FNSfmb503 present broking options to client with complex needs
In a pamphlet that would be suitable to provide to clients, explain the risk issues that relate to each of the following:
- Borrowing risk and gearing.
- Specific product risk.
- Institutional risk.
- Risk factors and return expectations of the client.
- Volatility of income and capital.
This task must be completed within 45 minutes.
Complex Features of a Client Situation and Needs.
Explain each of the following complex features of a client situation and needs:
- Commercial loans.
- Chattel leases.
- Native title rights.
- Heritage issues.
- Contaminated sites or properties near noxious industries.
This task must be completed within 45 minutes.
Key Products Available In the Broking Industry.
Identify and categorise at least 4 of the key products that are available in the broking industry.
This task must be completed within 30 minutes.
Legislation, Regulations and Codes of Practice.
Identify and discuss the various legislative requirements, regulations and codes of practice that affect the broking industry.
This task must be completed within 20 minutes.
Third Party Report
For this assessment, the student must complete the activity.
The practical activity is a stand-alone activity that will allow the student to display the required knowledge and skills that are essential when deciding overall competency. Please sign and date this checklist to evidence the student having completed the task.
Arrange a time to complete the activity and have your supervisor observe you undertaking the activity. You should submit the completed and signed checklist with your assessment for this
unit of competency.
The following task must be demonstrated in conditions that are safe and replicate the workplace. Noise levels, production flow, interruptions and time variances must be typical of those experienced in the tax (financial) advice services field of work and include access to:
- Office equipment, technology, software and consumables
- Relevant legislation, regulations and codes of practice
- Specialist software and data.
For this task you are to complete the following steps to present broking options to at least 1 client with complex needs.
To prepare for the task you will need to:
- Ensure that the disclosure of capacity to the client is consistent with industry requirements and organisational guidelines. Provide the disclosure of capacity to your assessor.
Throughout your client interactions, complete the following steps to develop a rapport:
- Address the needs and objectives of the client in a manner that is consistent with the client’s level of financial understanding, and which directly applies to the objectives and requirements they have disclosed.
- Demonstrate a high level communication skills, in all of your dealings with clients, including with clients who have special needs.
- In both oral and written communication, when introducing services, strategies and recommendations, ensure to use clear and unambiguous language that avoids jargon.
Perform the following steps to present the client with the broking options:
- Guide the client through the available broking options, clearly and comprehensively discussing with them the impact of each option on their financial circumstances, including the advantages, disadvantages, risks and financial implications, and taking into account various assumptions, possibilities and the client’s special needs. Provide a copy of the broking options to your assessor.
- Clearly explain to the client the fees, charges and commissions.
- Provide the client with copies of research and other documentation. Provide this information to your assessor.
- Disclose to the client any commercial relationship of the representative, and their organisation, to the products and services mentioned in the plan.
- Using your professional judgement, identify and any address issues that may require further consideration or consultation with other financial services professionals. Discuss these issues and what can be done about them with your assessor.
- Obtain confirmation from the client that they understand the broking options they have been presented with.
Complete the following steps to negotiate effectively:
- Obtain feedback from the client, identify any concerns and respond appropriately, presenting alternatives to the recommendations when requested.
- Interpret the legislative requirements, industry regulations and codes of practice to ensure the identification and observance of the limits imposed by regulatory requirements or organisational guidelines. Outline these with your assessor.
- When dealing with complaints, ensure to maintain communication channels and follow complaint handling procedures.
- Obtain agreement to proceed from the client.
Perform the following steps to complete and maintain the necessary documentation:
- Record all of your client interaction in accordance with the industry requirements and organisational guidelines. Provide a copy of your interactions for this assessment.
- Provide confirmation, including relevant documentation and contract variation to clients. Provide this documentation to your assessor.
- Ensure that, where required, any required instructing or purchasing documents are signed by the client.
- Clearly define and communicate to the client the post-broking service to be provided. Outline the post-broking service provided to your client.
After you have successfully completed the above steps to present broking options to a client with special needs, you will need to sit down with your assessor and discuss:
- The key features of the legislation, regulations and codes of practice affecting the broking industry.
- Verbal and non-verbal communication used throughout the task.
written/oral Questions and research task
The following questions may be answered verbally with your assessor or you may write down your answers. Please discuss this with your assessor before you commence. Short Answers are required which is approximately 4 typed lines = 50 words, or 5 lines of handwritten text.
Your assessor will take down dot points as a minimum if you choose to answer them verbally.
Answer the following questions either verbally with your assessor or in writing.
To complete this task, you are to why client needs and objectives need to be aligned to their levels of financial understanding, communication skills when working with clients in complex situations, methods for communication, the importance of avoiding the use of exclusive language and disclosure of the professional relationship . You will also need to complaints handling procedures and considerations for working with special needs clients.
- Why is it essential for you to address a client needs and objectives in a manner that is consistent with their level of financial understanding?
- How can you ensure that you address the needs and objectives of clients in a manner which directly applies to objectives and requirements they have disclosed?
- Briefly discuss how you can demonstrate high level verbal and non-verbal communication skills throughout your interactions with clients, including for clients with special needs.
- What methods could you use to assist you in introducing services, strategies and recommendations to clients?
- Why is it important to use language that is clear and unambiguous, and to avoid the use of jargon when communicating with clients, in both oral and written communication?
- What information should be included in the disclosure of capacity to ensure that it is consistent with industry requirements and organisational guidelines?
- Briefly explain the important things to consider and discuss with clients, clearly and comprehensively, as you guide them through the broking options.
- What can you provide to a client to clearly explain the fees, charges and commissions?
- Why is it important to disclose the commercial relationship of the representative and their organisation to any of the products and services mentioned in plan?
- What types of issues will you need to use your professional judgement to identify and address?
- How might you seek confirmation from the client that they understand broking options presented?
- Outline the steps that you should follow to respond to identified client concerns appropriately.
- What will you need to do when clients request alternatives to your recommendations?
- What are the limits you will need to observe when you are presenting clients with broking options?
- Outline a basic complaint handling procedure that you could follow, maintaining communication channels, when dealing with a customer complaint.
- How will you need to obtain agreement to proceed from clients?
- What relevant documentation will you need to use to record your client interactions and to provide conformation to clients?
- Why do you need to ensure that instructing or purchasing documents, where required, are signed by clients?
- What are the types of post-broking services you will need to clearly define and communicate to your clients?
- Briefly discuss the organisational guidelines top follow when dealing with clients who have the following special needs:
- Visual or hearing impairment.
- English as a second language.
- Cultural differences.