FNS40815 Certificate IV in Finance & Mortgage Broking Assessment Cover Sheet

This is the assessment cover sheet for FNS40815 Certificate IV in Finance & Mortgage Broking. It includes instructions for completing and uploading tasks, checklist of attachments, credit transfer details, and short answer questions related to prospecting methods, social media profiles, cold calling, client needs review, and more. The written test includes analyzing buyer motives and discussing issues related to them.

Assessment cover sheet
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Student details
Course name FNS40815 Certificate IV in Finance & Mortgage Broking
Assessment name FNSSAM403 Assessment
Student name
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Checklist of attachments:
☐ Task 1 – Short Answer
☐ Task 2 – Written Test
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☐ Online ☐ Virtual class ☐ Face to face – Trainer’s name:
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FNSSAM403 FMB Assessment
CREDIT TRANSFER
You may be able to claim credit transfer for a unit/s of competency that you have previously
completed with AAMC Training or another RTO. If you have been awarded a record of result or
statement of attainment for any of the units detailed below then please go to the Credit Transfer
tab in your Learning Centre and follow the prompts.
This assessment relates to the following units of competency:
 FNSSAM403 – Identify opportunities for cross-selling products and services
Please refer to AAMC Training’s full Recognition Policy for further details.
Task 1 – Short Answer
In order to successfully complete some of the tasks in this assessment you should have access to the
following documents. These are available in the AAMC Training Useful Resources or you may wish
to find your own/use your company documents.
 Credit Guide – important facts about the business and products you provide
 Adviser Profile – this may be included in your credit guide and could be simply your licence
number as the services you provide are one in the same as your licensee
 Client Needs Review – for client data gathering
 Preliminary Assessment
Questions
1. What do you believe to be three good prospecting methods and why?
1 Cohort study This method refers to the study of samples and it
shears defining characters tics.
2 Group study It is totally concerned with the study of group
elements and various tools.
3 Screening tools It is also a beneficial for screening different tools
and technique. This is one of the beneficial tool

and most important perspective method.
2. In your own opinion, what are some areas which are important to say about yourself and your
business when creating a Facebook or LinkedIn profile? Why would correct and professional
information be important to your organisation?
While creating a Facebook or Linkdin profile it is very important to share all the necessary
information about the business and theuir products so that all the professionals of Link-din can
get to know about the business. Apart from this it is also very important for the business to keep
update their Facebook and linkdin profile so that those who want to work with this company may
approach it.
3. What is cold calling? Is cold calling an effective prospecting method? Explain your answer.
Cold calling is one of the popular technique in which is used by the salesperson to contact those
people who have shown some interest earlier about the product and services. Yes cold calling is
effective method due to which sales person can easily sell their products. It can be done by
phone and telemarketing.
4. How would you build a relationship with a client through cold calling?
Relation can get build when the sales person focuses on the needs of the client and by fulfilling
their needs they may easily make a relationship with their clients. Besides this, sales person
should speak naturally so that clients may understand the products and its benefits. Conversation
should be bilateral to build strong relationship.
5. In your opinion, why would the following areas of information (found in the Credit Guide) be
important for a new client to understand? How could this information protect all parties?
 Your role and responsibility as Credit Adviser
Credit advisers are financial professionals, and they help individual and entities to management
their finance and collect fund form different sources.
 the role of the organisation
Organisation's role is to provide services to person entities withing the system.
 The identity of and information about the Credit Licence holder

Credit license holder is responsible for providing credit ser5vices and information to their client.
 the range of services provided
They provide range of services such as mortgage, lines of credit, providing auto loans and
other saving accounts.
 all costs, fees, commissions etc. associated with the transaction
 the procedures for handling complaints and disputes.
To handle complaints and disputes it is very important for the organisation to get deep research
and find out the reason behind dispute.
6. Why do you believe is it important to encourage prospective clients to express their needs
and goals when completing a data collection?
It is very important because when the client express their needs then only sales person can
provide them effective product which satisfy their needs but if the sales man don't know then
there is high chances that they may offere them wrong product and this will harm their
relationship.
7. Your client Mary Jane has advised that she would like to purchase a home worth $400,000
and you have worked out associated costs of around $30,000. She has a deposit of $150,000. She
has spoken to friends and are concerned that she may have to pay mortgage insurance which she
hears can be a very high cost.
a) Complete a quick LVR calculation and explain the outcome to the client. Please
ensure you show your workings. Information on calculating LVR’s are found in your
learning guide and via the internet.
Purchase of home $4000000 also it will add $30000 = 4300000 As she has saving of $
150000 so she can easily get mortgage insurance on the behalf of savings.
b) Why is it important to respond clearly to the client in this case?
It is necessary to respond to client so that they may know in which product they can get good
income and other return, and they can invest in good product as well which will fulfil their
needs.

c) What could you do to make sure the client has understood what you have advised?
By asking to clients about their queries, it can easily be known by the salesperson whether the client
has understand or not. So when client raise their question then only they get more deep knowledge
about the product and services.
8. Your client Mary Jane is hesitant about completing some of the information in the client
needs review. As an Adviser, you must fully complete a client needs review for a number of
reasons.
a) What is a probing question you may ask the client to determine their resistance?
As resistance is very important for the kyc proocess so the major probing questions which
can be asked client about their contact information and other resistant details so that they
may know all the basic details of the client which is very important for them.
b) What are two points you may highlight to the client to try to overcome this situation in an
appropriate manner?
The two major point which need to be considered is that firstly the sales man has to
understand the needs of their client and ask them to provide all the basis details of their
family and those people who are deep-endent on them.
9. A prospective client is hesitant to use you as their broker because they are already a client
with a competitor. What interpersonal techniques and communication skills would you used
to overcome this?
Verbal communication will work effectively and also it will will help the sales person to sell
their all products and services. Besides this motivation will be used as interpersonal technique
to bring some confidence to them,.
10. You have now gained Mary Jane’s consent to move forward with fully completing the fact
find. She has advised that further to the basic information provided above (in question 7), she is
buying the home to live in and is a single parent on a good income in long term employment.
Mary Jane would like to pay the home off early but would also like some spare funds for a

holiday over the next 12 months. Protection of the home and her child in case of job loss or
becoming ill is highly important.
Mary Jane would like to purchase another investment property down the track to provide for
her retirement. Prior to a marital separation, Mary Jane and her ex husband had paid off
another mortgage. Mary Jane has a clear credit history.
The client may also like a 100% offset account as she had one in the past and it worked well to
pay the loan off quickly. Mary Jane would prefer a major bank as she is concerned a smaller
provider may not have any branches in her area.
Whilst it would be prudent to complete a fact find under normal circumstances, for this exercise
we ask you to highlight and record some of the client’s goals, concerns and creditworthiness (i.e.
why the lender should consider them for the loan) in the table below.
Goal Concern Creditworthiness
Buying home She has the concern to buy a
big home
As she has save lot of money
to purchase house so she
thas the creditworthiness
that she will, repay the loan.
Vacation She wants to go for a
vacation to next 12 months
As she is working with a good
reputed company so she will
easily repay the loan.
To buy another investment
property.
She has saved enough
money to purchase new
property.
As she having good
creditworthiness so she may
get loan easily.
11. John has asked you for some advice on buying a car for personal use worth $40,000 over a
five year loan term. You have completed his client needs review and must now complete some
research to present John with appropriate finance options. Research and present two products that
may be appropriate for John, highlight all fees, features, repayment amount, etc. (You can use a
number of sites including rate city to complete this activity.)
1 As John wants to purchase car so it can be suggested to go for a car loan so that john does
not have to pay all the amount at the same time.
2 Another suggestion will be is that john may use their all savings to buy a car but loan will

be beneficial as by paying downpay7ment john can easily get new car.
12. Using a search engine, research “Ten tips to protect your
customers’ personal information”. Select one of the 10 points and in your
own words briefly describe the purpose of this step.
1. By getting limited access to customers information
2. By using encryption practises
3. Collect only those information which is necessary
4. They should destroy data after getting used
5. Give importance to customer privacy
6. Make customer believe that their information is safe
7. To collect vital data
8. Sources should be appropriate
9. Use various password management tools
10. Avoid all the silos data
13. You have completed a fact finder, costing analysis, and LVR
calculation for a client and have worked out the due to affordability
issues, based on the living expenses they have provided, the client is
unable to borrow the required loan amount. They would be able to borrow
a loan amount of $5,000 less. Referring back to your client needs review,
what additional question/s would you ask the client?
One of the major question would be how much loan is being needed by
the client. What are the other affordability issues is being faced by the
client. How effective is for them to get loan frequently. Besides this, it is
also important for the client to share their credit score the only they will
get loan.
14. You have completed the product research for the client. How would you
prepare for the next contact and what would you do at that meeting?
For the next contact it is very important to know the credit sore and
creditworthiness of the client so that the chances of faillier and counter

party risk can be mitigated so that salesperson does not have to face any
difficulty and issues.
Task 2 – Written Test
1. List six buyer motives and in your own words, analyse and discuss issues
relating to two of them.
1 Need It is one of the important thing which is being considered
by very client as in the absence of need no one client will
buy different goods and services. In the absence of need no
one client will purchase new products and services.
2 Financial gain This is again an important part when the customer is
financially strong then only they will buy more new
products, services and goods.
3 Acceptance It is again an important tool and technique because when
the client do not give acceptance then they can't purchase
goods and services.
4 Aspiration Most of the customer buy products on the basis of their self
improvement and they purchase various goods.
5 Variety of use It has been seen very often that most of the customer prefer
products as p0er their variety of uses.
6 Safety Most of the customer buy those products which is safe for
them.
2. Using conflict resolution and persuasion techniques, write a response to
the following examples of buyer resistance:
Not interested By using the right body language and discussing the
issues which is arises to them and it is also very

important for the salesperson to know the reason that
why customers is not interested what they expect more.
Send me
some
information
If the client want some information then they are interested in the product
and services so the situation of conflict get reduced.
No money –
Can’t afford it
In this scenario there is no option of conflict arises.
You’re wasting
your time
It means client is not interested and salesperson should focus on other
client, and they do not get indulged in argument with the client.
3. How do you successfully undertake cold calling? Explain the process from
start to finish.
Cold calling is the procedure of establishing a relation with the new client. In
the cold calling the sales person get the contact detail of their client
through some reference or going door to door. Then the salesperson
describe the product and its benefits so that customer can buy them. It
is very important for the sales person to prepare a script or highlight
important points which they need to tell the customer on the call.
Besides this it I also important that salesman know the need of the client
and as per their desire they may share products and services.

4. Read the following article, and answer the questions below.
Information in this article may not be based on current market
statistics and is for assessment purposes only
Why Melbourne’s properties will keep on rising
In Australia, over some 120 years or so of not quite so accurate statistics,
property prices have risen at an average compound rate of 10.4%, very
slightly ahead of England. Again, property prices have doubled every 7
years or so despite droughts, wars, changes of government, interstate
and overseas migration, interest rate movements, exchange rate
movements, changing rates of unemployment, CPI movements, etc.
Property cycles
When one takes a short-term view of property price movements, one can
get confused by apparently contradictory statistics. However, if you
understand that property prices move in 7-10 year cycles, the picture
becomes a lot clearer.
Let’s take one obvious example. The movement in NSW and Victorian
property prices tend to be counter-cyclical to Queensland prices
(especially South East Queensland). This is heavily influenced by what is
happening in the NSW & Victorian economics which encourages
migration to Queensland, and at other times in the cycle, people
returning to NSW and Victoria.
So, when Queensland prices are moving ahead strongly (because of this
additional demand from interstate migration), prices in NSW and Victoria
exhibit slower growth, and vice versa.
A study of cycles shows that the Sydney market is much more volatile
than, for example, the Melbourne market. Sydney prices rise faster but
can also experience significant falls in each cycle – Melbourne prices tend
to rise rapidly (+25%, +20%) in the first two years of an upturn and then
more moderate increases of 3-7% in the remaining years of the cycle till
growth spurts again.
Relative prices in each capital city
Over the last 100+ years in Australia, each of the six State and Territory
capitals have established a fairly stable ranking with each other in terms
of their median house and apartment prices.

Traditionally, Sydney has always been the most expensive followed by
Melbourne, Canberra, Brisbane, Perth, Adelaide, Darwin & Hobart.
Increases in prices in each of these markets, for whatever reasons
(mining booms, economic recessions, rural booms and droughts etc) can
cause some temporary shifts in the relative standing of each of these
cities. But these are normally temporary shifts and the long-term
standings re-assert themselves as the various cycles evolve.
continued on the next page
In the last 3-4 years, Perth & Darwin prices (and to a lesser extent
Adelaide and Brisbane prices) have increased dramatically due to the
boom in mining and oil company revenues and increased demand for
labour (and therefore housing) in those cities. Sydney and Melbourne
prices, while still rising, have slipped behind these other cities in terms of
relative price increases.
Basic demand & supply
The ever-increasing need for housing in Melbourne and Sydney is not
based on temporary boom factors but on underlying (substantial and
permanent) shifts in population. Each city has a strong underlying
economy, which is not dependent on one particular industry. In addition,
estimates of Melbourne’s population for 2020 is over four million people
(an approximate increase of 25% in 13 years). This is huge in terms of
population increase and the need to accommodate these extra people.
The reality is that Melbourne’s building industry cannot build more than
about 140,000 accommodation units (houses and apartments) per
annum due to shortages of qualified tradespeople of all types and
shortage of suitably zoned land and the building permit process.
Demand, on the other hand, is estimated at approximately 170,000
accommodation units per annum. Added to this, State and Federal
governments have all but completely removed themselves from supply
of affordable housing.
The inevitable consequence is that house and apartment prices will
continue to rise (quickly over the next 2-3 years and then more
moderately). And rentals, which are already moving up quickly, will
continue to rise ahead of CPI.

Relativities with other capital cities will be restored by above average
price increases in Melbourne and then Sydney.
Interest rates
The spectre of a return to 16-17% interest rates (experienced only once
in Australia’s history and then only for a few months in 1990) has loomed
large in many would-be investors’ minds. This fear is understandable but
not justified.
Interest rates are now approximately 1-1.5% above the lowest they have
been in the last 40 years. From an economist’s viewpoint, they are
currently above the theoretical long-term average that they should be
(arrived at by adding the present CPI increase and the additional
incentive needed to be offered for people to save and lend their money
to others – historically 1.5-2.0%).
Currently rates are above their theoretically justified level. This is not to
say that the Reserve Bank will not use one or even two more 0.25 per
cent interest rate rises to send a message to the market not to get
“overheated”. Even two such increases will leave interest rates within 2%
of their 40-year lows. A 0.25% per cent increase in the average mortgage
of around $220,000 is equivalent to an extra $10.60 per week ($45.80
per month) in repayments.
By comparison, a 10% increase in the median house price in Melbourne
is equivalent to an $817 per week ($3542 per month) increase in the
owner’s wealth.
continued on the next page

Rents
The level of rents (determined by supply & demand) and the value of the
properties to which they relate establish the rental return per annum. The
rental return rises and falls at different times in the cycle as real rents and
property prices move up at different rates. Rental returns on residential
property tend to vary between about 3.5-4.0% and 5.5-6.0%.
Melbourne’s rental returns have moved very close to the top end of this
range and are showing every sign of continuing to rise further as vacancy
rates continue to show a decline from over 4% to a little over 1.1% in most
parts of Melbourne. The city’s long-term imbalance between the new
accommodation that can be supplied and the level demanded by increased
population/increased member of new household formations noted above,
allows the actual level of rents to continue to rise quite quickly. This will
attract new investors into the residential house and apartment markets,
which will, in turn, keep pushing prices up.
Housing affordability
There is much debate about whether houses have become
“unaffordable” for young couples. Much research has been done on the
number of years’ salary it takes to buy the “average” house, and the
proportion of income taken up by mortgage repayments.
This is a very complicated issue, which has received a lot of publicity
during this faux election campaign. Despite all the rhetoric I have seen
no viable recommendations come forward and even less political
commitment to solving the problem.
My view is that Australia (which has enjoyed the highest rate of home
ownership in the world) will slip in the world rankings. Those who have
parents who can help them will still be able to buy a home (especially
with abundant bank credit persisting) while those who don’t may be
consigned to a life of renting. This will further stratify Australian society
with the rich getting richer and the poor getting comparatively poorer.
This, combined with governments removing themselves from
constructing accommodation, will put more reliance on a healthy private
rental market and make it suicidal for governments to remove or reduce
investment incentives.
Where are we now?

The above factors of:
 Over 900 years of compound growth in residential property values;
 Where Melbourne prices are in the current price cycle;
 Where Melbourne prices are vis a vis other capital city prices right
now;
 The short, medium and long term population forecasts for
Melbourne;
 The building industry’s restricted capacity to build new
accommodation units;
 Where we are in terms of interest rates v capital growth;
 The continuation in the rise in rents and the very low vacancy
factor; and
 The lack of any coherent way of easing the pressures on
accommodation
5.

a. Explain three points from this article that would appeal to/encourage
investors seeking to buy more property in Melbourne.
1 As over many years the residential property has been grown so this is one of the best
opportunities for investors to invest their money as this sector has growth and they
may get good return to the future.
2 Along with this, the property is highly affordable.
3 Investor wants good return only so by this they may easily get capital appreciation and
higher return.
b. Why would it be prudent for a person to hold on to property over the
long term?
It prudent because the prices of property gets appreciated because
the population is rising so all want their own house.
c. Why will housing continue to become unaffordable for first home
buyers?
For first home buyer is become un- afforabel as the process of homes
are continuous increasing and first buyer has to have good amount of
money to buy such houses.
5. List six different prospecting methods and in your own words, compare
and contrast two of them.
Prospecting method Explanation (only two required)
1 Linkedin
prospecting
Linkdin prospecting – It is one of the most
effective method as in this method company and
people can easily create their own account on link-
din and by providing all the relevant information
they may easily draw the attention of new
customers and many new skilled employees can
reach to the company so this is beneficial for both
for the company and for the employees as well.
BUI
2
Referrals Warm calling — It is one of the most effective way to set up
appointments with them right decision makers so that they may
know the deep dig to get insight sales .
3 Networking

4 E-mail marketing
5 Cold calling
6 a. Warm calling
6. Name at least eight different marketing techniques and in your own words
describe the pros and cons of three of them.
Marketing Techniques Pros Cons
1 Social networking It provides content to user and
if they find valuable they may
easily share on their social
media so it becomes visible to
traffic.
If people
don't like
this then
they don't
share.
2 Internt marketing It is also known as online
marketing which combines web
and email.
Negative
review and
feedback
can harm
the image
of the
company.
3 Email marketing This is suitable to be in touch
with the old and new customers.
If the
customer
do not
follow their
e -mail
4 Traditional advertisement Company share their
advertisement in the newspaper
and other tV channel
It is very
expensive
5 Inbound marketing Most effective B2B marketing to
attract customers and let them
remain engaged.
It is very
time-
consuming
6 Search engine People can easily check the
advertisement whenever they
search something on google
It is very
important
to get
traffic
7 Referral programs It is an umbrella term to tell
people about their products and
services
It is very
lengthy
process

8 Paid media
advertising
It is very effective and increase
the revenue of the company
It is quite
expensive.
7. Access the following website: https://www.finder.com.au/equipment-
finance
Explain the difference between a hire purchase and a novated lease.
Analyse the strengths and weaknesses of the products and services
offered.
Hire purchase
In hire purcahse the ownership is transferesd only to the hirere if they pay all the outstanding
installments. In novated lease, lessee has the option to buy the assets at the end of entire term
and they just have tol pay nominal amount.
Strengths Weaknesses
Hire purchse is convinient in
oayment and increse the
profit.
Buyer has to pay higher prices
On the other hand the
biggest stregth of novated
lease is that is provides
some tax benefits company
has to pay less tax.
In novated tax, first of all it becomes very difficult for people to
get novated lease because it follows various procedures and the
minimum amount is also very high to entre in this.
8. Research “The six phases of the buying and selling process”. List the
steps for both the buying and selling processes.
Buying Selling
1 Identification of the products Selection of potential customers
2 Description of the products Descibe the features of product
3 Product specification Selection of customer
4 Search of supplier Address the querries of client
5 Proposal solicitation Close up
6 Selection of supplier Follow up
9. What legislation do you need to comply with when using the following
prospecting methods:
Cold
calling
Cold callers have to follow some rules it is important for cold callers to tell
their names. They have to say first and last number. If the caller wants then
they may share their contact information. If customer deny them they it is

the right of caller that they may keep the customer in do not call list.
Email For commercial messaging CAN- SPAM act is necessary it also provides
right to recipient to stop sending them email. Organisation may charge
some penalties towards, other recipient who do not follow the rules and
legislation. This law is applicable on those emails which has been sent on
bulks.
10. List at least three types of information you need to provide your
client with regard to:
a. your role as an adviser
1 Being an adviser it is very important to provide all the necessary information to the
client which they should know before purchasing any products.
2 Another important information which is must being shared to the customer is that
adviser should clearly state about the prices of the product and all the other hidden
charges which has to be paid by the client when they purchase the products.
3 Reliability of the product and services should be their. It is the responsibility of the
adviser that they must advice only those products and services which is necessary for
the client and in future client get benefits by the products.
b. the role of the organisation you represent.
1 One of the biggest role of the organisation is that they need to provide all the necessary
information and system to all entities. Organisation and their role can be static and
dynamic in nature. The static manually role added to the persona and entity.
2 Another role of the organisation is to increase the efficiency and various functions in
the organisation.
3 Along with this organisation must focus on using optimum resources so that they do
not waste the necessary resources of the company. besides this it is important for the
organisation that they must provide job satisfaction as well.
1. List five questions you believe to be most important to ask a prospect to
ensure that they have a good understanding of what you provide.
1 What are the names of product which have been offered ?

2 What are the benefits of the product?
3 What are the prices of the the product ?
4 What are the advantages of the product which makes them different from other
products?
5 What do you like the most about the product ?
11. Access the “Client Needs Review –Business & Commercial” document
in the Appendices or Useful Resources Section on the AAMC Training
Member’s Area.
a. What interpersonal skills would you used to encourage the client’s to
express their needs and goals?
One of the biggest interpersonal skill which is being used to encourage
the client is communication skill as by communicating effectively
adviser can easily share all the relevant information about the topic
product and this will help the customer to understand all the thoughts
and opinion of the adviser. Besides this negotiation skill is also very
important to deal with the customer as it is the responsibility of the
adviser that they do not sell themselves at short.
b. Why is it important to understand a prospect’s level of financial
understanding during the interview and loan application process?
(Consider in your answer the impact to you and the client, if the client
does not understand what you are offering or what they are entering
into.)
It is important to understand the level of financial information because
it is very important for the adviser to know the financial strength of the
client so that in future they do not default, and they easily repay the
loans and interest. If the creditworthiness of the client is poor then
they can't repay the loan amount on given time duration. Financial
information also impact the type of loan if the customer is financially
strong then it becomes easy for the company to give loan to this
customer as they have strong belief that customer will repay the loan
amount.

12. Why is it important to protect the client’s financial information?
It is very important for the organisation that they must protect the
confidential information of their clients. Such as : address details, contact
information and banking details. In case if the data get stole by someone
then the client may have to be in trouble. Besides this, organisation also
have to face various penalties and fines and this will impart the reputation
of the organisation and there is high chances that the organisation may
lose their existing clients and no one new client want to build relation with
them. As it is very important for the company because they contain
information of millions of customers.
13. Why is it important to have a prospecting database?
Highly maintained prospecting database allow the organisation to
generate all the specific information which helps the sales man to make
sales and increase the revenue of the company. If the sales person have
the list of all existing customers then it becomes easy for the sales man to
generate sales and revenue from the client. It is beneficial for the sales
person to create pipeline so that they may take follow-up form the
customer whether they are interested or not in the buying the products.
Besides this, sales person also know that who are the client which may
buy the product in the future.
14. How does a prospecting database help you prepare for the next
contact?
Database helps the organisation and salesperson to get their next customer
as with the help of available information which is being provided by the
customer they may contact to the family and friends of the customer so that
thy may get new client for the product. It is has been seen that the client
must sent an email to their clients and after that they may start
conversation with them and it is the responsibility of the sales person that
they must share all the information about the product which they are about
to offer to the customer.