FNSCUS511- Written Question v1.8_Aman

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Feb 20, 2024

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FNSCUS511 - Develop and maintain professional relationships in financial services industry (Release 1) Written Questions Written Questions Page | 1 of10 © Real Estate Academy Australia RTO 32436 Version 1.8 – January 2022

FNSCUS511 - Develop and maintain professional relationships in financial services industry (Release 1) Written Questions What you need to do: Answer the questions below by writing in the space provided. You are required to answer all questions correctly. If correct, you will see ‘Satisfactory’ or if incorrect you will see ‘Not Satisfactory’ in your grades section of your learner portal next to the assessment name. The assessor will provide feedback and a Record of Results in the assessment task once graded. You will be required to resubmit your work for any ‘Not Satisfactory’ assessment tasks. What you will need: Use the learner material provided in your online student portal as well as research materials such as books, internet, magazines, workplace documentation etc. to assist you in gaining the knowledge required to answer the questions. Remember that the assessment is completely self-paced and open book, so you are able to use whatever resources you have to answer the questions. What you need to submit: Your answers to these questions. How to Submit your Assessment: Upload your completed document into the “FNSCUS511 – Written Questions” Online Assessment in your learner portal. You can drag and drop the file into the window or use the add file icon in the top left of the submission window and select the file your wish to upload by using the browse/choose file option. Click on finish attempt to submit it for grading. Page | 2 of10 © Real Estate Academy Australia RTO 32436 Version 1.8 – January 2022

FNSCUS511 - Develop and maintain professional relationships in financial services industry (Release 1) Written Questions Question 1 List three ways the need for confidentiality can arise when communicating and negotiating with internal and external parties. The need for confidentiality arises in multiple ways, few of them are listed below: • as a contractual duty through a service agreement, employment contract, or client agreement. This essentially means that the confidentiality between brokers and the clients are maintained by a contract governing the details which need to be kept between these two parties. • as an ethical duty informed by a code of ethics, or code of conduct. Over and above the law which regulates confidentiality, brokers conduct need to be ethical to ensure clients interests are kept at forefront. • as a statutory duty governed, by professional regulation, or a legislative scheme. This is managed via the laws and regulations set by the governing bodies to which the brokers are affiliated with. Page | 3 of10 © Real Estate Academy Australia RTO 32436 Version 1.8 – January 2022

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FNSCUS511 - Develop and maintain professional relationships in financial services industry (Release 1) Written Questions Question 2 What are some sources that inform Customer Relationship Management tools and can be used to compile data of a customer? Below are the few sources that can be used to inform Customer Relationship management tools: 1. Client needs evaluation / analysis: This requires gathering of the customer’s information from multiple sources, by interviewing them to understand their personal and financial situation. 2. Regular discussions with customers including conversations face to face, or over a virtual meeting will provide more details around their financial needs, product requirements which then eventually needs to be fed to the CRM tools. Question 3 What are the main networking opportunities and business events that mortgage brokers have access to in the Financial Services Industry? Below are the options available to the mortgage broker to network with other industry players: 1. Local councils have an economic development strategy, through which they can have access to various events, activities & initiatives. 2. Networking can also be done via two of the bodies in financial services industry, namely MFAA & FBAA as they arrange for breakfast seminars, industry luncheons etc. Question 4 List three techniques a mortgage broker could use to perform a client needs evaluation. Below are the three techniques a mortgage broker could use to perform a client needs evaluation: 1. Gather information from multiple sources: it is not unusual to receive partial Page | 4 of10 © Real Estate Academy Australia RTO 32436 Version 1.8 – January 2022

FNSCUS511 - Develop and maintain professional relationships in financial services industry (Release 1) Written Questions or incorrect information from a client and the mortgage broker role is to investigate the underlying information. 2. Interview the client and be inquisitive: In mortgage broking, all information collected need to be supported by evidence, there is no space for interpretation. The mortgage broker must fully understand the personal and financial situations, plans, circumstances, needs and requirements of his clients in order to act in his best interest. The language and financial jargon used must be adapted to the level of sophistication of the client. 3. Choose the best method to collect data: many factors can affect the best method of data collection (environment, geographical location, work shifts...). Some clients will be more likely to provide the mortgage broker with detailed information over the phone, some would prefer a face-to-face meeting while other might be more comfortable completing on online written questionnaire. Question 5 Identify three managerial techniques to engage with others and provide an example for each of them. There are many managerial techniques to engage with others, few of them are listed below: 1. In order to get the most out of the clients, a broker must have excellent listening and questioning skills, and the broker should keep practicing this technique to make their clients feel comfortable. 2. Extract keyword: note the keywords used by the client when talking about a product or feature to fully comprehend his understanding of it. 3. Paraphrase and get feedback: It’s important to play back the answers provided by the client so that the broker can understand in full detail. Broker should try to seek confirmation by asking questions like, “’I think you are saying that…is that correct”. Page | 5 of10 © Real Estate Academy Australia RTO 32436 Version 1.8 – January 2022

FNSCUS511 - Develop and maintain professional relationships in financial services industry (Release 1) Written Questions Question 6 a) What are the four negotiation principles according to the Harvard Principles of Negotiation? Below are the four Harvard principles of negotiations: 1. Separate the person from the issue 2. Negotiate not position focused but interest oriented 3. Develop criteria that a solution must fulfill 4. You should have different options to choose from b) List the eight communication principles anyone should apply to set up effective communication. Communication Principles: 1. Courteousness 2. Completeness 3. Clarity 4. Conciseness 5. Credibility 6. Correctness 7. Coherence 8. Concreteness Page | 6 of10 © Real Estate Academy Australia RTO 32436 Version 1.8 – January 2022

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FNSCUS511 - Develop and maintain professional relationships in financial services industry (Release 1) Written Questions Question 7 What are the main features of financial database entities and why are they valuable for mortgage brokers? A Database Entity is a key element in all relational databases. It allows to set up properties to capture and store data, and make it easy to research and document the relationship attributes. A financial services provider needs a financial system to help keeping track of all contacts and clients and ensure all the necessary information are easily accessible. A good Customer Relationship Management (CRM) will help improving customer service relationships, assist with customers retention and drive sales growth. CRM systems compile data across different channels to pinpoint past and future area of business practices to identify potential for efficiency improvements. It is of utmost importance for a mortgage broker to get a great CRM to keep his valuable relationships going. Question 8 Briefly explain why the current market conditions and mortgage competition have emphasized the need of professional relationships. Page | 7 of10 © Real Estate Academy Australia RTO 32436 Version 1.8 – January 2022

FNSCUS511 - Develop and maintain professional relationships in financial services industry (Release 1) Written Questions Today, there are an increasing number of home-based, online, and knowledge- based businesses across Australia to ‘compete’ with the big brands. Thus, there’s an urgent need of professional relationships for a mortgage broker. To grow a mortgage broking business, brokers need to receive referrals not just from their customers, but also develop a network of professionals who refer their clients to them and professional relationships play an important role here. Question 9 A mortgage broker must use different communication channels to develop relationships and promote their business. Explain how both LinkedIn and Facebook, two very popular social media, can be used to achieve effective networking. LinkedIn and Facebook are very popular social media which offers great networking and marketing opportunities for businesses of all sizes. Brokers can use these social media platforms to: • promote the name of their brand and business • tell customers about their services • find out what customers think of their business • attract new customers • build stronger relationships with existing customers. Page | 8 of10 © Real Estate Academy Australia RTO 32436 Version 1.8 – January 2022

FNSCUS511 - Develop and maintain professional relationships in financial services industry (Release 1) Written Questions Question 10 You are a newly established mortgage broker in the area, and you want to secure referral agreements to grow your business. You are to consider potential referral partnerships/agreements in the financial service industry located in your area that would profit your own work and organisation. Undertake research in your local area using the internet, yellow pages or similar and create a list of at least three businesses or professional network contacts that you would benefit from as a mortgage broker and complete the below table : Type of business Business name Contact details Benefits this referral could bring to your mortgage broking business: Real Estate Agency OKAS Property Group 0370386527 Get new customers who are buying and selling properties with this real estate agency. Real Estate Agency VICPROP point cook 0388881015 Get new customers who are buying and selling properties with this real estate agency. Buyers Agent Established Property 0393949000 They can refer new customers who are using the services of this buyer’s agent. Page | 9 of10 © Real Estate Academy Australia RTO 32436 Version 1.8 – January 2022

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FNSCUS511 - Develop and maintain professional relationships in financial services industry (Release 1) Written Questions Page | 10 of10 © Real Estate Academy Australia RTO 32436 Version 1.8 – January 2022

FNSCUS511- Written Question v1.8_Aman

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