Unit of competency Outline

Date retreived
23/07/2026 5:47 AM AWST

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Identify and develop broking options for clients with complex needs

Identify and develop broking options for clients with complex needs

Unit of competency
National Code
FNSFMB502
State Code
AUR07
TGA Status
Replaced
DTWD Status
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
081103 - Insurance And Actuarial Studies
Original Release Date
16/09/2015
Nominal Hours
60
Description
This unit describes the skills and knowledge required to identify complex or special financial needs for a client, and consider complicated issues such as economic and legislative requirements to develop broking strategies and solutions for a client.It applies to individuals who apply research and analytical skills to complex and multifaceted scenarios to develop customised solutions for clients.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Identify complex broking needs of client
  • 1.1 Discuss, review and clarify special or complex features of a client’s situation and needs
  • 1.2 Explore and comprehensively and ethically discuss risk issues and tolerance with the client, including unusual risks or requirements, and interdependencies and implications
  • 1.3 Assess impact of risks to the client or organisation according to legislative requirements and organisational guidelines and procedures, engaging in further questioning and information gathering as required
2. Research and consider broking solutions based on client needs
  • 2.1 Analyse current client situation to determine opportunities and constraints
  • 2.2 Research loan structures or options including those which are new or non-standard products
  • 2.3 Analyse complex financial issues in terms of economics, legislation, taxation and insurance
  • 2.4 Model, analyse and prioritise options, comparing features, fees and charges, and risks, and reject inappropriate options
  • 2.5 Check preliminary options to ensure compliance with relevant legislation and regulatory and ethical guidelines, and assess ability to successfully meet client needs
3. Select and gather appropriate options and information for client review
  • 3.1 Select broking options for review with client and develop or obtain explanatory material
  • 3.2 Consider referrals to an accountant, financial adviser or lawyer where required in broking solution
  • 3.3 Develop recommendations on risk management strategies and incorporate into materials for client, and include description of anticipated fees and charges
  • 3.4 Include information on complaints resolution procedures (internal and external) in client materials
  • 3.5 Document broking recommendations and loan structures that will be presented to client according to organisational guidelines and procedures
No information
No information
Replaces
State Code National Code Title Type
D4106 FNSFMB502A Identify and develop complex broking options for client Unit of competency
Replaced By
State Code National Code Title Type
OCZ31 FNSFMB512 Identify and develop credit options for clients with special financial circumstances Unit of competency
State Code National Code Title Type
AWC1 FNS50315 Diploma of Finance and Mortgage Broking Management Qualification
BFX2 FNS60920 Advanced Diploma of Paraplanning Qualification