Unit of competency Outline
Date retreived
22/07/2026 11:12 PM AWST
22/07/2026 11:12 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.
Present broking options to client with complex needs
Present broking options to client with complex needs
Unit of competency
National Code
FNSFMB503A
FNSFMB503A
State Code
D4107
D4107
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
080101 - Accounting
Original Release Date
29/07/2014
Nominal Hours
50
Description
This unit describes the performance outcomes, skills and knowledge required to create rapport with clients with complex or special needs and present complex information to them, negotiating effectively and completing and maintaining required documentation, including a plan.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. Develop rapport with client
- 1.1. Client's needs and objectives are addressed in a manner consistent with their level of financial understanding and which directly applies to the objectives and requirements they have disclosed
- 1.2. High level active listening skills are demonstrated in dealings with client, including those with special needs
- 1.3. Services, strategies and recommendations are introduced to the client orally and in writing in a clear and unambiguous way, avoiding jargon and in appropriate language
- 1.4. Disclosure of capacity to client is consistent with industry requirements and organisation guidelines
2. Present broking options to the client
- 2.1. Client is guided through broking options and the impact of each option is clearly and comprehensively discussed with client including advantages, disadvantages, risks and financial implications, taking into account various assumptions or possibilities
- 2.2. Fees, charges and commissions are clearly explained to the client and copies of the research and other documentation provided
- 2.3. Any commercial relationship of the representative and their organisation to products and or services mentioned in the plan are disclosed
- 2.4. Adviser identifies and addresses issues that in their professional judgement may require further consideration or consultation with other financial services professionals
- 2.5. Confirmation is sought from client that they understand the broking options presented
3. Negotiate effectively
- 3.1. Client concerns, if any, are identified and responded to appropriately with alternatives to recommendations presented when requested
- 3.2. Limits imposed by regulatory requirements or organisation guidelines are observed
- 3.3. Restraint and control of feelings are exercised when dealing with conflict situations involving clients
- 3.4. Communication channels are maintained when dealing with complaints and following complaint handling procedures
- 3.5. Agreement to proceed is obtained from the client
4. Complete and maintain necessary documentation
- 4.1. Client interaction is recorded in accordance with the current industry documentation requirements
- 4.2. Confirmation including relevant documentation and contract variation is provided to the client
- 4.3. Instructing or purchasing documents where required are signed by the client
- 4.4. Post broking service to be provided is clearly defined, and is communicated to the client
- 4.5. Client records are created or updated
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.
Disclosure of capacity may include:
a statement indicating whether the finance broker is only accredited to deal with a restricted range of products
any relationship the broker and their organisation has with products mentioned in the presentation or loan structure
name and address of the finance broker
the means of remuneration of the finance broker
who is responsible for the finance broker's conduct.
Broking options may include, but are not limited to:
direct investments
insurance products
loan products
sources of funding
types of finance.
Documentation may include:
computer and manual applications
disclaimers
disclosures
Eligible Termination Payment (ETP) forms
written advice.
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.
Disclosure of capacity may include:
a statement indicating whether the finance broker is only accredited to deal with a restricted range of products
any relationship the broker and their organisation has with products mentioned in the presentation or loan structure
name and address of the finance broker
the means of remuneration of the finance broker
who is responsible for the finance broker's conduct.
Broking options may include, but are not limited to:
direct investments
insurance products
loan products
sources of funding
types of finance.
Documentation may include:
computer and manual applications
disclaimers
disclosures
Eligible Termination Payment (ETP) forms
written advice.
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:
interpret and comply with industry regulations and codes of practice
assess broking options, financial markets and investment characteristics
identify the roles of associated financial advisers
assessimpacts of taxation, social security, economic and other government policies on client investment and financial requirements
use appropriate sales and marketing methodologies and provide justification and research evidence
gain client feedback on and or agreement to the plan.
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 specialist software and data.
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:
interpret and comply with industry regulations and codes of practice
assess broking options, financial markets and investment characteristics
identify the roles of associated financial advisers
assessimpacts of taxation, social security, economic and other government policies on client investment and financial requirements
use appropriate sales and marketing methodologies and provide justification and research evidence
gain client feedback on and or agreement to the plan.
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 specialist software and data.
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 |
|---|---|---|---|
| AUR10 | FNSFMB503 | Present broking options to client with complex needs | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D716 | FNS50311 | Diploma of Finance and Mortgage Broking Management | Qualification |