FNSSAM403 Finance: Assessment on Prospecting for New Clients

This assignment, FNSSAM403, focuses on client prospecting within the financial services industry. It covers various prospecting methods like referrals, reference selling, and cold calling, along with the importance of professional online profiles. The assessment delves into crucial aspects of client interaction, including understanding client needs, providing clear financial advice, and addressing client concerns. Students are tasked with performing LVR calculations, addressing client hesitations, and completing client needs reviews. The assignment also explores interpersonal techniques and communication skills required to build client relationships. Furthermore, it involves researching and presenting financial products and understanding the importance of protecting client information. The assessment highlights the role and responsibilities of a credit advisor, and the importance of providing comprehensive financial advice to clients.

FNSSAM403 Prospect for new clients
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Assessment name FNSSAM403 Assessment
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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 Asking for Referrals This method is considered to be effective as the
same allows businesses to have quality
employee who have proper competence
2 Reference Selling Reference selling allows the business to proper
access different cutsoimer
3 Cold Calling Cold calling allows a sales person to contact
customers which has not expressed any interest
in the product previously.
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 most important aspects which needs to be considered while formulating a social media
site are to properly introduce the business and in addition to reveal what kind of services is
provided to the customers. The nature of services and queries of the customers needs to be
incorporated. The profile would be formulated in such a manner that it can look attractive so
that customers are drawn to the information which is included in the same. The business also
needs to ensure that the profile is user friendly with proper incorporation of information.
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3. What is cold calling? Is cold calling an effective prospecting method? Explain your answer.
Cold calling allows a sales person to contact customers which has not expressed any interest
in the product previously. The process of cold callihng is considered to be effective as it allows
the business to cover large areas for effective operations and requirement of the business are
appropriately met. Cold calling typically refers to solicitation by phone or telemarketing, but
can also involve in-person visits, such as with door-to-door salespeople. This technique helps
in better management of the business and also ensures that productivity is maintained.
4. How would you build a relationship with a client through cold calling?
Cold calling helps a business to keeps converrsation genuine, and eliminates the fears of
making cold calls. Cold calling helps the person to communicate and identify whether the
customer needs are exactly the same as business is offering. The cold calling technique would
allow the management to seek out new customers and thereby enhance the revenue of the
business.
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.
The role and resposnibilities as a creit advisor would be important for the cliernt to know as
this would enable the cklient to know the scope of services which can be provided by the
business. This information would help the client reliase if any changes are required to be made
in the operations structure of the business. The identity and information of the client holders
are also considered to be important
6. Why do you believe is it important to encourage prospective clients to express their needs and
goals when completing a data collection?
Customer feedback are generally information which is provided by clients and it does not
matter whether they are satisfied or dissatisfied with a product or service and about general
experience they had with a company. The feedbacks which is received from the clients helps
in appropriate collevction of data set which is quite useful in the operational process of a
business. The data collected helps in taking important decisions for the business.
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?
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The value of home which Mary Jane wants to purchase is of $ 400,000 and the amoun of
deposits which Mary Jane has is shown to be $ 150,000. Thereforre the LVR for Mary Jane
would be
= (250,000/400,000)*100 = 62.5%.
This shows that the client uses more of debt capital for the purpose of financing the
opertations and this also shows that interest burden of Mray Jane would also be high. The
advice in such a case would be to lower the LVR further so that insurance costs can be met in
an effective manner.
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 two
points you may highlight to the client to try and overcome this situation in an appropriate
manner?
The question which should be asked from the client is whether any information is complex
which cannot be disclosed. The two points which should be highlighted is that full disclosures
would bring about transparency in the operational process of the business and full disclosure
of i9nformation would allow us to provide better advices regarding the situation.
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?
The steps which can be taken for convining the client in such a situation are listed below:
1. It is impotant to demonstrate self-confidence so that the client can place his trust in you
as a broker
2. I would be displaying a professional conduct and code of ethics in order to create a
positive impact on the client.
3. Manage the relationsip that you will create with the client.
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 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 the
loan).
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Goal Concern Creditworthiness
Purchase of House Property A loan of $ 250,000 is
required by the client
The client has appropriate
source of revenue which can
effectively meet the credit
servicing requirements
Holiday Funds Funds required for setting up
a proper savings for
provisions for holidays
The income which is
generated is appropriate but
a proper LVR is required in
such a case.
Investment Property Funds Mary Jane also wants to
opuyrchase investment
properties which
The client has a positive flow
of income and credit history
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 (you can use a number of sites including rate city to
complete this activity).
1 Statrun Car Loans
2 Wespac Car Loans
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.
One of the methods which can be used for protecting the information of the clients is the
application of Multiple Layers of Security which would help in combating the malware and
also ensure that the data is well protected. The user can also use firewall for protecting the
data and it should also be ensured that proper backup is available for the 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?
The questions which would be asked is that what addituional requirements does the client
need and whether the same can be arranged from relatives or any other source for
meeting the requirement of the client.
14. After you have completed the product research how would you prepare for the next
contact?
In oirder to properly prepare for the next contact, product research should be updated and
all possible queries of the clients should be kept in mind by the advisor so that the clients
can be satisfied with the level of service which is provided.
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Task 2 – Written Test
1. List six buyer motives and in your own words, analyse and discuss issues relating to two
of them.
1 Profit or Gain The buyer expects to generate profits from the
investment which he is maiking and therefore this forms
a strong motive for the buyers to purchase. The issue in
such a motive is that all other factors are not considered
properly.
2 Fear of Loss In some cass, alternative products are purchased so
that losses can be avoided from a long run perspective.
The issue in this motive is that a proper decision is not
always taken in such a scenario.
3 Comfort and Pleasure
4 Avoidance of Pain
5 Love and Affection:
6 Pride and Prestige
2. Using conflict resolution and persuasion techniques, write a response to the following
examples of buyer resistance:
Not interested I am aware of the fact that it is difficult to be interested in everything
after a short telephone call, however I truly believe you will benefit
by evaluating this first hand. All I am asking is some time to explain
you its features.
Send me some
information
We have found that a concept which is related to cannot be explained
properly in a brochure. The best way is simply to take 15 minutes and I
assure you that it would be worth it.
No money –
Can’t afford it
I can understand you wanting to avoid unnecessary expenses. All I’m
asking is for you to evaluate what I have to offer. You will not regret the
time given to me once eplain all that we are offering.
You’re wasting
your time
I never consider meeting with a business professional a waste of time. I
believe once you have evaluated the potential benefits you may find
what we are offering very interesting.
3. How do you successfully undertake cold calling? Explain the process from start to finish.
Cold calling helps a business to keeps converrsation genuine, and eliminates the fears of
making cold calls. Cold calling helps the person to communicate and identify whether the
customer needs are exactly the same as business is offering. The cold calling technique
would allow the management to seek out new customers and thereby enhance the
revenue of the business. In order to be successful in cold calling a proper step needs to be
followed and the same are listed below:
 Research a list of prospects
 Build your script.
 Anticipate objections
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 Get positive and get calling
 Leave a message
 Handle the objections
 Repeat the process on a daily basis.
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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
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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
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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.
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a. Explain three points from this article that would appeal to/encourage investors seeking
to buy more property in Melbourne.
1 The properties in Melborne are continuously on the rise and therefore are being
appreciated even though economic cycles are adverse. This provides an incentive
for the buyers to purchase more property considering the future scope for the
same
2 The interest rate and property prices are also quite favourable which would attract
more investors to make investments in properties.
3 The demand for properties in the city is quite high and this tends to attract more
and more investors for making investments in the same.
b. Why would it be prudent for a person to hold on to property over the long term?
It would be a prudent practice for investors to hold on to properties for a longer period
of time as this would help the business to enhance the revenye chances from a future
perspective. The investor can enhoy proper valuation of the property in future period
and threby make capital gains for the same.
c. Why will housing continue to become unaffordable for first home buyers?
The housing for first home buyers would be more afffortable as the investors would
have better access to the funds and therefore would also get advantage from the
government while purchase their firt homes in their own names. In addition to this,
cheaper credit is also avalaible for the business at all times.
5. List six different prospecting methods and in your own words, compare and contrast two
of them.
Prospecting
method
Explanation (only two required)
1 Cold Calling Cold calling allows a sales person to contact customers which has
not expressed any interest in the product previously. This is done on
a random basis and it allows the business to interact with dierent
clients and also obtain their opinions in an effective manner.
2 Referrals This is another method for propecting which allow business to make
systematic calls to clients who are alredy shortlisted for the purpose
of enshnacing the revenue of the business and make more
connections.
3 Content
Marketing
4 Netwroking
5 Email
Marketing
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 Paid advertising This is the most appropriate
form of advertisement and
The area of coverage is not
much and the business also
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FNSSAM403 Prospect for new clients
uses different media such as
print or television media.
faces high rates for
advertisements
2 Cause marketing
3 Relationship
marketing
4 Undercover
marketing
5 Word of mouth
6 Internet
marketing
This type o marketing allows
the business to reach out to
large group of customers
which can enhance the sales
of the business
systematically
There are several risks such as
cyber security issues and loss of
data which is a major issue.
7 Transactional
marketing
8 Diversity
marketing
This marketing strategy
allows the business to target
different class of customers
and meet the expectations of
all such customers
This type of marketing strategy
is not effective as it does not
considers appropriate market
segments.
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 Novated Lease
This is a agreement which which takes place
between the client and the financer for the
purchase of asset on behalf of the clieny for
which the client needs to py regular
instalments for the same. After paying all the
instaments, the ownerhip of the asset
passess to the client
In the case of Novated Lease, the business enters
into an agreement with the financer for ease of an
asset for which the employer bears all the lease
expenses on behalf of the client.
Strengths Weaknesses Strengths Weaknesses
This allows the client
to effectively use the
asset while at the
same time paying the
installments
The interes burdern
associated with
such a system can
be high
The novated lease
process allows the client
to use the assets while
not even bearing the
expenses for the use of
asset.
The rate of interest
which is associated
with a novated lease is
quite high and this
requires upfront
payments
8. Research “The six phases of the buying and selling process”. List the steps for both the
buying and selling processes.
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Buying Selling
1 Dissatisfaction Prospecting
2 Analysis Needs
3 Intervention Solution Crafting
4 Selection Solution Presentation
5 Commitment Win
6 Implementation Account Development
9. What legislation do you need to comply with when using the following prospecting methods:
Cold calling Do Not Call Register Act 2006
Email Australian Spam Act of 2003
10. List at least three types of information you need to provide your client with regard to:
a. your role as an adviser
1 Credit Guide
2 Proposal Document
3 Form of Services
b. the role of the organisation you represent.
1 List of services provided
2 Profile sheet for the business
3 Proposal Document
11. 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 your short term and long term goals?
2 What is average month income?
3 Are you looking to make investments?
4 Do you understand the services which are providing to you?
5 Do you have any question for me regarding the service which we are providing?
12. 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 use to encourage the client’s to express their
needs and goals?
1. Verbal communication should be sweet talking and kind
2. Non-verbal expressions should encourage the client to talk
3. Give the client a listening that will make him or her feel valued.
b. Why is important to understand a prospect’s level of financial understanding?
It is essential so that a prospect can well plan on his cash and also to avoid
unnecessary borrowing thus ensuring financial security.
13. Why is it important to protect the client’s financial information?
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The financial advisors as a professionals have the responsibility of protecting the
information which is provided by the client so that a level of transparency is maintained in
the activities. The privacy factor is coniered to be very important in financia advisory.
14. Why is it important to have a prospecting database?
It is very important to have a good prospecting database as the client would be able to
reach out to more and more customers and build a strong connection with the cllients. This
database is also important for getting information and feedbacks from the client on a
regular basis.
15. How does a prospecting database help you prepare for the next contact?
Prospecting Data base allows advisors to have information such as what are the needs of
the clients and thereby helps in preparing for the requiring of the client and meet the
demand flow in thhe business.
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