RFP® Competency Profile
Function and Enabling Competencies
|E nabling Competencies|
Oral and Written Communication
Creative Solutions to Problems
Versatility and Adaptability
Cognitive and Numeracy Skills
Establish relationship with client
- A range of communication and interpersonal skills areused to establish the knowledge level of client.
- Enquiries in relation to products and services areresponded to by explaining the range of products and services available and their relevant fee and chargingmethodology.
- Client is informed of the role of the adviser and thelicensee/principal responsible for the adviser’s conduct.
- Familiarity with the procedures for complaints handlingand the circumstances in which they should be engagedis demonstrated.
Identify client’s objectives, needs, and financial situation
- A range of communication and interpersonal skills areused to gather clients’ personal, financial and businessdetails.
- Clients needs are identified by encouraging expressionof their objectives and goals (short, medium and longterm goals as relevant to the product).
- Product risk profile of the client is identified.
- Clients expectations of cash flow and relevant taxationobligations are obtained.
Analyze client’s objectives, needs, financial situation, and risk profile
- An assessment of client needs is undertaken, utilizing allinformation gathered and taking into account clientsproduct expectations and specific needs.
- Clients are consulted throughout the analysis for furtherclarification where necessary.
- The need for specialist advice is analyzed and/or client isreferred 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 needsand outcomes is determined from analysis of products,client risk profile and assessment of clients’ needs.
- Relevant research, analysis and product modeling isconducted.
- Appropriate solution (plan, policy or transaction) isdrafted for presentation to client.
Present appropriate strategies and solutions to the client
- Product knowledge appropriate for the service or productoffered is demonstrated when presenting the product.
- The proposed transaction is explained and discussedwith the client in a clear and unambiguous way.
- Relevant details, terms and conditions of product/serviceare reinforced to client.
- Impacts and possible risks of the solution are disclosedin a clear and concise manner to the client.
- Client is provided with written supporting documentationand guided through the key aspects of thedocumentation.
Negotiate financial plan/policy/transaction with client
- Concerns and/or issues the client has regarding theproposed plan/policy/transaction are discussed andclarified.
- Confirmation is sought from client that they understandthe proposed plan/policy/transaction.
Co-ordinate implementation of agreed plan/policy/transaction
- The clients’ formal agreement to the proposedplan/policy/transaction is gained.
- Associated fee and cost structures are clearly explained and confirmation of understanding gained from theclient.
- Time frames for execution and processing are clearlyexplained and confirmation of understanding gainedfrom the client.
Complete and maintain necessary documentation
- Proposal and all other statutory and transactionaldocuments are completed and signed off by the client.
- Copies of appropriate documentation and the signedagreement are exchanged.
Provide on going service where requested by client
- Type and form of ongoing service; including reporting onperformance and review of plan/policy/transaction isagreed with the client.
- Fees and costs for ongoing and specifically definedservice are clearly explained and confirmation ofunderstanding gained from the client.
- On going service is provided as required.