Learner Assessment Guide
Demonstrate skills and techniques required to build
a relationship with a client in a financial services environment
(Unit standard No 113903)
NAME:
ORGANISATION:
COURSE NO:
OR
RPL:
113903 – Learner Guide 2004/11/11 30
113903 – Demonstrate skills & techniques required to build a relationship with a client in a financial services environment
Table of Contents
PageInstructions to Learner
Specific Outcome 1
Specific Outcome 2
Specific Outcome 3
Specific Outcome 4
Knowledge Assessment
Declaration of Authenticity / 3
6
11
16
20
25
31
Instructions to Learner
Award credits on the NQF to learners who are able to:
· Projecting a professional image in a financial services environment
· Relating appropriately to a prospective client
· Explaining the importance of industry knowledge in building a relationship with a client
· Adapting communication to the needs of the client
FAIS Compliance –
To qualify, a sales person any person giving advice must be “Fit and Proper” according to the “Determination of Fit and Proper” as per the Financial Advisory and Intermediary Services (FAIS) Act 37 of 2002. If the intermediary qualifies as per the “Fit and Proper” requirements, he/she must conduct his/her business practice according to the principles outlined in the General Code for Representation of per the FAIS Act. In this regard, he/she will be required to make certain compulsory disclosures and provide advice as prescribed
Context of the Unit Standard / This unit standard is registered on the National Qualifications Framework as follows:
Field: / Business ,Commerce and Management Studies
Sub-field: / Finance, economics and accounting
Number: / 113903
Level: / 4
Credits: / 3
Learning Assumptions: / There is open access to this Unit Standard. Learners should be competent in Communication, Mathematical Literacy and Financial Literacy at NQF Level 3.
Assessment Methods: / The following assessment methods will be used for this assessment:
Formative, and Summative
Assignments/Activities
Knowledge questionnaire
Oral Assessment.
Assessment Process: / Step 1 – Planning for the Assessment
You will need to complete an assessment plan together with your assessor/line supervisor
Your assessor will prepare you for your assessment and complete the assessment preparation plan with you
Ensure you are familiar with what is expected of you for this assessment and the unit standard
Assessment Process (Cont): / Step 2 – Completing the Assessment
This assessment will be by means of questionnaire detailed on page 21.
Hand in the questionnaire fully completed as per the instructions by the date agreed on the assessment plan
Your assessor may ask you additional questions
Your assessor will record the evidence that you have submitted onto the assessment guide
Based on this evidence, the assessor will make a judgement of 'Competent' or 'Not Yet Competent' or 'Not Assessed' for each assessment criteria and overall for the total unit standard
Step 3 – After the Assessment
If 'Not Assessed' you and the assessor will agree the criteria not assessed and arrange an additional assessment date
If 'Not Yet Competent' you and the assessor will identify why this judgement has been made and the action/s necessary. A re-assessment date should also be agreed upon.
All decisions will be recorded on the assessment guide, which all parties should sign
You will only be declared 'Competent' if you have provided sufficient and valid evidence against all the assessment criteria and specific outcomes of this unit standard
After declaration of competence, your assessment is subject to the internal moderation process
Once this is complete, your results will be entered onto SAQA's NLRD – National Learner Record Database
Special Conditions: / The declaration of authenticity on page 31 must be signed by your manager, your assessor and yourself to certify that the evidence is authentic and that this has been applied in your workplace
Feedback on your assessment will be given to you by your Line Manager/Assessor
Resources: / The following additional/supporting resources will help you when preparing for your assessment:
Resource / Reference / Available From
Internet / www.fsb.co.za
www.saia.co.za
www.santam.co.za
www.budget.co.za
Policy wordings/proposal forms/rating guides / Insurers/brokers / Printing dept or marketing dept
Policy holder protection rules / Financial services board / website
Line managers/underwriting managers/accounts managers/sales managers / Within your organisation or insurers
Insurers and underwritng management companies / Web sites
Or direct contact / Technical or marketing depts
113903 – Learner Guide 2004/11/11 30
113903 – Demonstrate skills & techniques required to build a relationship with a client in a financial services environment
1. Specific Outcome 1: Project a professional image in a financial services environment
Assessment criteria 1.1 / Dress appropriate for an interaction in a specific client scenario is selected and in indication is given of why the selected dress is appropriateTask 1 / Discuss what you believe would be appropriate dress for the following situations:
A filing clerk member who works in the security storage strong rooms and is never called on to interview or meet with clients.
A clerk in a service centre who interviews clients and assist with client queries as part of their daily work
A broker who calls on business clients in up market office suites to sell and discuss corporate lines insurance.
An underwriter who is conducting an inspection on a recently burned out farm house or factory.
Assessment criteria 1.2 / The intention behind an interaction with the client is stated clearly, credibly and concisely
Task 2 / List four effects or results of clearly establishing the intent behind a meeting with a client early in the interview.
Assessment criteria 1.3 / Professional behaviour in a client interaction is observed for five joint calls or meetings and an indication is given of what constitutes professional behaviour based on observation.
Task 3 / Use the attached check list to assess 5 calls or interactions with clients
Criteria / Were these behaviours observed or present Y or N
Collected all the relevant information of the clients situation and needs
Clarify this information by asking questions
Analyzed this information using knowledge of the subject
Only suggested products or solutions that will meet these stated needs
Never shared any confidential information
Under promise and over deliver
Always told the truth in all dealings with client
Only gave advice that they would apply to their own situation.
Full disclosure - Pointed out any situation that could lead to a conflict of interests when giving advice.
No unacceptable behaviour
Dress appropriate
Assessment criteria 1.4 / The importance of preparation in a client interaction is explained and an indication is given of the consequences of not knowing your client.
Task 4 / Explain the importance of preparation for a client interaction and what you would ensure you have with you
Give an indication is given of the consequences of not knowing your client form a consulting and regulatory perspective
Assessor Comments
Assessment criteria 1.1
Assessment criteria 1.2
Assessment criteria 1.3
Assessment criteria 1.4
Assessor signature / Date
2. Specific Outcome 2: Relate appropriately to a prospective client
Task 1
/ List and explain the questions you would use to identify the appropriate level of language to use during client interaction
Assessment criteria 2.2 / Sensitivities in a specific situation are identified and an indication is given of the consequences of stereo-typing.
Task 2
/ Identify TWO specific situations where you must be careful of stereo-typing clients and explain the dangers and consequences that could occur if this happens
Situation 1
Situation 2
Assessment criteria 2.3 / The importance of confidentiality in a relationship with a client is explained and in indication is given the consequences of non-compliance.
Task 3 / Explain why confidentiality is important in a professional adviser / client relationship
Discuss the consequences of betraying professional confidences
Assessment criteria 2.4 / Ability to adapt an approach and style in relating to a client is demonstrated for three different scenarios.
Task 4 / Explain how you would approach and deal with clients in the following situations. Pay particular attention to the difference in approach and style you would use with each of the following
You have been asked to call on a new client who you have never met before and who is new to the company to discuss their insurance needs. The client is 60 years old a very formal, careful old gentlemen who has recently retired as a company director and wants to get quotes for his home insurance.
You are calling of a very good client of yours who has done business with you and your company for some time. They always insist they see you as you always seem to be able to solve their problems for them.
Assessor Comments
Assessment criteria 2.1
Assessment criteria 2.2
Assessment criteria 2.3
Assessment criteria 2.4
Assessor signature / Date
3. Specific Outcome 3: Explain the importance of industry knowledge in building a relationship with a client
Assessment criteria 3.1 / The importance of knowing the industry and the wider financial services environment is explained with reference to how it impacts on advice.Task 1 / List SIX of the areas of the clients’ wider financial life that your advice COULD impact on and that you believe you should have at least a broad working knowledge of these areas. Explain how you believe your advice could impact on this area
Financial Area / How your advice could impact on this area
1
2
3
4
5
6
Assessment criteria 3.2 / The importance of competitor intelligence in a relationship with a client is explained and an indication is given of why this is particularly important in a financial services environment.
Task 2 / Explain why it is important to know all about your competitors products and services to be able to give effective advice to your client
Assessment criteria 3.3 / Questions are anticipated in a specific situation and appropriate answers are formulated with own level of license and authority.
Task 3 / List 5 products or services you are licensed and allowed to give advice on and write down at least two questions a client could ask you about these products. Make a note of what you would tell the client in answer to these questions
Product / service / Question / Answer
Assessor Comments
Assessment criteria 3.1
Assessment criteria 3.2
Assessment criteria 3.3
Assessment criteria 3.4
Assessor signature / Date
4. Specific Outcome 4: Adapt communication to the needs of a client
Assessment criteria 4.1 / Vocabulary is selected that is appropriate to a client’s level of understanding and needs.Task 1 / List jargon or acronyms used in your industry or company and then write an explanation of these in language you believe your average client would understand.
Jargon or Acronym / Explanation
Assessment criteria 4.2 / Misperceptions on the part of the client are corrected diplomatically and respectfully for three difference scenarios
Task 2 / Describe how you would correct the following misperceptions on the part of the client are diplomatically and respectfully for the following three scenarios
Scenario 1:
An older client calls and is irate because he believes something he asked you to do have not been done. You have done this task for the client and have passed on the information to his secretary as he requested. She either has not passed this on to him or he has forgotten
Task 2 cont. / Scenario 2:
A client has heard an untrue rumour about your company which has upset him and he wants to close his account. This rumour is not true and you have documented proof from a third party which can prove this. The story is actually quiet far fetched and only a fairly uneducated or simple client would have believed this story.
Task 2 cont. / Scenario 3:
A client’s wife comes into claim on their policy but the husband has allowed the policy to lapse.
Assessment criteria 4.3 / The implications of an on-going relationship on communication with a client are explained with examples.
Task 3 / Explain the results of using good communication skills with your clients and how these will enhance your professional relationship
Assessor Comments
Assessment criteria 4.1
Assessment criteria 4.2
Assessment criteria 4.3
Assessor signature / Date
Knowledge Assessment: 113903
Demonstrate skills and techniques required to build a relationship with a client in a financial services environment
Unit Standard code: 113903
Level: 4
Credits: 3
Learner Name: ______
Learner ID Number: ______
Date: ______
Evaluation
Competent / Unit Standard CreditsNot Yet Competent / Development Feedback
Re-submit
Assessor Date
Moderator Date
INDIVIDUAL SPECIFIC OUTCOME SUMMARY
v To obtain a competent rating in each outcome, a minimum of 50% must be obtained.
v To obtain a competent rating in the entire Unit Standard, a minimum of 50% must be obtained in each specific outcome.
Specific Outcome
/Total Marks Available
/Total Marks Obtained
/%
/Competent
/Not Yet Competent
1
/15
/ / / /2
/15
/ / / /3
/15
/ / / /4
/15
/ / / /Total
/ 60 / / / /1. PURPOSE OF THE UNIT STANDARD:
This unit standard is intended for learners who wish to follow a career path in short term personal/domestic insurance.
The qualifying learner is capable of:
· Project a professional image in a financial services environment.
· Relate appropriately to a prospective client.
· Explain the importance of industry knowledge in building a relationship with a client.
· Adapt a communication to the needs of a client.
2. Assessment Instructions
Ø You can choose to conduct your assessment in a written format or verbally as a knowledge interview.
Ø Complete the questions as complete as possible