FNSSAM403 Assessment - AAMC Training Group

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
portal. Your assessment tasks may be uploaded in an electronic format, i.e.
Word, Excel or PDF, unless specified. A maximum of five (5) attachments
(maximum 20MB each) can be uploaded for this assessment. Please see the
step-by-step instructions in your Member Area on how to upload assessments.
Student details
Course name FNS40815 Certificate IV in Finance & Mortgage Broking
Assessment name FNSSAM403 Assessment
Student name
When you upload your assessment you will be asked to confirm that your assessment submission to
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 may
conduct independent evaluation checks and contact your supervisor to discuss your assessment.
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:
Once your assessment has been successfully uploaded it will be pending
review with your nominated course assessor. Your assessor will mark your
assessment and you will receive an email advising you if you have been
assessed as satisfactory. If you are marked as ‘assessor requires additional
information’ or ‘not yet satisfactory’ you may be required to provide additional
information or re-visit the assessment and re-upload your amended case study
or written tasks.
If you have queries relating specifically to your assessment please log an
‘Assessment Query’ under the HELP tab on your Members Area dashboard
and a Student Support officer will respond.
Alternatively, if you have an administration query please go to ‘Admin Query’.
For example: I am having trouble with uploading my assessments and require
assistance – can you please help me with this?
Should you need to speak to someone during office hours, please contact us
by:
Assessment V3.1 A1

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 Warm
Calling
It helps in the right
decision-making of
the target accounts
by gaining attention
for saying
something
compelling.
2 Referrals It is simple
prospecting through
A2 © AAMC Training Group Assessment V3.1

other people which
know and
understand the
business partners,
clients and
contracts.
3 Content
Marketing
It is the art of
communicating with
the customers and
prospects without
selling.
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?
On such platforms name of the individual and its business is the most
essential information to be provided. Other information such as the time of
beginning the business and its location can be mentioned as well. Correct and
professional information about the organization will influence the candidates
which are looking for job get attracted towards working for the organization.
3. What is cold calling? Is cold calling an effective prospecting method?
Explain your answer.
Cold calling is the technique in which the salesperson contacts the
individual which have not shown any previous interest in the products and
services which were offered to him. Thus, with the help of cold calling
solicitation of the phone and telemarketing can be done which provides
involvement in the person's visiting and also door to door sale (Olson and et.al.,
2021). This is the reason why it is considered to be an effective method of
prospecting.
4. How would you build a relationship with a client through cold calling?
For building relationship via cold calling it is essential for the individuals to
make sure that they provide the finest solutions to the most difficult of
problems faced by the prospects. It is important to focus on the needs of the
people. The outcome of the cold call is needed to be decided before making
the cold call. The human connections should be made towards the journey for
ensuring the encounter of new and interesting people. Speaking graciously
Assessment V3.1 A3

and naturally is very important for the new acquaintance. It important for
treat the one which are being called, its not important how many customers
are called unless the ones which are called are treated properly. Allowing the
conversation to evolve very naturally.
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 Advisor
 the role of the organisation
 the identity of and information about the Credit Licence holder
 the range of services provided
 all costs, fees, commissions etc. associated with the transaction
 the procedures for handling complaints and disputes.
Answering opinions
 Role and responsibility of the credit advisor in the credit guide helps
them to understand at what time does the credit advisor need to
explain what the credit activities are needed to engaged.
 In the credit guide the summary towards the organizations goals and
standards are mentioned.
 It signifies that the license holders has the right to achieve credit
(Heller and et.al., 2020).
 This guide provides information about the range of financial solutions
given to the consumers which also include loans, credit cards, goods
and services.
 The credit guide provides information about, fees payable by you to the
third parties, fees payable by you to the licensee and fees paid by the
licensee to the third parties
6. Why do you believe is it important to encourage prospective clients to
express their needs and goals when completing a data collection?
Engaging with the clients is important for the prospectives because of the
following reasons,
 It provides opportunities to get to know the other clients even better as
an individual.
 Establishment of the areas of the potential risk prior to the call can be
effective n the organization.
 Ascertaining the needs and the preferences of the clients is very
important for the prospectives.
 Acknowledging the culture, religion and ethics is considered to be the
most effective way of providing the organization different values of the
organization.
 Advocating freedom towards the choice and independence should also be
very effective for communication with the prospective.
A4 © AAMC Training Group Assessment V3.1

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 price =$400000
Deposited amount = $150000
Therefore, the loan amount = 400000-150000 = $250,000
LVR = (250000/400000)*100 = 62.5%
b) Why is it important to respond clearly to the client in this case?
This ratio shows the relationship between the lenders and loan on the
determination of the risk taken on the secured loan.
c) What could you do to make sure the client has understood what you
have advised?
This ratio of LVR shows that the client is taking more of the taking more
risk than they should for by depositing the 150000 amount which is
required. Provide the client with a credit guide can ensure that the client
has understood what has been said.
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?
Some probing question which are needed to be asked the clients are,
 How can we help?
 Do you have a budget in mind?
 Why do you think it is the case?
Assessment V3.1 A5

b) What are two points you may highlight to the client to try and overcome
this situation in an appropriate manner?
A hesitant client can be persuaded with the help of the following,
 Realising them the fear of mission out on a great deal.
 Getting ahead of consumer questions with reviews.
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 use to overcome this?
Interpersonal skills while dealing with clients can be listening skills, self-
control and positive attitude.
Communication skills while dealing with clients should be, personalized
interaction, avoiding negative phrases and use of positive language with
empathy.
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
Purchasing the
property
For living in as a
single parent.
The loan amount
would be 250000
which can be paid by
Mary Jane in 3 years.
A6 © AAMC Training Group Assessment V3.1