Unit of competency Outline
Date retreived
23/07/2026 4:43 AM AWST
23/07/2026 4:43 AM 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.
Tailor financial products to meet customer needs
Tailor financial products to meet customer needs
Unit of competency
National Code
FNSSAM603A
FNSSAM603A
State Code
D4324
D4324
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
081105 - Investment And Securities
Original Release Date
31/07/2014
Nominal Hours
50
Description
This unit describes the performance outcomes, skills and knowledge required to match financial products on offer to customer requirements based on an in-depth knowledge of the products and a comprehensive knowledge of customers' characteristics and their financial requirements.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Notes
Elements and Performance Criteria
1. Access the information needed to determine the fit between the financial product and the customer
- 1.1. Information on customer profile and requirements, characteristics, financial status, timelines and other needs are gathered and assessed
- 1.2. Most appropriate products and services used or provided by the organisation are considered and, if necessary, researched based on customer stated requirements in terms of features, benefits, terms and conditions, and other factors
2. Determine most suitable options to meet customer requirements
- 2.1. The most suitable option, or a number of options, are determined for discussion and recommendation with customer
- 2.2. Customer negotiation periods are established and documented in line with organisation policy and relevant legislation
- 2.3. Options are discussed with manager or other appropriate personnel, if necessary
3. Present the selected options to customer
- 3.1. Options are presented to the customer and all features, benefits, negotiation periods and terms and conditions are explained
- 3.2. Customer is given further information if requested and all questions are answered
- 3.3. Customer is provided with all the support needed to clarify the information presented
- 3.4. If relevant, additional information is taken to see whether there are other needs that could be met by the organisation
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.
Most appropriate products and services may include:
products and services developed and offered by the organisation
products and services developed by other vendors, lenders, and organisations that are used by or contracted out by the organisation.
Negotiation periods may include:
application valid period
cooling-off period
negotiation period.
Support may include:
all relevant regulatory documents
organisation brochures and annual reports
product and service information, printed or in electronic formats
relevant contacts and referrals.
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.
Most appropriate products and services may include:
products and services developed and offered by the organisation
products and services developed by other vendors, lenders, and organisations that are used by or contracted out by the organisation.
Negotiation periods may include:
application valid period
cooling-off period
negotiation period.
Support may include:
all relevant regulatory documents
organisation brochures and annual reports
product and service information, printed or in electronic formats
relevant contacts and referrals.
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:
assess a wide range of financial services, products and features to suit customer requirements
present product or service options to customers and negotiate sales.
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.
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 workplace projects and 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:
assess a wide range of financial services, products and features to suit customer requirements
present product or service options to customers and negotiate sales.
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.
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 workplace projects and 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 |
|---|---|---|---|
| AUT02 | FNSSAM603 | Tailor financial products to meet customer needs | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S739 | FNS60610 | Advanced Diploma of Banking Services Management | Qualification |
| D724 | FNS51611 | Diploma of Securitisation | Qualification |
| J604 | FNS60513 | Advanced Diploma of Superannuation | Qualification |