Skills Unit
GE10001-20

Communicating and discussing options with clients

This unit describes the skills and knowledge required to provide advice on deposit products, non-cash payment facilities and general insurance products

It applies to individuals with excellent communication skills who are authorised as Australian Securities and Investments Commission (ASIC) registered Australian financial services licence (AFSL) holders to provide advice about products and services at ASIC Tier 2 level.

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.

10 CIP Points
Communicating and discussing options with clients
AUD $425
General Insurance Claims Insurance Broking
5-week Study Period
10 Credit Points
Intermediate
Enrol Now

What you'll learn

By the end of this learning pathway, you should be able to:

  • develop appropriate strategies and solutions
  • present appropriate strategies and solutions to client
  • negotiate financial plan, policy or transaction with client
  • coordinate implementation of agreed plan, policy or transaction
  • complete and maintain necessary documentation
  • provide ongoing service where requested by client

Competencies

FNSASIC302 - Develop, present and negotiate client solutions

Topics Covered

Week 1

  • Introduction
  • Your client relationship
  • Identify your client’s needs
  • Your new client — Zac Bellini
  • ASIC compliance
  • Activity: Providing financial services

  • Your role and ASIC training requirements
  • Retail and wholesale clients
  • Retail and wholesale products
  • Activity: Retail or wholesale client?

  • Clear Results — retail or wholesale client?
  • Five steps to provide a strategy and solution
  • Identify the client’s needs
  • The importance of effective communication 
  • Gathering information
  • Activity: Obtain information from Zac 

  • The proposal
  • Activity: Obtain information from Zac 

  • Client needs profile and Fact finder
  • Client to complete the proposal
  • Utmost good faith
  • Activity: Utmost good faith

  • Disclosure and misrepresentation
  • Activity: Disclosure and misrepresentation

  • Classify the client
  • Complete the proposal
  • Summary of week 1

 

Week 2

  • Introduction to week 2
  • Analyse information 
  • Analyse the level of risk
  • Three steps in analysis
  • Complete the proposal
  • Clear Results’ risks 
  • Industry and product knowledge 
  • Your experience and product knowledge
  • Maintaining product knowledge 
  • Product modelling
  • Activity: Product competition

  • Missing information 
  • Specialists
  • Activity: Engaging the right specialist

  • Authority limits
  • Your level of authority
  • Develop and present an insurance strategy and solution
  • Underwriting guidelines
  • Consult people and procedures
  • Select the most appropriate product
  • Develop a solution for Clear Results
  • General advice
  • Summary of week 2

Week 3

  • Introduction to week 3
  • Present the quotation
  • Make a recommendation
  • Key requirements when recommending a strategy and solution
  • Explain product terms and conditions
  • Hire car option
  • Explain risks and exclusions
  • Drivers’ declarations
  • Exclusions — a similar scenario
  • Negotiate agreement with the client
  • Client concerns and misunderstanding
  • Avoid misunderstanding
  • Clarify Zac’s concern 
  • Activity: Agreed value

  • Negotiate terms of the quotation
  • Negotiation tips
  • Amend the quotation
  • Confirm client understanding
  • Provide a revised quotation
  • Explain costs and timeframes
  • Disclose fees and costs and confirm understanding 
  • Confirm excess
  • Documents disclosing costs and fees
  • Summary of week 3

Week 4

  • Introduction
  • Finalise the agreed insurance plan
  • Obtain formal agreement 
  • Issue interim cover
  • Issue policy documents
  • Sign relevant documents
  • Clear Results to sign relevant documents
  • Letter of confirmation
  • Maintenance of documentation
  • Complete a file note
  • Provide ongoing service
  • Fees for ongoing services
  • Determine ongoing fees
  • Advise ongoing service fee
  • Ongoing service for Clear Results 
  • Activity: Ongoing services brochure

  • Review ongoing service requirements
  • Summary of the unit

Assessment

1 Exam and 1 Simulation

See the Assessment and Academic Calendar pages for more information. 

10 CIP Points
Communicating and discussing options with clients
AUD $425
General Insurance Claims Insurance Broking
5-week Study Period
10 Credit Points
Intermediate
Enrol Now