RFP® Competency Profile

Function and Enabling Competencies

Generic 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.