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FNSASIC302 Develop, Present and Negotiate Client

   

Added on  2021-04-17

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Insurance1 of 29Provide advice in Life Insurance FNSASICX503AYour details:Name:Patrick MuturiAddress:3079Phone:0705173402Company nameBritamEmail:bukuveli@gmail.comYour assessment taskKeep a copy of your assessment task for a period of 12 months. Submit your assessment to our Education Team via submissions@mentor.edu.auPlagiarism StatementAll assessments must be your own work and not a result of plagiarism or collaborationwith other students or workmates. AssessmentThe pass mark is 70% for each element. If you do not achieve this, you will receive feedback via your email address and be askedto resubmit your assessment for a second marking. Assignments will not be returned to you.TaskAssessmentsElements TargetMarkPassMarkActualMark1Establish relationship with client and identify client’s objectives, needs and financial situation.FNSASICX503A.179552Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions.FNSASICX503A.2100703Present appropriate strategies and solutions to client and negotiate a financial plan, policy or transaction.FNSASICX503A.358414Agree the plan, policy or transaction and complete documentationFNSASICX503A.432225Provide ongoing service where requested by client.FNSASICX503A.52417Total293205tmpb4jkri492058165_700830839_tush.docxCopyright © 2012 Mentor Education Pty Ltd

Insurance2 of 29IntroductionName: ____________________ObjectiveThe objective of this Assessment Task is to assess that you have the skills and knowledge required to provide Life Insurance advice to client.Elements to be assessedTo achieve this objective, you will need to demonstrate your ability to:Establish relationship with client and identify client’s objectives, needs andfinancial situation;Analyse client’s objectives, needs, financial situation and risk profile todevelop appropriate strategies and solutions;Present appropriate strategies and solutions to client and negotiate afinancial plan, policy or transaction, andAgree the plan, policy or transaction and complete documentation; andProvide ongoing service where requested by client.The assessment tasks in this assessment will allow you to demonstrate yourknowledge and skills in relation to these elements.Assessment processStart by:1.Reading the Assessment Tasks in this document,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 tosubmissions@mentor.edu.auDon’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 submissions@mentor.edu.auRelated AssessmentsUpon successful completion of this assessment, students who have enrolled to provide personal advice in Life Insurance will be awarded the following Unit Competencies:FNSASICX503A Provide advice in life insuranceFNSINC501AConduct product research to support recommendationsFNSIAD501AProvide appropriate services, advice and products to clientsFNSCUS505ADetermine client requirements and expectationsFNSCUS506ARecord and implement client instructionsThose enrolled to provide general advice in Life Insurance will be awarded thefollowing Unit Competency:FNSIAD301A Provide general advice on financial products and servicestmpb4jkri492058165_700830839_tush.docxCopyright © 2012 Mentor Education Pty Ltd

Insurance3 of 29Assessment Task 1Name: ____________________1.0 Establish relationship with clientFNSASICX503A.1Once the initial interview with a potential or new client is arranged1, the first step in the financial services advice process is to establish a relationship with the client and identify their objectives, needs and financial situation. This will require that:1.The financial products and services knowledge level of the client is established2.Enquiries in relation to Life Insurance products and services are responded to by explaining the range of products and services available and their relevant fee and charging methodology3.The client is informed of the role of the adviser and the licensee or principal responsible for the adviser’s conduct including procedures for complaints handling and the circumstances in which they should be engaged4.The client’s personal, financial and business details are obtained and their needs identified by encouraging expression of their objectives and goals5.The product risk profile of the client and their expectations of cash flow and relevant taxation obligations are established.In preparing your answers, you should refer to the Life Insurance Case Study,and for the purposes of the assessment, assume that the initial interview incorporates the fact-finding interview. (79 Marks)1 This element may also apply to established clients whose circumstances have changed and where you wish to provided ‘subsequent’ advice, as part of providing an ongoing service.tmpb4jkri492058165_700830839_tush.docxCopyright © 2012 Mentor Education Pty Ltd

Insurance4 of 29Assessment Task 1.1Name: ____________________1.1 Establish arelationship with the clientFNSASICX503A.1.1FNSASICX503A.1.2FNSASICX503A.1.3You are preparing for the initial (and fact finding) interview with the client. This Assessment Task requires you to consider:The documentation you can provide the client prior to, or at the beginning of, the interview.What you might ask the client to do to prepare for the first interview.Strategies you will use to build rapport during the interview processWhat aspects of the FSG you will explain to the client.Preparation is the key to a successful outcome.(a)Give some thought to the sort of things you would cover. Include any legal requirements and other documentation you can provide which may be helpful in the interview.No Type your answers belowMark1.Evaluation of the potential client insurance needs and give them information about available policies./ 12.Premiums for the various policies and the cash value for each and if there are any discounts on the premiums./ 13.Evaluate what is the client’s family income and what the dependants will be compensated in order to maintain their life style in case of premature death and also the grace period of the premium and the date of maturity/ 14.Enlighten the client on their duty of disclosure to the insurer and what constitutes to double insurance./ 15.Documents required are; birth certificate of beneficiary minors or incase of adoption their order effecting adoption, Identification cards, passport or driver’s license of spouses and marriage certificate./ 1(b)What would you ask these clients to prepare and bring to the initial interview?No Type your answers belowMark1.Their net annual income and that of their spouse./ 12.The medical condition of the clients, any hazardous pursuits or immediate family medical concerns. / 13.Contact of professional adviser who include their doctor, accountant and lawyer./ 14.Their investment and superannuation assets./ 15.Their liabilities in terms of mortgages and personal loans./ 1Sub-total /10Continuedtmpb4jkri492058165_700830839_tush.docxCopyright © 2012 Mentor Education Pty Ltd

Insurance5 of 29Assessment Task 1.1, continuedName: ____________________(c)To establish a relationship with the client, what strategies or approaches might you use to build rapport and trust during the interview process?No Type your answers belowMark1.Demonstrate to the client you are interested in their well-being./ 12.Use open ended questions to discover personal information from the client./ 13.Identifying common grounds or ideas with them./ 14.Demonstrate empathy, whereby you understand the client from their perspective./ 15.First appearance, that is; your physical appearance and representation in terms of language andsalutation should inspire confidence to the client./ 1(d)What are the four points you must cover when presenting an FSG?FNSASICX503A.1.1No Type your answers belowMark1.The financial services and products that the insurer covers./ 12.The fees paid for using the financial service guide./ 13.Disclosure statement giving the terms and conditions./ 14.What happens and channels to follow to make a complaint./ 1(e)What types of personal insurance strategies/products do you expect to provide adviceon?FNSASICX503A.1.2No Type your answers belowMark1. Income protection insurance./ 12.Life cover insurance./ 13.Total and permanent disability insurance./ 14.Trauma cover insurance./ 1Sub-total /13Continuedtmpb4jkri492058165_700830839_tush.docxCopyright © 2012 Mentor Education Pty Ltd

Insurance6 of 29Assessment Task 1.1, continuedName: ____________________(f)What are the benefits of explaining these products and strategies to your clients?FNSASICX503A.1.1 and 1.2 (a)No Type your answers belowMark1.Client is able to understand the various types of products and make an informed decision on which suits them./ 12.So that the client can be able to evaluate whether he needs the insurance policy./ 13.Client is able to choose the best policy based on how long he needs it. / 1 (g)List the different types of fees you could charge these clients. FNSASICX503A.1.2 (b)No Type your answers belowMark1.Statement of Advice (SOA) fee./ 12.Fee for implementing financial advice./ 13.Financial products commissions./ 1 (h)What are the benefits of explaining these fees to the clients?FNSASICX503A.1.2 (b)NoType your answers below Mark1.So that the client can be informed on how much he is expected to pay for the services./ 12.Client can decide whether to negotiate the fees./ 13.So that the client can decide whether to go ahead with the advice or discard it./ 14.Help the client to compare your fees with other financial advisors./ 1 (i)Outline the three steps your clients should take if they have a complaint or dispute prior to contacting the ASIC.FNSASICX503A.1.3 (b)No Type your answers belowMark1.Contact the business about the complaint./ 12.Make formal complaint to the business./ 13.Contact an independent complaint scheme./ 1Sub-total / 13Continuedtmpb4jkri492058165_700830839_tush.docxCopyright © 2012 Mentor Education Pty Ltd

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