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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

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 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

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  Reregistered  2023-06-30  INSETA 
    Elective  66611   National Certificate: Wealth Management  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2021-06-30  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.
     
    1. African Resources & Financial Training (Pty) Ltd 
    2. AFRICAN UNION SKILLS DEVELOPMENT PTY LTD 
    3. ALCARI 233 CC T/A ALCARI (Eversdal)(TP) 
    4. Boland Public FET College - Central Office 
    5. CKP Development Agency (Pty) Ltd. 
    6. COLLEGE OF CAPE TOWN 
    7. College of Cape Town - Central Office 
    8. False Bay College 
    9. Intec College 
    10. Invuya Institute of Learning (Pty) Ltd 
    11. Masifunde Training Centre (Pty) Ltd 
    12. North Link College 
    13. Old Mutual Life Assurance Company South Africa 
    14. Ray Strodl Consulting (Pty) Ltd 
    15. Ripple Effect 4 (Pty) Ltd 
    16. Sanlam Life Insurance Ltd 
    17. Sanlam Life Insurance Ltd. 
    18. South Cape College 
    19. South Cape Public FET College - Central Office 
    20. The Institute of Health Risk Managers (Pty) Ltd 
    21. Umfolozi FET College - Central Office 
    22. Universal Healthcare Services (Pty) Ltd 



    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.