Mentor Education: Financial Products Advice Assessment Task

This assignment assesses the candidate's ability to provide general advice on financial products and services, adhering to the unit competency FNSIAD301A. The assessment is structured around a case study involving a client seeking information on financial products offered by Best Company Ltd. The candidate is evaluated on four key tasks: establishing a professional relationship with the client, identifying the client's needs by determining their financial situation and special needs, identifying the boundaries of general advice in line with legislation and organizational policy, and providing general advice on products like critical illness insurance, business insurance, and home and content insurance. The assignment requires the candidate to demonstrate active listening skills, explain regulatory restrictions, and address requests outside the organization's scope of operation. The candidate must also explain the features of a specific product and differentiate between general and personal advice, ensuring all advice aligns with legal and organizational policies. The assignment aims to ensure the candidate can effectively communicate and advise clients within the bounds of general financial advice.

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 [e-mail]
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
Mark
Pass
Mark
Actual
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
Total 60 42
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Introduction Name: ____________________
Objective 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
be assessed
To achieve this objective, you will need to demonstrate your ability to:
 Establish a relationship with client,
 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
process
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
[e-mail]
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
[e-mail]
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.
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Assessment Task 1 Name: ____________________
1.0 Establish
relationship
with client
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. The enquiry is done face to face. As soon as she arrives, I welcome her presence with a smile and
with ‘good morning’. I will make sure that my voice is courteous and friendly and add an extra
pleasantry like “How are you”? in a pleasing tone I will ask her “How can I help you?” Since I know
her name because she had already called before arriving, I will ensure to use her surname in all
further conversations. / 1
2. She has seen the advertisement of our company ‘Best Company Ltd’ and wants to learn more about
our company’s products. I will maintain good eye contact and offer her a seat and ensure that she
is comfortable. I will offer her coffee or any other soft drinks before starting our conversation. I will
first listen to her requirements and then slowly explain to her all details of financial products that we
are selling. / 1
3. She wants to invest her savings in insurance but needs advice on what type of insurance to take
that will her maximum benefits. Hence, I give details about our insurance products like personal
insurance, general insurance, etc and provide details about what each type means. Intermittently, I
keep on asking if she understands and needs further explanation. / 1
4. I listen to her patiently and make her realize that she is very important to me and I am in no hurry to
cut the conversation. I will show her utmost respect and express sincere gratitude. I will ensure
that all her doubts and queries are resolved when she leaves my desk (Okeke, 2015). / 1
Sub-total / 4
Continued
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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. I will ensure that she is comfortable in her seat and will lean forward so that she will feel that I am
eager to listen what she wants to say. I will put my mobile phone on silence mode which will / 1
2. I will listen patiently without interrupting, but at the same time give expressive nods here and there.
I will only speak when she has completed her sentences. / 1
3. I will maintain eye contact and give cues and facial expressions that will enhance our relationship.
/ 1
4. I will not put words in her mouth but with gestures encourage her to ask and get the maximum
information through this conversation (Etiquette Trainer, 2018). / 1
(c) What initial documents are required to be completed?
No Type your answers below Mark
1. First, I will ask her to fill a proposal form where she has to give her personal details like name,
address, email address, contact information, and job details etc. This will help her to overcome
resistance and inertia / 1
2.
2
The proposal form is just a formality. This is just to provide her briefing about the insurance policy
she wishes to take. / 1
Sub-total / 6
Total /10
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Assessment Task 2 Name: ____________________
2.0 Identify
client needs
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. Critical illness Insurance: a lump sum benefit is provided if the insurer suffers the defined critical
illness. Major diseases like cardiovascular, liver, kidney, dystrophy, cancer and other major
diseases are covered. / 1
2. Business Insurance: flexible packages are available and there are wide varieties of options for her
small interior designing business. She can select from a wide variety of covers for damages caused
by fire or other perils like burglary, contents, business vehicle, Intellectual property, personal
accidents or illness, etc. list of perils may also include earthquake, riots, lightning, explosion etc. / 1
3. Home and content insurance: this provides cover for structure including residential building,
garage, pool, and fixtures like light fixtures built-in wardrobes and kitchen cupboards etc. Additional
cover can be available for jewelry, paintings, collectibles, pieces of art and other intellectual property
(Andrews, 2018). / 1
Sub-total / 3
Continued
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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. You can take business insurance as it covers a wide varieties of options and flexible packages
which you can choose from. This is according to me the best product given that your health is fine
and your residence is in prime safe locality. / 1
(c) How would you inform the client about the regulatory restrictions of providing
financial products advice?
No Regulatory Restrictions Mark
1. I would inform the client that since this is a financial product and hence carrying on financial
services requirement is to have an AFS license. Accordingly, the company has to abide by the
regulatory restrictions. / 1
Sub-total / 2
Continued
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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. What is your main purpose of visiting us?
/ 1
2. Since I am here to provide financial services, please give me all relevant information so that I can
give you the right product for your needs / 1
3. I am your risk manager so help me to give you the best risk management advice
/ 1
4. I am here to take care of your needs and rest assured your relevant information is secured with us
so please furnish the personal details I ask / 1
5. All our products are flexible and depending on your needs we will decide and prepare a quote.
Hence for getting the best quote, please give me the following details. / 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. I am sorry, we do not provide this service
/ 1
2. I can give you some referrals and these will provide you right guidance.
/ 1
Sub-total / 7
Continued
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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 Explanation Mark
1. Product Name Business Insurance
/1
2. URL of Disclosure
Document (or PDS)
http://download.asic.gov.au/media/1240931/rg168-published-28-october-
2011.pdf / 1
3. Experience of the
provider
15 years
/ 1
4. Product Features Flexibility
Different kinds of covers available
Premium facilities
/ 1
5. Fees As applicable
/ 1
6. Risks Certain perils are not included
Additional to be paid for jewelry, and other valuables / 2
7.
e
Benefits Maximum flexibility in different types of covers
/ 1
Sub-total / 8
Total /20
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Assessment Task 3 Name: ____________________
3.0 Identify
general
advice
boundaries
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. Comprehensive financial plan to achieve financial goals
/ 1
2. Monitor and remind on regular basis.
/ 1
3. All advices align with the organization’s legal policies.
/ 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. Personal advice is given by phone or by electronic means. / 1
2. General advice is given face-to-face / 1
3. In personal advice there is no direct contact with the client or it is given in a seminar / 1
4. General advice can be given on more than one financial products / 1
5. Personal advice is given to corporate or an organization. / 1
(c) What would you do if the client requests personal advice?
No Personal Advice Mark
1. Explain all the rules, regulations, legalities and restrictions and provide personal advice.
/ 2
Sub-total / 10
Total /10
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Assessment Task 4 Name: ____________________
4.0 Provide
general advice
to client
The final step in the general advice process is to provide general advice 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. Providing clients more choices.
/ 1
2. Building trust
/ 1
3. Listening patiently
/ 1
4. Offering relevant expertise
/ 1
Sub-total / 4
Continued
(Keast, 2016)
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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. Transparency
/ 1
2. Cross check and using all organizational tools to assess and ensure that the advice aligns with the
regulations of the organizational policies / 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. Elaborate on flexibility: this means there are multiple options as it is designed as flexible packages
/ 1
2. Fees: can it be paid in installments? Is there any cash discount? Our fees are non-negotiable
/ 1
3. Covers: Select from wide variety of covers from range of different forms and kinds of insurance
/ 1
4. Perils: certain perils like terrorism acts, fraudulent claims and flood damage is not included
/ 1
5. Risks: you have to provide vouchers if you want additional covers for jewelry and other valuables
because these are very subjective and differ from client to client. / 1
Sub-total / 7
Continued
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