RFP® Competency Profile
- Establish relationship with client
- A range of communication and interpersonal skills are used to establish the knowledge level of client.
- Enquiries in relation to products and services are responded to by explaining the range of products and services available and their relevant fee and charging methodology.
- Client is informed of the role of the adviser and the licensee/principal responsible for the adviser’s conduct.
- Familiarity with the procedures for complaints handling and the circumstances in which they should be engaged is demonstrated.
- Identify client’s objectives, needs, and financial situation
- A range of communication and interpersonal skills are used to gather clients’ personal, financial and business details.
- Clients needs are identified by encouraging expression of their objectives and goals (short, medium and long term goals as relevant to the product).
- Product risk profile of the client is identified.
- Clients expectations of cash flow and relevant taxation obligations are obtained.
- Analyze client’s objectives, needs, financial situation, and risk profile
- An assessment of client needs is undertaken, utilizing all information gathered and taking into account clientsproduct expectations and specific needs.
- Clients are consulted throughout the analysis for further clarification where necessary.
- The need for specialist advice is analyzed and/or client is referred to appropriate adviser for higher level/specialistadvice if required.
- Product risk profile of the client is assessed and agreed.
- Develop appropriate strategies and solutions
- An appropriate strategy to provide for identified need sand outcomes is determined from analysis of products,client risk profile and assessment of clients’ needs.
- Relevant research, analysis and product modeling is conducted.
- Appropriate solution (plan, policy or transaction) is drafted for presentation to client.
- Present appropriate strategies and solutions to the client
- Product knowledge appropriate for the service or product offered is demonstrated when presenting the product.
- The proposed transaction is explained and discussed with the client in a clear and unambiguous way.
- Relevant details, terms and conditions of product/service are reinforced to client.
- Impacts and possible risks of the solution are disclosed in a clear and concise manner to the client.
- Client is provided with written supporting documentation and guided through the key aspects of the documentation.
- Negotiate financial plan/policy/transaction with client
- Concerns and/or issues the client has regarding the proposed plan/policy/transaction are discussed and clarified.
- Confirmation is sought from client that they understand the proposed plan/policy/transaction.
- Co-ordinate implementation of agreed plan/policy/transaction
- The clients’ formal agreement to the proposed plan/policy/transaction is gained.
- Associated fee and cost structures are clearly explained and confirmation of understanding gained from the client.
- Time frames for execution and processing are clearly explained and confirmation of understanding gained from the client.
- Complete and maintain necessary documentation
- Proposal and all other statutory and transactional documents are completed and signed off by the client.
- Copies of appropriate documentation and the signed agreement are exchanged.
- Provide on going service where requested by client
- Type and form of ongoing service; including reporting on performance and review of plan/policy/transaction isagreed with the client.
- Fees and costs for ongoing and specifically defined service are clearly explained and confirmation of understanding gained from the client.
- On going service is provided as required.
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