Unit of competency Outline
Date retreived
22/07/2026 3:00 PM AWST
22/07/2026 3:00 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.
Prospect for new clients
Prospect for new clients
Unit of competency
National Code
FNSSAM403A
FNSSAM403A
State Code
D4318
D4318
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
24/04/2014
Field of Education
080501 - Sales
Original Release Date
24/04/2014
Nominal Hours
15
Description
This unit describes the performance outcomes, skills and knowledge required to identify and contact potential client prospects through the utilisation of networks, leads and research skills as well as cold calling. Initial contact may happen over the phone or email, in person, at conferences and presentations, or through a variety of networking opportunities.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. Create rapport with prospective client
- 1.1. Prospecting is carried out and a general introduction to products, services, organisational values and experience is disclosed to potential client through a range of communication methods
- 1.2. Appropriate questioning and listening skills are applied to determine prospective client's understanding of financial processes
- 1.3. Prospective client is informed of the role of advisers and the organisation
2. Identify the prospective client's needs
- 2.1. Prospective client is encouraged to express their needs and goals
- 2.2. Prospective client questions and concerns are identified and responded to appropriately, in a clear and unambiguous way and in a manner consistent with prospect's level of financial understanding
3. Secure commitment
- 3.1. Reasons for resistance are probed and identified and addressed in an appropriate manner through a strategy to manage the resistance
- 3.2. A range of communication and interpersonal skills are used to gather prospect's personal, financial and business details in accordance with relevant legislation and the next steps that will occur are mapped out
4. Manage prospective client information
- 4.1. Prospect information is recorded in an appropriate way and additional product and service research is conducted to determine possible appropriate products and services to meet potential client needs if necessary
- 4.2. Initial range of options is considered and prepared for next contact
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.
Prospecting is a continuous process of gathering the names of potential buyers who are likely to be interested in the purchasing the salesperson's product. These may include
advertisements
brokers
business associates and associations
databases
direct mail
friends and family
internal company referral systems
networking groups and events
referrals
telemarketing.
General introduction to products and services may include:
client charter information
organisation values, mission and ethics
types of products and services.
Appropriate questioning and listening may include:
asking the caller what aspects of their finances they most need to focus on now and attend to these concerns
assessing for risk or apprehension in the potential client
determining the nature of the person's relationship to a referee
using silence appropriately.
Buyer resistance may include:
no perceived need
poor rapport with salesperson
price resistance
timing issues
uncertainty about product or service.
Probing may include:
checking perceptions
open and closed questions
repeating back prospect's understanding of products and services.
A strategy to manage the resistance
may include:
giving referrals such as satisfied clients to contact
giving trial offers or offers of incentive
listing and describing superior benefits of products and services
providing additional information, education, and support such as statistical information
using assertive messages.
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.
Prospecting is a continuous process of gathering the names of potential buyers who are likely to be interested in the purchasing the salesperson's product. These may include
advertisements
brokers
business associates and associations
databases
direct mail
friends and family
internal company referral systems
networking groups and events
referrals
telemarketing.
General introduction to products and services may include:
client charter information
organisation values, mission and ethics
types of products and services.
Appropriate questioning and listening may include:
asking the caller what aspects of their finances they most need to focus on now and attend to these concerns
assessing for risk or apprehension in the potential client
determining the nature of the person's relationship to a referee
using silence appropriately.
Buyer resistance may include:
no perceived need
poor rapport with salesperson
price resistance
timing issues
uncertainty about product or service.
Probing may include:
checking perceptions
open and closed questions
repeating back prospect's understanding of products and services.
A strategy to manage the resistance
may include:
giving referrals such as satisfied clients to contact
giving trial offers or offers of incentive
listing and describing superior benefits of products and services
providing additional information, education, and support such as statistical information
using assertive messages.
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:
successfully undertake cold calling, relationship building and prospecting for sales of financial products and services
establish a sales response.
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
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills
setting and reviewing business simulations or scenarios
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:
successfully undertake cold calling, relationship building and prospecting for sales of financial products and services
establish a sales response.
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
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills
setting and reviewing business simulations or scenarios
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9804 | FNSICSAM403B | Prospect for new clients | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUS98 | FNSSAM403 | Prospect for new clients | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S709 | FNS41010 | Certificate IV in Banking Services | Qualification |
| D710 | FNS41011 | Certificate IV in Banking Services | Qualification |
| S707 | FNS40810 | Certificate IV in Finance and Mortgage Broking | Qualification |
| D708 | FNS40811 | Certificate IV in Finance and Mortgage Broking | Qualification |
| D711 | FNS41211 | Certificate IV in Mobile Banking | Qualification |
| S711 | FNS41210 | Certificate IV in Mobile Banking | Qualification |