NZQA Expiring unit standard
24769 version 2
Page 1 of 4
Title
Prospect for new customers for financial products and/or services in
the financial services industry
Level
4
Credits
3
Purpose
People credited with this unit standard are able to, in the
financial services industry:
– establish relationship with the prospect;
– identify the prospect's needs and goals;
– secure commitment; and
– manage prospect information.
Classification
Financial Services > Financial Services - Relationship
Management
Available grade
Achieved
Explanatory notes
1
This unit standard has been based on the Australian unit of competency
FNSICSAM403B, Prospect for new clients available at http://ntis.gov.au. This is
supported and endorsed by the Australian standard setting body Innovation and
Business Services Australia and ETITO (ElectroTechnology Industry Training
Organisation).
2
Assessment against this unit standard may be on job, or off job in a simulated work
environment or a combination of these within the financial services industry context.
3
References
New Zealand Bill of Rights Act 1990;
Commerce Act 1986;
Companies Act 1993;
Consumer Guarantees Act 1993;
Credit Contracts and Consumer Finance Act 2003;
Electronic Transactions Act 2002;
Fair Trading Act 1986;
Financial Reporting Act 1993;
Financial Transactions Reporting Act 1996;
Health and Safety in Employment Act 1992;
Human Rights Act 1993;
Income Tax Act 2007;
KiwiSaver Act 2006;
NZ IFRS (New Zealand equivalent to International Financial Reporting Standards)
available from http://www.nzica.com;
Privacy Act 1993;
Securities Act 1978;
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24769 version 2
Page 2 of 4
Securities Markets Act 1988;
Securities Markets Amendment Act 2006;
Superannuation Schemes Act 1989;
Trustee Act 1956;
Trustee Amendment Act 1988;
industry codes of practice;
and all subsequent amendments and replacements.
4
All activities must comply with any policies, procedures, and requirements of the
organisations involved; the standards of relevant professional bodies including codes
of ethics; and any relevant legislative and/or regulatory requirements.
5
Definition
Prospect, or prospecting – a continuous process of gathering the names of potential
buyers who are likely to be interested in purchasing the salesperson’s financial
product and/or service. These may include – friends and family, referrals, business
associates and associations, internal company referral systems, networking groups
and events, direct mail, databases, brokers, advertisements, telemarketing.
Outcomes and evidence requirements
Outcome 1
Establish a relationship with a prospect in the financial services industry.
Evidence requirements
1.1
A range of communication and interpersonal skills are used to establish a
relationship with the prospect.
Range
1.2
General introduction to the financial services organisation is provided to
prospect in accordance with organisational requirements.
Range
1.3
includes but is not limited to – questioning and listening skills,
rapport building skills, establishing the prospect’s level of financial
literacy where relevant, tailoring communication to prospect’s level
of financial literacy where relevant.
may include – organisation values, mission and ethics, customer
charter information, types of products and services, how process
works.
Disclosure requirements are met, and prospect is informed of the role of the
adviser in accordance with organisational procedures, legislation and industry
codes of practice.
Range
may include – adviser disclosure statement.
Outcome 2
Identify the prospect’s needs and goals in the financial services industry.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24769 version 2
Page 3 of 4
Evidence requirements
2.1
Prospect is encouraged to express their financial needs and goals, and
prospect’s questions and concerns are identified and responded to
appropriately, in a clear and unambiguous way, and in a manner consistent with
prospect’s level of financial literacy.
2.2
Prospect’s financial needs and goals are identified and documented in
accordance with organisational procedures.
Outcome 3
Secure commitment in the financial services industry.
Evidence requirements
3.1
Reasons for resistance are identified and addressed in an appropriate manner
in accordance with organisational procedures.
Range
resistance may include but is not limited to – no perceived need,
uncertainty about financial product and/or service, price
resistance, timing issues, poor rapport with salesperson;
addressing resistance may include – listing and describing
superior benefits of financial products and/or services, using
assertive messages, providing additional information, education,
and support such as statistical information, giving trial offers or
offers of incentive, giving referrals such as satisfied customers to
contact.
3.2
Prospect’s personal, financial and business details and commitment to proceed
are confirmed and documented in accordance with organisational procedures
and relevant legislation.
3.3
Next steps in the process are explained to prospect in accordance with
organisational procedures.
Outcome 4
Manage prospect information in the financial services industry.
Evidence requirements
4.1
Prospect information is recorded in an appropriate way in accordance with
organisational procedures and relevant legislation.
4.2
Additional financial product and/or service research is conducted and
documented to determine possible appropriate products and/or services to meet
prospect needs.
4.3
A range of options are considered and documentation prepared for next contact
in accordance with personal authorities and organisational procedures.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24769 version 2
Page 4 of 4
This unit standard is expiring. Assessment against the standard must take place by
the last date for assessment set out below.
Status information and last date for assessment for superseded versions
Process
Version Date
Last Date for Assessment
Registration
1
20 June 2008
31 December 2017
Review
2
18 June 2014
31 December 2017
Consent and Moderation Requirements (CMR) reference
0003
This CMR can be accessed at http://www.nzqa.govt.nz/framework/search/index.do.
Please note
Providers must be granted consent to assess against standards (accredited) by NZQA,
before they can report credits from assessment against unit standards or deliver courses
of study leading to that assessment.
Industry Training Organisations must be granted consent to assess against standards by
NZQA before they can register credits from assessment against unit standards.
Providers and Industry Training Organisations, which have been granted consent and
which are assessing against unit standards must engage with the moderation system that
applies to those standards.
Requirements for consent to assess and an outline of the moderation system that applies
to this standard are outlined in the Consent and Moderation Requirements (CMR). The
CMR also includes useful information about special requirements for organisations wishing
to develop education and training programmes, such as minimum qualifications for tutors
and assessors, and special resource requirements.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016