Certificate IV in Finance and Mortgage Broking Assessment

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Section 2: Business skills

Task 5 ― Effective communication

Communication is vital in all interactions, particularly for successful team and client relationships in business.

Answer the following questions using the information from the topic notes in conjunction with your own research.

Task 5: Question 1

List a minimum of four (4) types of communication skills and explain why each is important for effective business communication.

Task 5: Question 2

(a) Explain why listening is so important for effective communication.

(b) List three (3) barriers to effective listening.

Task 5: Question 3

List five (5) tips to help someone communicate more effectively with different types of clients
(e.g. when dealing with a someone from a different cultural background, whose first language may not be English or a difficult client).

Assessor feedback for Task 5 — Effective communication

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Task 6 — Professional development

Refer to the business profile for Capital City Finance and Mortgage Brokers (CCF & MB) located in the subject room.

For this task you are to assume you are a mortgage consultant with the CCF & MB team.

Your manager has gone on extended leave and you have been given the task to step up into their role for that period. You are responsible for the performance and development of yourself and your team. You also have a new team member starting in your organisation. It is now your responsibility to ensure that they are provided with the correct information and support to ensure they have the best opportunity to succeed in your organisation.

You will be required to explain a number of items to your team, as well as support and guide them to maintain their performance and professional development during this time.

Task 6: Question 1

(a) Explain why is it important for individual work goals to align to the organisation’s goals?

(b) Identify the types of organisational framework that you can refer to when planning your own and your team’s work goals to ensure that they align to the organisation’s goals.

(c) List the colleagues you would consult with if you required clarification of your own role responsibilities and how they fit into the wider organisation’s goals and objectives.

Task 6: Question 2

(a) Where would you document the new team member’s role responsibilities?

(b) How will you outline and document their role-specific targets?

(d) Describe how you can use technology to help you manage the team’s work priorities.

Task 6: Question 3

What guidance can you provide the new team member to keep up to date with industry and product knowledge? Provide a minimum of four (4) tips.

Task 6: Question 4

(a) Describe how you can encourage and facilitate personal and professional development for you and your team?

(b) How can you record and document you and your team’s personal and professional development goals?

(c) Explain the human resources policy and procedure at CCF & MB regarding the attendance of professional development seminars, webinars and offsite development workshops.
(Refer to the example business profile for CCF & MB)

Task 6: Question 5

(a) Describe how can you identify team health and wellbeing in the workplace.
(e.g. How would you know if your team is working well together and if individuals are okay).

(b) What strategies might you put into place to manage team health and wellbeing in your workplace?

Task 6: Question 6

Part of your role requires you to monitor and measure your own performance.

(a) Complete the annual targets in your scorecard. (You may need to conduct some research for realistic targets – there is an example Scorecard located in the Business Profile for CCF & MB)

(b) Complete the actual results up to Quarter 3. You notice you are behind in two Key Performance Indicators (KPIs). Record the results in the Scorecard below.

Task 6: Question 7

Describe how you will monitor your own performance against your scorecard.

Task 6: Question 8

(a) You are required to create a professional development plan (PDP).
(Refer to the Toolbox for a sample PDP or you can develop your own.)

Your PDP must include the following, namely:

the two (2) KPIs from your scorecard for which you are behind as at Q3.
a goal for each of those KPIs to ensure you will achieve them by Q4.
the steps/actions you will take to achieve the goals.
two (2) professional development areas that you would like to improve
two (2) formal training or continuous professional development activities that relate to the industry (refer to industry associations for ideas).
the minimum amount of CPD points you would need to maintain if you were a Mortgage and Finance Association of Australia (MFAA) member holding ‘loan writer’ status (link available in the Toolbox).

(b) Once you have completed your personal development plan, who will you seek feedback from on the plan?

Task 6: Question 9

Now that you have developed your own PDP, prepare two (2) other PDPs, each containing a minimum of two (2) development areas, for the following staff members:

(a) a loans administrative officer

(b) a mortgage broker who has recently joined the team.

Managing your time is vital to being able to juggle all of your work tasks, professional development and personal life. Refer to the information provided in the topic notes as well conduct your own research regarding the ‘important/urgent’ matrix.

There are many short videos available — for example, the Eisenhower matrix: How to manage your tasks with Eisenhower, [online video], viewed 3 May 2021, <www.youtube.com/watch?v=tT89OZ7TNwc>.

(a) Make a list of a minimum of twelve (12) tasks and activities a mortgage broker (or mortgage consultant) would need to complete in their role. This should include anything that requires your time — for example, team meetings, emails, personal emails, making a coffee, processing your work, training etc.

(b) Once you have listed your job tasks above (from part a), place each task in the appropriate quadrant.

Task 7 — Customer service

Customer service is integral to the success of any organisation and regardless of industry, customers are placed at the core of everything businesses do. Therefore, being clear on your organisation’s customer service standards is critical to ensure that the service you and your team provide is in line with its culture and expectations.

Organisations establish customer service systems to ensure there is a consistently high standard of service for customers from end to end, across all departments, involving all team members, and at every touchpoint their customers have with their organisation.

It is important that the customer service system is continually monitored and reviewed to ensure that the system remains effective.

For the following questions, reflect on your current or past organisation or conduct research to explain how businesses approach gathering, monitoring and acting on feedback from internal and external customers. Then answer the following questions.

Task 7: Question 1

List and explain three (3) processes that a business can use to gather feedback from its clients?

Task 7: Question 2

Feedback is very important for a business to understand that the products and service that they provide to their clients meets the expectations of the clients.

The feedback from the quarterly customer survey on the service and products provided has been received by the business.

There are six (6) responses of feedback received:

‘The broker was really helpful and responded quickly to my emails. They were very personable and professional’: Sam Welsh
‘I left a message on their message bank on Thursday night, leaving my details to be contacted the next day. I didn’t get a response call until the following Thursday – I really couldn’t wait that long as I had found a property and went elsewhere’: Anh Nam
‘No one responded my calls in a timely manner, it was always 2 to 3 days later’: Mario Taranto
‘I sent an email on the Friday and still did not have a response by the following Friday, I wasn’t very happy with that’: Aya Farid
‘I sent through a couple of emails with questions that I had regarding my loan application. The response I received was not what I was expecting – very unprofessional’: Yarran Danggetti
‘I am really happy with the products recommended to meet my needs for a home loan’: Dan Wong

Part 2

(a) Referring to the areas of concern in the survey responses above, write a customer service improvement report including:

three (3) areas where customer service can be improved. (What)
a minimum of two (2) actions that would be required to implement the improvements. (How)
a list of the stakeholders that would need to be consulted to implement the improvement, and an explanation of how you would communicate this with the stakeholders. (Who)

(b) Write an email to a stakeholder identified in the table below explaining your recommendation and how it will improve the area of customer service.

Task 7: Question 3

(a) How can you and your team monitor the level of customer satisfaction in your workplace in line with the service standards set?

(b) Provide two (2) suggestions for ensuring that team members are accountable for the customer service standards in the workplace.

(a) How can you and your team monitor the level of customer satisfaction in your workplace in line with the service standards set?

(b) Provide two (2) suggestions for ensuring that team members are accountable for the customer service standards in the workplace.

Task 8: Question 1

Refer to the Toolbox in your subject room for Policies and Procedures and links regarding handling complaints and disputes, and respond to the following questions based on those documents:

(a) Who should a client refer their complaint to in the first instance?

(b) In accordance with the Banking Code of Practice, if a provider of financial products and services is unable to provide a resolution within 30 days, what are the five (5) steps they must take?

Task 8: Question 2

Consider the following scenario.

Mr Joseph Harper, a new customer, has called your office and has complained about the time it is taking to receive a decision on his loan application, which was submitted 10 days ago.

The average turnaround time with the lender Joseph has applied to for a loan is 14 working days. Additionally, the loan requires lenders mortgage insurance (LMI), which could add a further two days to the assessment time frame.

The client is getting anxious as he has made an offer on a property subject to finance. There is only 14 days from date of offer to confirm finance approval before the property will go back on the market, so he is very worried he may miss out on the property.

(a) Describe the steps you will take to resolve this complaint. Include the stakeholders you will refer to in the resolution process.

(b) Describe the resolution you will communicate to Joseph.

You may refer to the Toolbox for Policies and Procedures regarding handling complaints and disputes.

Task 8: Question 3

Complete the customer report below based on the scenario in question 2.

Task 9 ― Prospecting for new clients

Finding sales prospects or people who are likely to become customers is necessary to ensure the stability and growth of a business.

Task 9: Question 1

What communication methods can be used to prospect for new clients?

Task 9: Question 2

Refer to the Toolbox and the Client Prospecting Guidelines and answer the following questions:

(a) What are the four (4) steps you must include in your introduction when making a prospective call?

(b) Following your introduction, what important question must you ask before continuing with your call?

(c) What should you do if the prospect advises you that they do not wish to continue the call and they do not wish to be contacted again?

Task 9: Question 3

You have made two (2) prospecting calls. As per the client prospecting guidelines located in the Toolbox, complete the client prospect register below for the following scenarios:

(a) Call 1: You made a call to Rosie Abdul. Following your introduction, Rosie agreed to continue the call. Rosie has been considering refinancing her home loan and seeking an increase to her loan so as she can renovate her kitchen. Rosie also said that the task of doing the research for different lenders seems too daunting. She is not quite ready to begin the process, but she is interested in how your brokerage could assist her. Rosie asked if you could call back in three months.

(b) Call 2: You just called Bruce O’Connor and introduced yourself and provided the purpose of the call. You asked Bruce permission to proceed with the call. Bruce advised that he was not interested and did not want to receive calls from your firm in the future.

Task 9: Question 4

Refer to your contact with Rosie Abdul in Question 4. Three months has now passed, and you need to call Rosie back.

Explain how you will prepare for your next call with Rosie. Include the following:

(a) The information you will require from Rosie.

(b) The information you should provide to Rosie about how your brokerage firm can assist her and a brief outline of the application process.

Task 9: Question 5

Refer to the Toolbox for the link to the following article:
6 Steps of a Successful Sales Process: Understanding both perspectives.

Explain the key features of the buying and selling process.

Task 10 – Professional networks

You build on your network base each day at work as you interact with your colleagues, and internal and external stakeholders. You even build networks in your social life.

Networks and professional connections are important as they can be helpful in building on your industry knowledge, your career development and also to grow your business.

Task 10: Question 1

(a) Identify and make a comprehensive list (minimum of ten (10) internal and external networks). This can include networking groups and/or associations.

List people by their role rather than their names – if you are not currently working, you can list the networks you would have in a mortgage broker role.

(b) From the list you created in part (a), choose six (6) networks. At least one (1) must be from the financial services industry and one (1) must be a third-party referrer. The others may be from any other connections. Complete the table below by outlining how your connection with these networks is of benefit to you and to the broking business.

(c) From the list in Part (b), choose three (3) connections/networks. Explain how you develop and maintain those relationships. Include how you will stay in contact and also how you will enhance the relationship to ensure it remains mutually beneficial.

(d) Identify and explain the importance of three (3) communication channels and tools that you use to develop and maintain professional relationships.

Task 10: Question 2

Explain how you will maintain policy, regulations and codes of practice when networking to promote your business and enhance its reputation. Include how you would present yourself, communicate and maintain client confidentiality.

Task 10: Question 3

(a) Identify two (2) practices that could be implemented to improve business practices when it comes to developing and maintaining networks.

(b) Explain which personnel you would involve in reviewing your network connections to ensure that they are appropriate for your business’ needs and why you would involve them.

Task 11 ― Managing information

Working as a broker in the financial services industry can involve working for a large or small organisation. A comprehensive understanding of the organisation’s structure, management, processes and policies is vital for success.

Refer to the Capital City Finance and Mortgage Brokers (CCF & MB) case study (Future developments) located in the subject room.

CCF & MB have hired a new sales team member, and you are responsible for completing the induction program.

Task 11: Question 1

Briefly explain how CCF & MB access information regarding updates to products and services in their system.

Task 11: Question 2

Managing information in a mortgage broking firm may also apply to maintaining and upkeeping compliance and licences. Refer to the Australian Securities and Investment Commission’s (ASIC) website to answer the following question.

Australian credit licence holders are required to complete an Annual Compliance Certificate and lodge it with ASIC.

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