StudyDaddy Article Writing

Answered You can hire a professional tutor to get the answer.

QUESTION

Jan 15, 2019

Provide general advice on financial products and services FNSIAD301A Your details: Name: Charlie Tripodis Address: Unit 2 / 5 Myers street Roselands...

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 .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 WorkfileContents.doc

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. .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 .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. WorkfileContents.doc

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 Mark 1. /1 2. /1 3. /1 4. /1 Sub-total

Continued WorkfileContents.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 Type your answers below Mark 1. /1 2. /1 3. /1 4. /1 (c) What initial documents are required to be completed?

No Type your answers below Mark 1. /1 2.

2 /1 Sub-total Total WorkfileContents.doc

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 Mark 1. /1 2. /1 3. /1 Sub-total

Continued WorkfileContents.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. /1 Sub-total

Continued WorkfileContents.doc

Copyright © 2003-11 Mentor Education Group Pty Ltd /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 Questions you can ask the client Mark 1. /1 2. /1 3. /1 4. /1 5. /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 WorkfileContents.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. Mark Product Name 2. Explanation URL of Disclosure

Document (or PDS) 3. /1 /1 Experience of the

provider 4. Product Features 5. Fees 6. Risks 7.

e /1 Benefits /1

/1 Sub-total Total WorkfileContents.doc

3.0 Identify

general

advice

boundaries Name: ____________________ The next step in the general advice process is to identify general advice

boundaries of product/service. (a) 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. /1 (c) What would you do if the client requests personal advice?

No Personal Advice Mark 1. /2 Sub-total WorkfileContents.doc

Copyright © 2003-11 Mentor Education Group Pty Ltd / 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 WorkfileContents.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 WorkfileContents.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 WorkfileContents.doc