Unit of competency Outline

Date retreived
22/07/2026 1:36 PM AWST

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Determine client requirements and expectations

Determine client requirements and expectations

Unit of competency
National Code
FNSCUS505
State Code
AUQ87
TGA Status
Replaced
DTWD Status
Transition (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
080501 - Sales
Original Release Date
16/09/2015
Nominal Hours
60
Description
This unit describes the skills and knowledge required to establish a client’s financial requirements and expectations in regard to financial investment products, and includes quotations, claims and requests for service or amendments.It applies to individuals who may provide leadership, guidance and responsibility for work outcomes. No licensing, legislative or certification requirements apply to this unit at the time of publication. The unit does not cover the application of the specific skills and knowledge required to recommend and provide advice on specific financial products requiring Australian Securities and Investments Commission (ASIC) licensing.
Notes
Elements and Performance Criteria
1. Develop awareness of clients’ situation
  • 1.1 Obtain relevant facts and information courteously and professionally to determine clients’ situation prior to defining their expectations, requirements and objectives
  • 1.2 Encourage clients to disclose relevant information to determine their personal and financial situation and special needs
  • 1.3 Develop summary analysis of clients’ financial position and determine their contact category based on extent of client disclosure
  • 1.4 Determine if clients require execution or settlement only action and, if that is the case, do not offer or provide further advice
2. Obtain relevant knowledge of clients’ financial position and risk profile
  • 2.1 Ascertain client s’ financial position where relevant
  • 2.2 Identify risk and fraud indicators accurately and consistently
3. Determine client expectations and requirements with respect to financial markets advice
  • 3.1 Encourage clients to express and clarify their requirements, expectations and concerns, and respond promptly and appropriately to any identified concerns
  • 3.2 Determine clients’ investment needs and preferences with respect to financial product selection or portfolio
  • 3.3 Obtain specialist advice where necessary or refer clients to appropriate personnel or organisation if required services are not available or cannot be provided
  • 3.4 Analyse all information and facts provided by clients and determine appropriate risk or reward and asset allocation strategies in accordance with client requirements, organisational policy and guidelines, and relevant legislation or industry codes of practice
4. Prepare and update necessary documentation
  • 4.1 Complete all relevant client facts, financial and personal histories and disclosure documents, and file in accordance with organisational policy and guidelines and relevant legislation and regulatory requirements
  • 4.2 Create or update client records where necessary, and file client documentation and information in a format and location readily accessible to other advisers
No information
No information
Replaces
State Code National Code Title Type
D4099 FNSCUS505A Determine client requirements and expectations Unit of competency
Replaced By
State Code National Code Title Type
OCI77 FNSCUS515 Determine client financial requirements and expectations Unit of competency