Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Develop awareness of clients’ situation

1.1 Obtain relevant facts and information courteously and professionally to determine clients’ situation prior to defining their expectations, requirements and objectives

1.2 Encourage clients to disclose relevant information to determine their personal and financial situation and special needs

1.3 Develop summary analysis of clients’ financial position and determine their contact category based on extent of client disclosure

1.4 Determine if clients require execution or settlement only action and, if that is the case, do not offer or provide further advice

2. Obtain relevant knowledge of clients’ financial position and risk profile

2.1 Ascertain client s’ financial position where relevant

2.2 Identify risk and fraud indicators accurately and consistently

3. Determine client expectations and requirements with respect to financial markets advice

3.1 Encourage clients to express and clarify their requirements, expectations and concerns, and respond promptly and appropriately to any identified concerns

3.2 Determine clients’ investment needs and preferences with respect to financial product selection or portfolio

3.3 Obtain specialist advice where necessary or refer clients to appropriate personnel or organisation if required services are not available or cannot be provided

3.4 Analyse all information and facts provided by clients and determine appropriate risk or reward and asset allocation strategies in accordance with client requirements, organisational policy and guidelines, and relevant legislation or industry codes of practice

4. Prepare and update necessary documentation

4.1 Complete all relevant client facts, financial and personal histories and disclosure documents, and file in accordance with organisational policy and guidelines and relevant legislation and regulatory requirements

4.2 Create or update client records where necessary, and file client documentation and information in a format and location readily accessible to other advisers

Skill 

Performance Criteria 

Description 

Reading

1.3, 2.1, 2.2, 3.4

• Extracts and analyses information in texts of relative complexity with specialised terminology and vocabulary to determine appropriate actions

Writing

1.1, 1.2, 1.3, 2.1, 2.2,

3.1-3.4, 4.1

• Uses appropriate text type, format and language to record key facts and relevant information
• Demonstrates control of text types required by financial reporting conventions and documentation

Oral Communication

1.1, 1.2, 1.3, 2.1, 3.1, 3.2, 3.3

• Participates in verbal exchanges with a wide range of clients using active listening and questioning techniques to convey and clarify information
• Presents information structuring tone, pace and content in line with audience and purpose

Numeracy

1.1, 1.3, 2.1, 2.2, 3.4, 4.1

• Analyses disclosed financial information, assesses and documents risk or reward strategies and updates information to comply with organisational and regulatory requirements

Navigate the world of work

3.3, 3.4, 4.1, 4.2

• Follows regulatory requirements and organisational protocols, policy and procedures relevant to own role
• Accepts responsibility and ownership for the task and makes decisions about the need to transfer responsibility to others

Interact with others

1.1, 1.2, 1.3, 2.1, 3.1, 3.2, 3.3

• Collaborates and cooperates with others to achieve joint outcomes
• Selects and uses appropriate conventions and protocols when communicating with clients to build rapport, seek or share information and maintain a positive working relationship
• Adjusts personal communication style in response to the values, beliefs and cultural expectations of others

Get the work done

1.1, 1.4, 3.2, 3.4, 4.1, 4.2

• Accepts responsibility for planning, prioritising and sequencing tasks and workload to achieve organisational and legislative requirements
• Systematically gathers and analyses all relevant information and evaluates options to make decisions about appropriate products and services
• Uses problem-solving skills to monitor client satisfaction and address client issues
• Uses digital technologies and tools to access, store and share information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSCUS505 Determine client requirements and expectations

FNSCUS505A Determine client requirements and expectations

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.