FNS40815 Certificate IV in Finance & Mortgage Broking Assessment Cover Sheet

Assessment cover sheet
In order for your assessment to be marked you must complete and
upload all tasks and this cover sheet via the AAMC Training Group
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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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AAMC Training is your own work and NOT the result of plagiarism or excessive collaboration, and that
all material used from any third party has been identified and referenced appropriately. AAMC Training
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Checklist of attachments:
☐ Task 1 – Short Answer
☐ Task 2 – Written Test
Please indicate style of course undertaken:
☐ 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