RG146

Provide general advice on financial products and services FNSIAD301A Provide general advice on financial products and services FNSIAD301A Your details: Name: Address: Phone: Company name Email: Your assessment task You are required to keep a copy of your assessment task for a period of 12 months. Submit your assessment to our Education Team via submissions@mentor.edu.au Plagiarism Statement All assessments must be your own work and not a result of plagiarism or collaboration with other students or workmates. Assessment The pass mark is 70% for each element. If you do not achieve this, you will receive feedback via your email address and be asked to resubmit your assessment for a second marking. Assignments will not be returned to you as they need to be retained for by us for verification and audit purposes. Task Assessments Elements Target Pass Actual Mark Mark Mark 1 Establish relationship with client FNSIAD301A.1 10 7 2 Identify client needs. FNSIAD301A.2 20 14 3 Identify general advice boundaries of product/service. FNSIAD301A.3 10 7 4 Provide general advice to client FNSIAD301A.4 20 14 60 42 Total qattachments_bc95b21a5f6e221df2bdf60eea546ff6dc19f63c.doc Copyright 2005 Mentor Education Pty Ltd Mentor Education Introduction Objective Name: ____________________ The objective of this Assessment Task is to demonstrate that you have the skills and knowledge required to identify legislative and organisational boundaries on the provision of general advice on financial products and services and take appropriate approaches to providing such advice. Elements to To achieve this objective, you will need to demonstrate your ability to: be Establish a relationship with client, asse ssed Identify client needs, Identify general advice boundaries of product/service, and Provide general advice to client.. The assessment tasks in this assessment will allow you to demonstrate your knowledge and skills in relation to these elements. Assessment pro ces s Start by: 1. Reading the Assessment Task and case study. 2. Type your answers to the assessment tasks into this template document (hand-written answers are not accepted) 3. Submit your completed document by emailing it to submissions@mentor.edu.au Don't forget to keep a copy and retain it for 12 months. Need help? If you have any questions or would like to request a digital copy of this assessment task, please email the Mentor Support Team at service@mentor.edu.au Unit of Competency Upon successful completion of this assessment you will be awarded the Unit Competency FNSIAD301A Provide general advice on financial products and services. Case Study You should refer to the following general advice case study in relation to the Assessment Tasks on the following pages. Ensure that you make the financial products you are recommending specific to your specialist area. Case Study You have recently been employed as a general adviser with Best Company Ltd to sell a range of financial products. You are speaking to a client who is responding to an advertisement she saw this morning and who wants to know more about the company's products. qattachments_bc95b21a5f6e221df2bdf60eea546ff6dc19f63c.doc Copyright 2003-11 Mentor Education Group Pty Ltd Mentor Education Assessment Task 1 1.0 Establish relationship with client Name: ____________________ The first step in the general advice process is to establish a relationship with the client. You will need to demonstrate how you will establish a professional and courteous relationship when you first speak with the client. (a) To attend to client enquiry to in a timely and courteous manner, what strategies might you use? (The client enquiry may be by electronic communication, face to face, telephone or written) No Type your answers below 1. Let client feel eased and creating a good atmosphere for the rest of the interview 2. Use of open ended questions 3. Use of good body language and eye contact, Use of good listening techniques. 4. Repeating and emphasize client' words, and then Mark /1 /1 /1 Sum up, focusing on the client. /1 Sub-total Continued qattachments_bc95b21a5f6e221df2bdf60eea546ff6dc19f63c.doc Copyright 2003-11 Mentor Education Group Pty Ltd /4 Mentor Education Assessment Task 1, continued Name: ____________________ (b) How would you demonstrate active listening skills in dealing with client enquiries? No 1. Type your answers below Mark Use the Non-verbal and verbal exchange 2. Ask a direct question to deal with a hesitation 3. Changing tone to show sympathy when client is concerned 4. Taking a different posture to the client /1 /1 /1 /1 (c) What initial documents are required to be completed? No Type your answers below 1. Client service agreement 2. 2 A signed statement from client acknowledging provision of the FSG Mark /1 /1 Sub-total Total qattachments_bc95b21a5f6e221df2bdf60eea546ff6dc19f63c.doc Copyright 2003-11 Mentor Education Group Pty Ltd /6 /10 Mentor Education Assessment Task 2 2.0 Identify client needs Name: ____________________ Now that you have developed a courteous rapport with the client, you want to identify the client needs. Answer the following questions to demonstrate your understanding of products, disclosure requirements and the limitations of providing general advice. (a) The client has asked for an explanation of the products described in the newspaper advertisement. Identify three (3) different types of financial products you will be authorised to give general advice in, and provide examples of the client needs they meet. No Financial Products 1. FUTURES 2. OPTIONS 3. CFDS Mark /1 /1 /1 Sub-total Continued qattachments_bc95b21a5f6e221df2bdf60eea546ff6dc19f63c.doc Copyright 2003-11 Mentor Education Group Pty Ltd /3 Mentor Education Assessment Task 2, continued Name: ____________________ (b) What you would you say to the client to determine and clarify the products and services of interest to them? Provide an example using clear and unambiguous language. No Clarification of products and services of interest Mark 1. /1 (c) How would you inform the client about the regulatory restrictions of providing financial products advice? No Regulatory Restrictions Mark 1. Referred to as a limited advice warning-----TTell to client that I am not able to undertake a full-needs analysis in this statement of advice due to limited information being supplied in relation to your personal circumstance. Sub-total Continued qattachments_bc95b21a5f6e221df2bdf60eea546ff6dc19f63c.doc Copyright 2003-11 Mentor Education Group Pty Ltd /1 /2 Mentor Education Assessment Task 2, continued Name: ____________________ (d) How would you encourage the client to disclose relevant information to determine their personal and financial situation and special needs? List five (5) questions that you can as a General Adviser ask the client to help you prepare a quote. No 1. Questions you can ask the client Mark Recent past returns can assist in determining the gross and net income levels Which can know a cash flow statement from the client /1 2. Bank Statements and credit card statement 3. Superannuation and fund statements: most recently issued six-monthly reports 4. Current insurance policies 5. Client's goals: time frames and dollar values to their goals and consider the degree of risk they can accept /1 /1 /1 /1 (e) How would you respond to a request for information, advice, products or services that fall outside the organisation's scope of operation? No Response to a request outside your scope Mark 1. /1 2. /1 Sub-total Continued qattachments_bc95b21a5f6e221df2bdf60eea546ff6dc19f63c.doc Copyright 2003-11 Mentor Education Group Pty Ltd /7 Mentor Education Assessment Task 2, continued Name: ____________________ (f) Select one product or service that is within your organisation's scope and provide an explanation to the client. Refer to the related Application Form (May also be called a Disclosure Document) and provide an explanation on the key features shown in the table below. No Features 1. Product Name 2. URL of Disclosure Document (or PDS) 3. Explanation Mark /1 /1 Experience of the provider 4. Product Features 5. Fees 6. Risks 7. e Benefits /1 /1 /1 /2 /1 Sub-total Total qattachments_bc95b21a5f6e221df2bdf60eea546ff6dc19f63c.doc Copyright 2003-11 Mentor Education Group Pty Ltd /8 /20 Mentor Education Assessment Task 3 3.0 Identify general advice boundaries (a) Name: ____________________ The next step in the general advice process is to identify general advice boundaries of product/service. Explain how you know that the range of products and services presented to the client are general advice in line with legislation and organisation policy. No Characteristics of General Advice Mark 1. /1 2. /1 3. /1 (b) What legislation and organisation documents could you refer to explain the difference between general and personal advice. No Characteristics of General Advice Mark 1. /1 2. /1 3. /1 4. /1 5. (c) /1 What would you do if the client requests personal advice? No Personal Advice Mark 1. qattachments_bc95b21a5f6e221df2bdf60eea546ff6dc19f63c.doc Copyright 2003-11 Mentor Education Group Pty Ltd /2 Sub-total / 10 Total /10 Mentor Education Assessment Task 4 Name: ____________________ The final step in the general advice process is to provide general advice to 4.0 Provide general advice client. to client (a) How would you assist the client to make informed choices on products and services using relevant documentation? No Characteristics of General Advice Mark 1. /1 2. /1 3. /1 4. /1 Sub-total Continued qattachments_bc95b21a5f6e221df2bdf60eea546ff6dc19f63c.doc Copyright 2003-11 Mentor Education Group Pty Ltd /4 Mentor Education Assessment Task 4, continued Name: ____________________ (b) How would you ensure that advice is provided to the client in strict accordance with regulatory restrictions, organisation policy and organisational tools? No General Advice Mark 1. /1 2. /1 (c) List five (5) questions that your client might ask about the Product Disclosure Statement you explained in Assessment Task 2 (f). For each question, provide your answer demonstrating product knowledge appropriate for the service or advice offered. No Five client questions and your answers Mark 1. /1 2. /1 3. /1 4. /1 5. /1 Sub-total Continued qattachments_bc95b21a5f6e221df2bdf60eea546ff6dc19f63c.doc Copyright 2003-11 Mentor Education Group Pty Ltd /7 Mentor Education Assessment Task 4, continued Name: ____________________ (d) Summarise, in 100 to 300 words, your final recommendation/quote as you intend to present it to the client. Your explanation should be clear and unambiguous, avoiding jargon and you should use language that is appropriate to the client. No Final Recommendation Mark 1. /9 Sub-total Total qattachments_bc95b21a5f6e221df2bdf60eea546ff6dc19f63c.doc Copyright 2003-11 Mentor Education Group Pty Ltd /9 /20