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Evidence Guide: FNSIAD301 - Provide general advice on financial products and services

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSIAD301 - Provide general advice on financial products and services

What evidence can you provide to prove your understanding of each of the following citeria?

Establish relationship with customers

  1. Attend to customer enquiries in a timely and courteous manner
  2. Demonstrate active listening skills in dealing with customer enquiries and provide help and assistance to ensure full and accurate completion of initial documentation, where required
Attend to customer enquiries in a timely and courteous manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Demonstrate active listening skills in dealing with customer enquiries and provide help and assistance to ensure full and accurate completion of initial documentation, where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify customer needs

  1. Examine, where applicable, initial documentation to determine products and services of interest to customers
  2. Undertake clear and unambiguous communication with customers to determine and clarify products and services of interest to them
  3. Inform customers clearly of the regulatory restrictions on providing financial products advice
  4. Request information from customers to determine their needs, ensuring that information gathered is for the purposes of provision of general advice only
  5. Identify requests for information, advice, products or services that fall outside the organisation’s scope of operation and inform customers where such information, advice, products or services can be obtained, where possible
  6. Explain the range of products and services available to customers in a clear and unambiguous way, avoiding jargon and in language appropriate to receiver
Examine, where applicable, initial documentation to determine products and services of interest to customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake clear and unambiguous communication with customers to determine and clarify products and services of interest to them

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Inform customers clearly of the regulatory restrictions on providing financial products advice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Request information from customers to determine their needs, ensuring that information gathered is for the purposes of provision of general advice only

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify requests for information, advice, products or services that fall outside the organisation’s scope of operation and inform customers where such information, advice, products or services can be obtained, where possible

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain the range of products and services available to customers in a clear and unambiguous way, avoiding jargon and in language appropriate to receiver

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify general advice boundaries of product and service

  1. Analyse the range of products and services of interest to customers to determine their categorisation is general advice, in line with legislation and organisational policy
  2. Refer customers to appropriate specialist personnel where requested advice is deemed to fall outside category of general advice
Analyse the range of products and services of interest to customers to determine their categorisation is general advice, in line with legislation and organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Refer customers to appropriate specialist personnel where requested advice is deemed to fall outside category of general advice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide general advice to customers

  1. Assist customers to make informed choices on products and services using relevant documentation
  2. Provide general advice to customers in strict accordance with regulatory restrictions, organisational policy and organisational tools
  3. Demonstrate product knowledge appropriate for service or advice offered when providing advice to customers
  4. Explain and discuss recommendations with customers in a clear and unambiguous way
Assist customers to make informed choices on products and services using relevant documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide general advice to customers in strict accordance with regulatory restrictions, organisational policy and organisational tools

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Demonstrate product knowledge appropriate for service or advice offered when providing advice to customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain and discuss recommendations with customers in a clear and unambiguous way

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Establish relationship with customers

1.1 Attend to customer enquiries in a timely and courteous manner

1.2 Demonstrate active listening skills in dealing with customer enquiries and provide help and assistance to ensure full and accurate completion of initial documentation, where required

2. Identify customer needs

2.1 Examine, where applicable, initial documentation to determine products and services of interest to customers

2.2 Undertake clear and unambiguous communication with customers to determine and clarify products and services of interest to them

2.3 Inform customers clearly of the regulatory restrictions on providing financial products advice

2.4 Request information from customers to determine their needs, ensuring that information gathered is for the purposes of provision of general advice only

2.5 Identify requests for information, advice, products or services that fall outside the organisation’s scope of operation and inform customers where such information, advice, products or services can be obtained, where possible

2.6 Explain the range of products and services available to customers in a clear and unambiguous way, avoiding jargon and in language appropriate to receiver

3. Identify general advice boundaries of product and service

3.1 Analyse the range of products and services of interest to customers to determine their categorisation is general advice, in line with legislation and organisational policy

3.2 Refer customers to appropriate specialist personnel where requested advice is deemed to fall outside category of general advice

4. Provide general advice to customers

4.1 Assist customers to make informed choices on products and services using relevant documentation

4.2 Provide general advice to customers in strict accordance with regulatory restrictions, organisational policy and organisational tools

4.3 Demonstrate product knowledge appropriate for service or advice offered when providing advice to customers

4.4 Explain and discuss recommendations with customers in a clear and unambiguous way

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Establish relationship with customers

1.1 Attend to customer enquiries in a timely and courteous manner

1.2 Demonstrate active listening skills in dealing with customer enquiries and provide help and assistance to ensure full and accurate completion of initial documentation, where required

2. Identify customer needs

2.1 Examine, where applicable, initial documentation to determine products and services of interest to customers

2.2 Undertake clear and unambiguous communication with customers to determine and clarify products and services of interest to them

2.3 Inform customers clearly of the regulatory restrictions on providing financial products advice

2.4 Request information from customers to determine their needs, ensuring that information gathered is for the purposes of provision of general advice only

2.5 Identify requests for information, advice, products or services that fall outside the organisation’s scope of operation and inform customers where such information, advice, products or services can be obtained, where possible

2.6 Explain the range of products and services available to customers in a clear and unambiguous way, avoiding jargon and in language appropriate to receiver

3. Identify general advice boundaries of product and service

3.1 Analyse the range of products and services of interest to customers to determine their categorisation is general advice, in line with legislation and organisational policy

3.2 Refer customers to appropriate specialist personnel where requested advice is deemed to fall outside category of general advice

4. Provide general advice to customers

4.1 Assist customers to make informed choices on products and services using relevant documentation

4.2 Provide general advice to customers in strict accordance with regulatory restrictions, organisational policy and organisational tools

4.3 Demonstrate product knowledge appropriate for service or advice offered when providing advice to customers

4.4 Explain and discuss recommendations with customers in a clear and unambiguous way

Evidence of the ability to:

create rapport with customers and analyse their needs to identify appropriate provision of advice

provide general advice to customers in compliance with relevant legislation and organisational policy and procedures.

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:

explain the difference between the provision of general advice and personal advice

describe key requirements of relevant legislation affecting the industry, particularly Australian Securities and Investments Commission (ASIC) policy statements relating to financial product advisory services

describe organisational policy and guidelines related to the provision of general advice

provide an overview of the characteristics of current products and services available in the industry that are NOT specified in accordance with ASIC regulations and do not require Tier 1 or 2 status

outline key features of relevant organisational documentation, including brochures and fact sheets

explain the role of different advisers within the organisation and industry.