MKTG 251 - Prospect for New Clients
Added on 2020-03-04
14 Pages5626 Words114 Views
FNSSAM403 Prospect for new clientsAssessment 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 must be uploaded in an electronic format using Excel. 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 nameAssessment nameFNSSAM403 AssessmentSurnameGiven nameAddressPostcodeEmailPhonePhone (other)Current occupationIndustryYears in industryWhen you upload your assessment you will be asked to confirm that your assessment submissionto 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: Correspondence Online 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 not yet satisfactory you will be contacted and asked to provide additional information or re-visit the assessment and re-upload your amended case study or written tasks.Please contact our head office if you need assistance with your assessment:Office: +61 8 9344 4088 Fax: +61 8 9344 4188 Email: info@aamctraining.edu.auAssessment V2.4© AAMC Training GroupA1
FNSSAM403 Prospect for new clientsFNSSAM403 FMB AssessmentCREDIT TRANSFERYou 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 orstatement 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 servicesPlease refer to AAMC Training’s full Recognition Policy for further details.Task 1 – Short AnswerIn 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 licenseeClient Needs Review – for client data gathering Preliminary AssessmentQuestions1.What do you believe to be three good prospecting methods and why? 1Cold callingIncrease likelihood of a sale2Email marketingFree and fast3Content marketingAttracts, retains and drives custome action2.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? The name, mission and goals of the business. My professional qualification and exptertise in the business. Physical address and contacts of the business.Correct information will honesty and trust from the customers while professional information will set the tone of the engagement on social media.3.What is cold calling? Is cold calling an effective prospecting method? Explain your answer.A2© AAMC Training GroupAssessment V2.4
FNSSAM403 Prospect for new clientsCold calling is the initial stage in the selling process. It’s the first call made to a potential customer. This is an effective method because as a communication tool it targets potential customers who are likely to increase sales.4.How would you build a relationship with a client through cold calling?By informing the client who I am, the organization I represent and the purpose for calling which is not selling but to listen and answer any questions. After the trust is worn then selling will automatically come in.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 AdvisorTo know the type of inquiries to make. This enables both parties to act within their jurisdictions.the role of the organisation To know whether the organization will offer solutions to the client problems. This helps both parites in that there is common expectations from the client and organizations leading to satisfaction on both sides.the identity of and information about the Credit Licence holderTo build confidence in the client that the credit officer is qualified and professional which helps the client in wise decision making. This protects both parties from doubt and conjectures.the range of services providedThis helps the client to know whether his/her needs are met by the organization and gives room for any possible addition of services. This protects the organization from promising what they are not able to deliver and also makes the client not to make demands that can’t be fulfilled by the organization all costs, fees, commissions etc. associated with the transactionThis helps the client to make the right decisison whether to accept the transaction, changeor differ. This information protects both parties from possible overcharging or loss of funds because both parties are aware of the costs incurred.the procedures for handling complaints and disputes.This helps the client to easily get their solutions to issues and also makes the process is easy and satisfactory. Both parties are protected by this information since conflicts are addressed to the right persion to handle it, thus maintaining a smooth flow in administration and customer handling.6.Why do you believe is it important to encourage prospective clients to express their needs andgoals when completing a data collection? So that the organization can know their expectationsand whether they are realistic. If achievable, then the organization strategizes on how to accomplish them.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 Assessment V2.4© AAMC Training GroupA3
FNSSAM403 Prospect for new clientshas spoken to friends and are concerned that she may have to pay mortgage insurance which she hears can be a very high cost. Complete a quick LVR calculation and explain the outcome to the client. Why is it important to respond clearly to the client in this case? What could you do to make sure the client has understood what you have advised? Total value of assets = $400,000 + $30,000 = $430,000Loan = $150,000$150,000/$430,000 x 100 = 34.9%.Mary should clearly know her financial position in relation to loan facility option to take. In this case, if 34.9% LVR is below the allowable percentage for investment then the client car proceed and secure the loan.To ensure that Mary has fully understood my advice, I will request her to sign the cost analysis and also keep regular contact with her about her decisison including her contributions to the loan and the costs related to it.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. What is a probing question you may ask the client to determine their resistance? What are twopoints you may highlight to the client to try and overcome this situation in an appropriate manner? Who will pay the mortgage incase of income loss? What will happen incase of any unpredictable accident or illness takes place?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? I will engage active listening, and effective communication, problem solving, persuasive10.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 she 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 will ask you to complete the table below. In the table below highlight and record the client’s goals, concerns and creditworthiness (why the lender should consider them for theloan). A4© AAMC Training GroupAssessment V2.4
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