FINPP01 Assist the financial planner in the establishment of new client relationships

Transcription

1 Assist the financial planner in the establishment of new client Overview This unit is for those who provide paraplanning services to financial planners in the delivery of bespoke solutions to clients as part of the financial advice process. You must be able to support the financial planner to prepare for, and undertake, a first interview with a potential client. You must be able to support the financial planner by obtaining sufficient information from the client that will enable those formulating adviceyou to understand the client sir goals, needs and objectives, assess the ability to assist the client further, and ensure that the client understands the financial advice process and its purpose. FINPP01 1

2 Performance criteria You must be able to: P1 ensure your organisation's new client acquisition procedures are adhered to when preparing for, and undertaking contact with, prospective clients P2 prepare all necessary paperwork, including compliance documentation, for use by the financial planner as part of a client meeting P3 where required, assist the financial planner at client meetings to obtain sufficient information from the client that will enable you to fully understand their goals, needs and objectives P4 communicate the purpose of your role P5 and check the client s understanding of the information you have provided, clarifying this where necessary P5P6 assist the financial planner to ensure the client is fully aware of, and understands, the advisory process, including the next steps P6P7 where required, clarify for the client the timescales needed to research and prepare a financial strategy and report P7P8 prepare client files containing all the required information and in the required format FINPP01 2

3 Knowledge and understanding You need to know and understand: K1 New client acquisition procedures K2 The paperwork required by the financial planner when undertaking a first meeting with a client K3 How to satisfycomplete compliance requirements and complete any necessary compliance documentations, either online or paper-based, as appropriate K4 The types of information pertinent to the identification of the client's goals, needs and objectives K5 Typical goals, needs, objectives and obstacles which will enable or prevent the effective implementation of a financial plan K6 Fact finding techniques and information gathering strategies appropriate to different types of client K7 Effective communication methods and techniques K8 The timescales involved in researching and preparing a financial strategy and report K9 The client's contact preferences K10 Procedures for recording and storing information K11 Requirements relating to the application of codes, laws and regulatory requirements as they impact on your activities K12 The practice and procedures relating to the recognition, promotion and the application of ethical standards K13 The regulatory framework within which you operate FINPP01 3

4 Additional Information Behaviours 1. you ask questions when appropriate, expressing these clearly and concisely 2. you analyse information effectively 3. you explain complex information in a clear manner 4. you are able to think independently 5. you prioritise objectives and plan work to make best use of time and resources 6. you consider and respect the client's goals, needs and objectives at all times 7. you build an effective rapport with the client, the financial planner and other colleagues 8. you proactively seek knowledge and clarification from colleagues or from your organisation's procedures if in doubt 9. you carry out tasks in accordance with policies and procedures FINPP01 4

5 Developed by Version number Financial Services Skills Council 1 Date approved July 2009 Indicative review date Validity Status Originating organisation Original URN Relevant occupations Suite Key words July 2011 Current Original Financial Services Skills Council PP01 Accounting and finance; Finance Paraplanning paraplanning, financial strategy, financial advice, financial advisers, financial planning, financial review, financial assets, client assets, financial information FINPP01 5