Unit of competency Outline

Date retreived
22/07/2026 7:03 AM AWST

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Establish client relationship and analyse needs

Establish client relationship and analyse needs

Unit of competency
National Code
FNSASIC301
State Code
AUQ38
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
081101 - Banking And Finance
Original Release Date
16/09/2015
Nominal Hours
40
Description
This unit describes the skills and knowledge required to interpret and comply with industry regulations and codes of practice when considering the characteristics of financial products and services for individual client needs.It applies to individuals with excellent communication skills who are authorised as Australian Securities and Investments Commission (ASIC) registered Australian financial services licence (AFSL) holders to provide advice on deposit products, non-cash payment facilities and general insurance products at Tier 2 level. 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. Establish relationship with client
  • 1.1 Use range of communication and interpersonal skills to establish knowledge level of client
  • 1.2 Respond to enquiries in relation to products and services by explaining range available and associated fee and charging schedule
  • 1.3 Inform client of role of adviser and licensee or principal responsible for adviser’s conduct, including procedures for complaints handling and circumstances in which they should be engaged
2. Identify client objectives, needs and financial situation
  • 2.1 Employ range of communication and interpersonal skills to gather client personal, financial and business details
  • 2.2 Identify client’s needs and product risk profile by encouraging expression of objectives and short-term, medium-term and long-term goals as relevant to product
  • 2.3 Establish and confirm client expectations of cash flow and relevant taxation obligations
3. Analyse client objectives, needs, financial situation and risk profile
  • 3.1 Undertake assessment of client’s needs, using all information gathered and taking into account client’s product expectations and specific needs
  • 3.2 Consult client throughout analysis for further clarification where necessary
  • 3.3 Analyse need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required
  • 3.4 Complete product risk profile of client that demonstrates correct application of ASIC generic and specialist knowledge relevant to products being offered
No information
No information
Replaces
State Code National Code Title Type
D4013 FNSASIC301C Establish client relationship and analyse needs Unit of competency
Replaced By
State Code National Code Title Type
OEC07 FNSASIC311 Establish client relationship and analyse needs Unit of competency