Unit of competency Outline
Date retreived
22/07/2026 8:29 PM AWST
22/07/2026 8:29 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.
Manage client service and business information
Manage client service and business information
Unit of competency
National Code
FNSORG507A
FNSORG507A
State Code
D4268
D4268
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
080399 - Business And Management, N.e.c.
Original Release Date
29/07/2014
Nominal Hours
100
Description
This unit describes the performance outcomes, skills and knowledge required to implement sound business management practices which support the provision of professional services to clients and related product and service distribution activities.This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Demonstrate business management skills
- 1.1. Administrative tasks relevant to the business are identified and effective business management practices are followed in operating the business
- 1.2. A financial plan covering income, expenditure and cash flow is developed and the financial performance of the business monitored against the plan
- 1.3. Job descriptions and operation manuals are provided to business areas or units
- 1.4. Copies of proposals and follow-up through to completion are recorded and kept with financial records, including all correspondence and agreements, maintained in a systematic manner
- 1.5. Commission and other remuneration statements are monitored and evaluated
2. Maintain comprehensive records of client's affairs
- 2.1. Records of interviews and contact with clients and other key business relationships are accurately documented and recorded in compliance with client service arrangements and other relevant organisation requirements
- 2.2. Records of disclosure of capacity and terms of engagement are kept
- 2.3. Up-to-date copy of the fact finder and customer advice record, client records and correspondence are maintained in a systematic manner
3. Maintain relevant reference material
- 3.1. Reference material is updated on a regular basis and made readily accessible to any staff
- 3.2. Accurate information on products, services and distribution channels is maintained
4. Develop and maintain competency requirements of staff
- 4.1. Competency requirements for professional development are identified for staff at the appropriate time to support efficient service implementation
- 4.2. Development plans reflect identified goals and needs to achieve the required business outcomes
- 4.3. Development plans are maintained, evaluated and reviewed against requirements on a regular planned basis
- 4.4. Authorisation requirements are met
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Business management practices may include:
business planning
marketing strategies
personnel management.
Business areas or units may include:
estate planning
fire and general insurance
investment advice
life insurance
superannuation.
Financial records may include
budgeting
cash flow planning
debt-to-equityratios
tax records:
Fringe Benefits Tax (FBT)
payroll tax
income tax returns
company tax.
Agreements may include:
agency and sub-agency agreements
broker authority
general agency agreements.
Client service arrangements may include:
appropriate personal contact
complaints handling
enquiries and information management
policy changes
records management
reports
timely and accurate documentation
written communication
feedback systems:
formal or informal (formal may include client surveys)
internal or external.
Reference material may include details of:
costs
enhancements
investment strategies adopted by fund managers
range
risk return characteristics.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Business management practices may include:
business planning
marketing strategies
personnel management.
Business areas or units may include:
estate planning
fire and general insurance
investment advice
life insurance
superannuation.
Financial records may include
budgeting
cash flow planning
debt-to-equityratios
tax records:
Fringe Benefits Tax (FBT)
payroll tax
income tax returns
company tax.
Agreements may include:
agency and sub-agency agreements
broker authority
general agency agreements.
Client service arrangements may include:
appropriate personal contact
complaints handling
enquiries and information management
policy changes
records management
reports
timely and accurate documentation
written communication
feedback systems:
formal or informal (formal may include client surveys)
internal or external.
Reference material may include details of:
costs
enhancements
investment strategies adopted by fund managers
range
risk return characteristics.
EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
apply high level business management, financial planning, personnel management and marketing skills
maintain and use thorough knowledge of industry markets, trends and opportunities
interpret and comply with organisation policies and guidelines, industry codes of practice and relevant legislation and regulations
establish targets, monitor and review performance of the business and its staff, and develop effective strategies to obtain information not readily available within a business
identify and address factors which may affect client service performance.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to financial services product information
access to an integrated financial software system and data
access to organisational policies and procedures documentation.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills
setting and reviewing business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
apply high level business management, financial planning, personnel management and marketing skills
maintain and use thorough knowledge of industry markets, trends and opportunities
interpret and comply with organisation policies and guidelines, industry codes of practice and relevant legislation and regulations
establish targets, monitor and review performance of the business and its staff, and develop effective strategies to obtain information not readily available within a business
identify and address factors which may affect client service performance.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to financial services product information
access to an integrated financial software system and data
access to organisational policies and procedures documentation.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills
setting and reviewing business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUS50 | FNSORG507 | Manage client service and business information | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D723 | FNS51511 | Diploma of Credit Management | Qualification |
| D725 | FNS51811 | Diploma of Financial Services | Qualification |