Assignment
1. Describe how you gather the information required when establishing the client's complex lending requirements?
In answering this question you should refer to:
• Explanation of the services provided to the client
• Listening and questioning techniques you employ
• Your use of language appropriate to any cultural differences
• Your interpersonal skills and how you would deal with any emotive issues sensitively
• Your ability to build/establish rapport
• Your professionalism
• Your communication skills
Your provision of appropriate contact with client throughout the complex broking process
2. Describe how you record and document your interaction with clients?
In answering this question you must refer to:
• Templates used to gather information in initial interview
• Diarising or recording telephone conversations
• Procedures that are established for critical implementation, timing and priorities
• The documentation gathered
• Any technology used to record or gather information.
• How you access and use appropriate specialist software, organisational templates, spreadsheets and databases
How your recommendations and loan structures, as presented to clients, are documented according to organisation guidelines and procedures
3. Describe how you research and consider complex broking solutions based on the clients' needs?
In answering this question you must refer to:
• How special or complex features of a client's situation and objectives are discussed, reviewed and clarified
• The analysis of the client situation to determine opportunities and constraints
• Research into loan structures or options including those which are new or non standard
• Consideration of financial issues in terms of economic, legislation, taxation, legal, insurance
• In what conditions would the broker need to refer clients to a Tier One advisor (eg. financial advisor or accountant)
• How possible loan structure or options are analysed, modeled, prioritised, and measured
• The process used to reject inappropriate options including checks to ensure compliance with relevant acts
• Assessment of options to successfully achieve the client's objectives
How you liaise with others, share information, listen and understand
4. Describe and/or provide evidence of how you identify and manage risk when dealing with clients with complex loan requirements?
In answering this question you must consider:
• Risk evaluation criteria eg undertaking risk categorisation and determining the level of risk
• Risk assessment tools (eg. valuation practices)
• Communication of the aspects of the valuation result/s to clients
• Discussion on the issues around an adverse valuation
• Establishment of the probability of risk including the severity and/or impact
• Identification of stakeholders and how throughout the loan process
o you seek their views
o provide pertinent risk information - clearly describe risks
o recommend amendments to existing controls and report any need for new controls
1. How would you as a professional in the industry ensure that you comply with industry and government requirements and professional codes of practice?
2. How would you read and interpret organisational and industry information?
5. Provide an example of how you present the loan options to the client, including an explanation of why you chose that option or options. This also must state the name of the lender and an explanation of why you chose that lender.
In answering this question you must consider: how you guide the client through options including:
• Discussion of impact- advantages, disadvantages, risks and financial implications
• Fees charges and commissions inclusive of any fees paid by the lender directly to the broker
• How would you explain to the client the lender conditions as they comply with relevant legislation, regulatory guidelines, industry sector compliance requirements and the lenders policy
• Research and documentation provided to the client
• Consultation required with other financial services professionals (eg. accountants, lawyers, financial planners, valuers, etc.)
• Confirmation that the client understands the options presented and any concerns are addressed
Providing information on complaints resolution procedures (internal and external) as included in the information provided to the client.
6. Prior to presenting the loan options to the client did you identify any concerns that the client may raise? What preparation was completed to respond to these concerns?
Consider:
• Research/documentation materials
• Alternative recommendations
• Regulatory limits and financier guidelines
In your answer you should also refer to your ability to:
• Identify and respond appropriately to client concerns
• Exercise restraint when dealing with clients in conflict situations
The process used to gain agreement to proceed from the client.