Unit of competency Outline

Date retreived
22/07/2026 6:08 AM AWST

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Undertake assessment of product and advice suitability for non-retail clients

Undertake assessment of product and advice suitability for non-retail clients

Unit of competency
National Code
FNSFMK513
State Code
OBR67
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
01/07/2020
View on TGA
State Implementation and Classification
Approved Date
02/10/2020
Field of Education
081101 - Banking And Finance
Original Release Date
02/10/2020
Nominal Hours
45
Description
This unit describes the skills and knowledge required to assess client needs, determine suitability of appropriate product and advice needs of the client, and monitor and review this periodically.The unit applies to individuals who use analytical skills and systematic approaches to evaluate a client’s business needs, exposures, expertise and knowledge in financial markets before determining whether the product and services that the organisation can provide are suitable for the client and consistent with client expectations.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Research and investigate needs and services required by client
  • 1.1 Investigate financial needs of client, including objectives, risk tolerance and types of services client is seeking
  • 1.2 Gather information necessary to assess client knowledge and experience in financial products according to regulatory and organisational requirements
  • 1.3 Confirm all onboarding requirements have been met, including required organisational and regulatory documentation
2. Assess and provide suitable product
  • 2.1 Assess client’s financial needs to determine appropriate product and advice consistent with client needs and organisational capability
  • 2.2 Advise client of applicable product or advice
  • 2.3 Complete required documentation and tasks to ensure compliance with organisation’s client suitability framework
  • 2.4 Communicate assessment to required team members and client according to organisational policies and procedures
3. Monitor and review client needs and product suitability
  • 3.1 Conduct periodic reviews of client needs and product suitability
  • 3.2 Monitor and record changes to client’s financial needs and objectives relevant to provided product and/or advice
  • 3.3 Communicate to required team members whether existing product and advice remains fit for purpose
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