FNSSAM403 Prospect for New Clients

FNSSAM403 Prospect for new clients
Assessment cover sheet
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Student details
Course name
Assessment name FNSSAM403 Assessment
Surname Given name
Address Postcode
Email
Phone Phone (other)
Current occupation
Industry Years in industry
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Checklist of attachments:
Task 1 – Short Answer
Task 2 – Written Test
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Correspondence Online Face to face Trainer’s name:
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FNSSAM403 Prospect for new clients
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 Overview the websites The reason this method is successful is because
a business can have appropriate access to
information to every target market.
2 Director’s Jornal or Report These sources contain the best possible source
of information relating to such an aspect.
3 Inquiries The inquiry from employees of the company can
also be important 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?
The information which are to be included in the setting up of a linkedIn and Facebook profile are
provide below in details:
 A description relating to the goods and services which is offered by the business and also
an instance of the target market of the business.
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FNSSAM403 Prospect for new clients
 The prices which are set for the products and the distribution channels which are avliable
to the business.
 The profiles are to be designed by professionals so that the customers are attracted by the
business profile itself
 Contact number of key personnels of the company should be present along with address
of the headquarters and prime area of operation.
 A brief history of the organization and also a history of the idea relating to the product.
 The important profiles of the business personnel with which complaints and feedback can
be provided.
 The information which are incorporated in the profile must be correct and accurate in
every aspect and also ensure that proper communication is established in the business.
3. What is cold calling? Is cold calling an effective prospecting method? Explain your answer.
Cold calling can be defined as the method which is employed by business for the purpose of
making random calls for the purpose of selling certain goods or services. This is generally done on
a random basis but it can also be done on the basis of a target market. The effectiveness of such
a method depends on the following factors:
 Oration skills of the employee staffs while asking questions
 Make a list of question you want to ask in order to ensure that there is conformity with the
clients.
 Use of polite words and soft tone is encouraged and avoid selling the products in first time
is also encouraged.
4. How would you build a relationship with a client through cold calling?
 Ask the clients regarding their tastes and preference as per the market conditions.
 Ensure that a respectful tone is used for the purpose of building up interest of the client
 Answer and statisfy every query and concerns of the clients
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 a credit adviser is important as he would be able to communicate effectively with
the clients and asol address every concern of the clients. In addition to this, he would be in a
position to appropriately settle any concerns of the client and also provide legal advice for the
same.
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FNSSAM403 Prospect for new clients
 the role of the organisation
The role of the organization is an important factor which needs to be considered as a positive
image of the business among the clients would attract more business and ensure effective
servicing.
 the identity of and information about the Credit Licence holder
This is essential for a new client as the client would be able to relate to the information which
they are liable to to give the credit guide and also confirm whether the information provided
would be kept confidential or not.
 the range of services provided
The range of services which is offered to the client along with their prices in order to know the
estimated cost plan of the business.
 all costs, fees, commissions etc. associated with the transaction
The cost which is associated with the trabsaction would help the client to effective make
comparison with products of other organization and make deicisons accordingly.
 the procedures for handling complaints and disputes.
To assess the effectiveness of the after sales services of the business and also evaluate the
customer compliant handling system of the business and also the response time for the same.
6. Why do you believe is it important to encourage prospective clients to express their needs and
goals when completing a data collection?
The reasons prospective clients of the business should be encouraged to express their needs and
goals are:
 To make a customer friendly environment
 To build up a strong customer base.
 To ensure that the customers do not switch to alternative organization
 To ensure that the services are provided as per the need of the organization.
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.
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?
250,000/400,000* 100= 62.5
Mortgage will have a loan to value ratio of 62.5
The above figures implies the amount of borrowing against the value of the property.
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.
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