evaluating and disseminating information to clients evaluating research against client objectives identifying gaps in information and gathering necessary information from alternative sources well-developed literacy skills to: read and interpret market information identify economic environmental factors which affect financial services and markets produce reports judgement skills for forming recommendations in complex situations organisational skills, including the ability to: estimate, plan and prioritise client requirements plan and sequence own work work effectively in a constantly changing environment self-management skills for complying with ethical, legal and procedural requirements and model a professional and ethical approach to clients |
Required knowledge |
client needs analysis and feedback gathering strategies duty of care and ethical requirements financial information sources organisational policies and procedures relationship between ethics and regulatory requirements relevant legal principles and compliance requirements risks and implications associated with financial products and services taxation issues in relation to the products and markets in which they operate types of financial market products and services |
Evidence Required
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. | |
Overview of assessment | |
Critical aspects for assessment and evidence required to demonstrate competency in this unit | Evidence of the ability to: accurately identify clients needs for an assessment of their financial requirements, specific objectives, needs and expectations conduct analysis of a range of financial markets products in order to provide effective advice and recommendations interpret and comply with legislative and organisational requirements test and assess the integrity of financial information for risk, viability and effectiveness and the impact of trends on strategy and product performance provide correct and up-to-date advice on features and benefits of financial products and or services within designated timeframes. |
Context of and specific resources for assessment | Assessment must ensure: competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment access to and the use of a range of common office equipment, technology, software and consumables access to financial services product information access to financial markets databases. |
Method of assessment | A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit: evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency verbal or written questioning on underpinning knowledge and skills setting and reviewing workplace projects and business simulations or scenarios evaluating samples of work accessing and validating third party reports. |
Guidance information for assessment |
Range Statement
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. | |
Information to be obtained from the client may include: | cash flows required projected details of the client's needs and objectives for: income security liquidity time period individual investment preferences including any aversion or tolerance to risk other client details such as: employment security likely events and their impact on the client age other products they have relevant personal, financial and business details. |
Client objectives may include: | business needs debt position expectations of access to products expectations of income from this product expectations of life cycle and length of product family income. |
Establishing rapport may include: | establishing knowledge level of the client explaining fee and charging methodology explaining the adviser's role explaining the procedures for complaint handling explaining the services offered. |
Adviser may include: | all natural persons who provide financial product advice to retail clients any representative of a licensee employee or owner. |
Appropriate techniques to accurately assess client needs may include: | listening actively to what the client is saying and requesting providing an opportunity for the client to confirm or rephrase the request questioning to clarify and confirm the client's needs rewording the requests to ensure complete understanding of needs. |
Range of available financial market products may include: | capital markets cash commodities: hard soft derivatives: forward rate agreements swaps options futures electricity contracts foreign exchange government bonds managed funds negotiable or transferable instruments reciprocal purchase agreements securities: debt equity. |
Legislation may include: | Banking Act Commonwealth Criminal Code Corporations Act Financial Corporations Act Financial Services Reform Act (FSRA) Financial Transaction Reports Act Privacy Amendment Act (Private Sector) Reserve Bank Act Taxation Act Trade Practices Act. |
Organisational requirements may be outlined and reflected in: | access and equity principles and practices guidelines business and performance plans complaints and dispute resolution procedures ethical standards, codes of practice goals, objectives, plans, systems and procedures legal and organisational policy/guidelines mission Statements, strategic plans policies and procedures in relation to client services product or services development quality and continuous improvement process and standards quality assurance or procedures manuals. |
Sectors
Unit sector | Financial markets |
Employability Skills
This unit contains employability skills. |
Licensing Information
Not applicable.