Unit of competency Outline

Date retreived
22/07/2026 1:24 PM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Identify client needs for broking services

Identify client needs for broking services

Unit of competency
National Code
FNSFMB402
State Code
AUR08
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
16/09/2015
Nominal Hours
20
Description
This unit describes the skills and knowledge required to determine clients’ finance broking requirements and explain capabilities, legal and compliance related issues so clients are aware of their rights. It applies to individuals who are skilled at building relationships and who use specialised knowledge and analytical skills to provide advice and a range of services for clients.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.
Notes
Elements and Performance Criteria
1. Educate clients and build rapport
  • 1.1 Explain the finance and mortgage broking process to clients in a clear and unambiguous way, and clarify the background, credentials and role of the broker to build rapport
  • 1.2 Present the services, values and capacity of the organisation to clients and confirm client understanding of fees and charges
  • 1.3 Identify and confirm procedures for complaints handling and resolution with clients
2. Determine clients’ existing financial situation
  • 2.1 Ask clients to disclose relevant facts to begin determining their personal and financial situation and establish clients’ current income, expenditure and liabilities
  • 2.2 Determine current investment and assets position of clients and conduct initial analysis of clients’ financial position based on extent of client disclosure
3. Determine client goals and priorities with respect to broking services
  • 3.1 Ask clients to clarify their product expectations
  • 3.2 Comprehensively explore differences in what products provide and what clients expect, and respond to client concerns, if any, promptly and appropriately
  • 3.3 Establish and confirm client priorities
  • 3.4 Seek specialist advice where necessary or refer clients to appropriate sources where required advice or services cannot be provided
4. Prepare necessary documentation follow up
  • 4.1 Document and check all relevant client facts, information, financial and personal histories and manage confidentially in accordance with organisational policy and guidelines, and relevant legislation and industry codes of practice
  • 4.2 Create or update client records where necessary in a clear and concise format, and file securely in a format and location readily accessible to other appropriate advisers
No information
No information
Replaces
State Code National Code Title Type
D4103 FNSFMB402A Provide finance and mortgage broking services Unit of competency
Replaced By
State Code National Code Title Type
OCZ73 FNSFMB412 Identify client needs and present broking options Unit of competency