SAQA

All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.

SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE:

Apply insight into the implications of changing financial priorities and attitudes on the value proposition in a financial relationship

SAQA US ID	UNIT STANDARD TITLE
242569	Apply insight into the implications of changing financial priorities and attitudes on the value proposition in a financial relationship
ORIGINATOR
SGB Insurance and Investment
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-
FIELD			SUBFIELD
Field 03 - Business, Commerce and Management Studies			Finance, Economics and Accounting
ABET BAND	UNIT STANDARD TYPE	PRE-2009 NQF LEVEL	NQF LEVEL	CREDITS
Undefined	Regular	Level 5	Level TBA: Pre-2009 was L5	3
REGISTRATION STATUS		REGISTRATION START DATE	REGISTRATION END DATE	SAQA DECISION NUMBER
Passed the End Date - Status was "Reregistered"		2018-07-01	2023-06-30	SAQA 06120/18
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2026-06-30		2029-06-30

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.

This unit standard does not replace any other unit standard and is not replaced by any other unit standard.

PURPOSE OF THE UNIT STANDARD

This Unit Standard is intended for Intermediaries and Financial Planners who need to understand the needs of clients and how these change over time. Knowledge of changing priorities and values will enable the Intermediary to provide competitive services for a market related fee or commission. It will be useful for Broker Consultants, Account Executives and Bankers.

The qualifying learner is capable of:

Researching changes in attitudes and values and the impact on lifestyle of financial services clients.

Examining existing service offerings and their appropriateness for different clients.

Discussing the implications of a market related fee for financial advice.

Applying knowledge of Return on Investment Theory (ROI) to a financial service practice.

Discussing the implications of a fee in relation to the services offered by the product.

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING

It is assumed that learners are competent in Communication and Mathematical Literacy at NQF Level 4.

UNIT STANDARD RANGE

The typical scope of this Unit Standard is:

Attitudes and values across Generations and within stages in the lifecycle.

Classifications of Generations could include, but are not limited to, Traditionalists, Boomers, Xérs (Yiffies), Millenium or Zuma, Luthuli, Liberation and Freedom.

Service level agreements may be negotiated as fees or commission.

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Research changes in attitudes and values and the impact on lifestyle of financial services clients.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

Attitudes and values in different Generations are researched with reference to attitudes to lifestyle and finance.

ASSESSMENT CRITERION 2

Difference in attitudes and values within a selected Generation are researched with reference to stages in lifestyle and attitudes to financial planning.

ASSESSMENT CRITERION 3

The implications of different attitudes and values for client relationship and financial planning are explored with reference to service offerings and the impact of technology.

SPECIFIC OUTCOME 2

Examine existing service offerings and their appropriateness for different clients.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

Existing service offerings are analysed and compared to the values and attitudes of prospective clients.

ASSESSMENT CRITERION 2

The relationship with a client is defined and a service level agreement is negotiated to meet specific expectations.

ASSESSMENT CRITERION 3

The advantages of networking and access to professional alliances are discussed in terms of offering an holistic service to a client.

SPECIFIC OUTCOME 3

Discuss implications of a market related fee for financial advice.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

The implications of offering a professional financial service are researched with reference to qualifications, lifelong learning, code of conduct and licensing.

ASSESSMENT CRITERION 2

Issues of payment of a professional fee and/or commission are discussed with reference to different service level agreements and rules of relevant professional bodies, where applicable.

ASSESSMENT CRITERION 3

Methods to quantify a professional fee are debated for different levels of advice.

ASSESSMENT CRITERION 4

The implications of fee based remuneration as opposed to commission based remuneration are discussed with reference to service level agreements.

SPECIFIC OUTCOME 4

Apply knowledge of Return on Investment (ROI) theory to a financial services practice.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

ROI theory is applied to decide on whether the time and effort required to service a specific client is financially viable for the intermediary and the client.

ASSESSMENT CRITERION 2

Infrastructure and equipment required for different levels of service are investigated in terms of potential ROI.

SPECIFIC OUTCOME 5

Discuss the implications of a fee in relation to the services offered by the product.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

Different types of fee for a selected financial service are analysed to determine the value each adds.

ASSESSMENT CRITERION 2

Upfront fees of different financial services products are compared to determine the differences in value provided by each product.

ASSESSMENT CRITERION 3

A product appropriate to a specific client's needs is selected taking into account services linked to the product.

UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS

Anyone assessing a candidate against this Unit Standard must be registered as an assessor with the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.

Any institution offering learning that will enable achievement of this Unit Standard must be accredited as a provider through the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.

Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures.

UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE

N/A

UNIT STANDARD DEVELOPMENTAL OUTCOME

N/A

UNIT STANDARD LINKAGES

N/A

Critical Cross-field Outcomes (CCFO):

UNIT STANDARD CCFO IDENTIFYING

The learner is able to identify and solve problems in which responses show that responsible decisions using critical and creative thinking have been made in applying ROI theory to determine whether a required service levels financially viable.

UNIT STANDARD CCFO WORKING

The learner is able to work effectively with others as a member of a team, group or organisation by understanding the importance of professional alliances.

UNIT STANDARD CCFO ORGANISING

The learner is able to organise and manage him/herself and his/her activities responsibly and effectively in applying theories of ROI to a value proposition.

UNIT STANDARD CCFO COLLECTING

The learner is able to collect, organise and critically evaluate information in deciding whether a client and value proposition are financially viable.

UNIT STANDARD CCFO COMMUNICATING

The learner is able to communicate effectively in discussing the implications of a market related fee for financial advice.

UNIT STANDARD CCFO SCIENCE

The learner is able to understand the potential use of technology and the implications for client relations.

UNIT STANDARD CCFO DEMONSTRATING

The learner is able to demonstrate an understanding of the world as a set of related systems by researching the relationship between Generation, stage in lifecycle, attitudes and values a d service levels.

UNIT STANDARD CCFO CONTRIBUTING

The learner is able to be culturally sensitive across a range of social contexts in dealing with generation differences and negotiating service level agreements.

UNIT STANDARD ASSESSOR CRITERIA

N/A

REREGISTRATION HISTORY

As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015.

UNIT STANDARD NOTES

Search words: Commission; fees; value propositions; service offerings; client relationship; managing service level agreements; professionalism, alliances.

QUALIFICATIONS UTILISING THIS UNIT STANDARD:

	ID	QUALIFICATION TITLE	PRE-2009 NQF LEVEL	NQF LEVEL	STATUS	END DATE	PRIMARY OR DELEGATED QA FUNCTIONARY
Elective	57918	National Certificate: Short Term Insurance	Level 5	Level TBA: Pre-2009 was L5	Passed the End Date - Status was "Reregistered"	2023-06-30	INSETA
Elective	66611	National Certificate: Wealth Management	Level 5	NQF Level 05	Passed the End Date - Status was "Reregistered"	2023-06-30	As per Learning Programmes recorded against this Qual

PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD:

This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.

NONE