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FNSCUS501 Develop and Nurture Relationships with Clients, Other Professionals and Third Party Referrers Assessment 1

 

FNSCUS501 Develop and nurture relationships with clients, other professionals and third-party referrers  
Unit Description This unit describes the skills and knowledge required to communicate and network with a wide range of people, internal and external to the organisation, to increase efficiency, build continuing relationships and improve sales
 
Learning Outcomes By the end of this unit, students will be able to:

  • Develop professional business relationships
  • Build and maintain business networks and relationships
  • Nurture relationships and build on referral business for the long term

 

Activity 1

Clause 4 of the CBA Mortgage Broker’s Code of Conduct says: “I will personally interview and identify (under AML/CTF requirements) all customers, including those introduced to me via any referral source.”

Why will compliance with this clause help to maintain CBA’s ethical standards.

(Outline the organisation’s social, business, and ethical standards relevant to building relationships and business).

Activity 1 Answer

 

 

Activity 2

In an organisation, information flows forward, backwards, and sideways. This information flow is referred to as communication. Communication channels refer to the way this information flows within the organisation and with other organisations. In this web known as communication, a manager becomes a link. Decisions and directions flow upwards or downwards or sideways depending on the position of the manager in the communication web.

As organisations grow, managers cannot rely on face-to-face communication alone to get their message across. A challenge the managers face today is to determine what type of communication channel should they opt for to carry out effective communication. To make a manager’s task easier, the types of communication channels are grouped into three main groups: formal, informal, and unofficial.

Identify and explain the terms formal and informal organisational communication channels. (Explain the role of different communication channels and tools in relationship development).

Activity 2 Answer

 

 

Activity 3

Explain some of the benefits of entering into a referral partner negotiation on the basis of not having a set of preconditions, assumptions, or expectations for gaining agreement.

(Describe effective interpersonal skills, and negotiation and communication principles).

Activity 3 Answer

 

 

Activity 4

Identify and describe 3 reasons a mortgage broker might benefit for joining an industry association, such as the Mortgage and Finance Association of Australia.

(Identify relevant associations, conferences and other relationship building opportunities).

Activity 4 Answer

 

 

Activity 5

The key to networking relationship development is to be a communicative, approachable, and open- minded person without prejudices, that is keen to exchange information with other individuals. Additionally, it is always helpful to set some goals that you want to achieve by business networking efforts.

Identify and describe some networking goals a new mortgage broker might have. (Identify relevant business contexts for networking and relationship development).

Activity 5 Answer

 

 

Activity 6

Mortgage brokers generally provide their services free of charge to interested borrowers, and are instead compensated by lenders.

  1. How might this arrangement lead to a conflict of interest?
  2. What legal rights does a client of a mortgage broker have?

(Outline the key requirements of relevant legislation, regulation and industry/professional codes of practice that apply to relationship management).

Activity 6 Answer

 

 

 

Reference ID: #getanswers2001051

 

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