Unit of competency Outline

Date retreived
22/07/2026 9:56 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.

Identify client needs and present broking options

Identify client needs and present broking options

Unit of competency
National Code
FNSFMB412
State Code
OCZ73
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
02/02/2021
View on TGA
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
22/04/2021
Nominal Hours
35
Description
This unit describes the skills and knowledge required to determine clients’ broking requirements, explain capabilities, legal and compliance related issues and present broking options to clients.The unit applies to individuals who are skilled at building relationships and who use specialised knowledge and analytical skills to provide advice and a range of services for clients.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Establish client needs and knowledge of broking process
  • 1.1 Identify client priorities, goals and product expectations
  • 1.2 Confirm understanding of client needs as required
  • 1.3 Explain finance and mortgage broking process to client and outline background, credentials and role of broker
  • 1.4 Present services, values and capacity of organisation to client and confirm understanding of fees and charges
  • 1.5 Identify and confirm procedures for complaints handling and resolution with clients
2. Determine client’s financial situation
  • 2.1 Obtain required information on client’s personal and financial situation
  • 2.2 Establish client’s financial position and conduct initial analysis based on extent of disclosure
  • 2.3 Document and confirm client financial and personal histories, and manage confidentially according to organisational policies and procedures, codes of practice and applicable legislation
3. Prepare options
  • 3.1 Research and review applicable lender products, services and features
  • 3.2 Identify and match products according to client needs and expectations
  • 3.3 Seek specialist advice or referrals as required
  • 3.4 Organise product information according to client needs and level of understanding
4. Present options to clients
  • 4.1 Explain product options and its features to client
  • 4.2 Explain fees, charges, broker payments and commissions to client
  • 4.3 Discuss impact, short and long-term benefits and risks of options with client
  • 4.4 Communicate the strategic and commercial relationship of representative and organisation with each product provider to client
  • 4.5 Obtain feedback from client on service and product, and confirm refined requirements and expectations as required
  • 4.6 Identify and respond to client concerns and present alternatives, referring to specialists as required
  • 4.7 Resolve issues with product options as required
5. Finalise client documentation
  • 5.1 Obtain agreement from client to proceed with product
  • 5.2 Discuss and confirm implementation actions between client and broker
  • 5.3 Identify and complete required documentation and finalise product
  • 5.4 Create or update client records according to organisational policies and procedures
No information
No information
Replaces
State Code National Code Title Type
AUR08 FNSFMB402 Identify client needs for broking services Unit of competency
AUR02 FNSFMB403 Present broking options to client Unit of competency