ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Create rapport with client

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

1.2 Identify client concerns, if any, and respond appropriately

1.3 Explain services to client orally and in writing in clear and unambiguous way, avoiding jargon and using language appropriate to receiver

1.4 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

2. Present financial plan to client

2.1 Explain strategies and recommendations in financial plan and discuss with client in clear and unambiguous way

2.2 Prepare, explain and discuss financial plan document with client in clear and unambiguous way

2.3 Guide client through assumptions used in formulating plan and discuss degree to which variations in assumptions may impact on expected outcomes

2.4 Clearly and comprehensively discuss impact of recommendations with client, including advantages, risks and any disadvantages of particular proposals

2.5 Clearly explain implementation actions required by client and obtain written agreement to actions

2.6 Clearly explain fees, charges and commissions to client

2.7 Disclose any commercial relationship of representative and organisation to products and/or services mentioned in plan to client

2.8 Identify and address issues that in adviser’s professional judgement may require further consideration or consultation with other financial services professionals

2.9 Provide copies of research and other documentation to client as required or when requested, and seek confirmation that client understands recommendations presented

2.10 Demonstrate product knowledge appropriate for service or advice offered in discussion with client

2.11 Clearly define and communicate after sales service to be provided to client

3. Negotiate effectively

3.1 Assist clients to make appropriate decisions regarding solutions to their needs and objectives, and present alternatives to recommendations when requested

3.2 Observe limits imposed by regulatory requirements or organisational guidelines

3.3 Exercise restraint and composure when dealing with conflict situations involving clients

3.4 Maintain communication channels when dealing with complaints and observe internal and external complaint handling procedures

3.5 Obtain agreement in principle to proceed from client

4. Complete and maintain necessary documentation

4.1 Adjust financial plan according to changes agreed to with client, complete proposal and related documents, and obtain sign off when plan is agreed

4.2 Create or update client records and complete contract variations if required

4.3 Provide confirmation, including relevant documentation and contract variation, to client and implement final plan

4.4 Record client advice in accordance with current industry documentation requirements

4.5 Ensure instructing or purchasing documents where required are signed by client

Skill

Performance Criteria

Description

Reading

1.4, 2.3, 2.10, 4.2, 4.4

Researches and manages information and products to determine appropriateness to client needs, currency and accuracy

Consolidates and evaluates information from a range of sources to form a holistic perspective of complex situations and identify implications

Writing

1.1-1.4, 2.2, 2.7, 2.9, 2.11, 3.1, 3.4, 3.5, 4.1-4.4

Synthesises and presents comprehensive financial and textual information using appropriate formats and concepts for the audience and purpose

Uses clear and unambiguous language, avoiding jargon and in a language appropriate to the receiver

Oral Communication

1.1-1.5, 2.1-2.11, 3.1, 3.3-3.5, 4.3

Uses collaborative and inclusive techniques including active listening and questioning to elicit the views of others and to clarify and confirm understanding

Clearly and effectively presents detailed and comprehensive information, options and recommendations using language, tone and pace appropriate to the audience and purpose

Numeracy

2.1-2.4, 2.6, 2.9, 3.1

Performs calculations and uses analytical techniques to determine trends and compare complex financial information

Accurately analyses, records and stores data in accordance with organisational requirements

Navigate the world of work

1.1, 2.3, 2.4, 2.7, 2.10, 3.2-3.4, 4.4

Takes full responsibility for behaving ethically and ensuring that all documentation and processes comply with legislative and organisational requirements

Ensures knowledge of products and legislative requirements is kept up to date to provide accurate information

Interact with others

1.1-1.4, 2.1-2.11, 3.1, 3.4, 3.5, 4.1, 4.5

Selects and uses appropriate communication conventions and protocols to seek and provide information

Uses collaborative techniques to build rapport and trust, encourage clients to voice concerns, and to negotiate agreement

Adapts personal communication style to show respect for the opinions, values and particular needs of others

Get the work done

1.2, 1.3, 2.2, 2.5, 2.8, 2.9, 2.11, 3.1, 3.3, 4.1-4.5

Plans, sequences and prioritises complex tasks to meet legislative and organisational requirements, ethical standards and client requirements

Uses systematic, analytical problem-solving processes in complex routine and non-routine situations, gathering information and identifying and evaluating options against agreed criteria

Systematically evaluates complex information to make informed decisions

Uses the main features and functions of digital tools to complete work tasks