FNS50320-Diploma of Finance and Mortgage Broking - Accounting and Finance Assignment Help

Assignment Task

Task

Assessment 1:

Question1.

Describe how you gather the information required to establish a client’s special financial circumstances?

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 identify complex credit options based on the clients’ special financial circumstances?

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, insurancex In what conditions would the broker need to refer clients to a  specialist advisor (eg. financial advisor or accountant).
• How possible loan structure or options are analysed, modelled, 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, assess 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.
• You seek their views.
• Provide pertinent risk information – clearly describe risks.
• Recommend amendments to existing controls and report any need for new controls.
• How would you as a professional in the industry ensure that you comply with industry and government requirements and professional codes of practice?
• How would you read and interpret organisational and industry information?

5. 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. FNS50320 Diploma of Finance and Mortgage Broking Management.

6. Describe how you would present lender options to a client, including why you chose that option or options and why you chose a particular lender. TIP – to answer this question, you may search online and choose a lender and loan product and answer this as a (written) role play. 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 lender’s 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.

Question 1.

In this exercise we are analysing some financial statements in preparation for completing a submission to a financier. The scenario is provided below and an income statement and balance sheet are then provided for Wholesale Butchers. You will then have 3 tasks to complete – A, B and C below. TIP: You may wish to reference the INT Services Practice Activity which you completed in Part 2 of the course learning guide:

A. Using the 2 financial statements provided for Wholesale Butchers Pty Ltd, calculate the ratios in the table provided and comment as to the risk using Low/Medium/High rating:

B. Complete the manual Serviceability Analysis for Wholesale Butchers Pty Ltd by inserting the figures into the table provided.

C. List your comments on the outcome from your completed Serviceability Analysis as you would if presenting this in a submission to a lender.

Scenario:

Mr Brett Olsen has owned his wholesale butcher company “Wholesale Butchers” for the past four years. He is the sole director and shareholder of the company. The past six months has seen an influx in orders and, to keep up with demand, he requires another refrigerated van in order to maintain delivery standards and turnaround times to his respective buyers.

Mr Olsen wants to purchase a second-hand van, 1 year old, from RV Dealers for $55,000 and is considering a 5-year Chattel Mortgage (CM), with an interest rate of 6% and monthly repayments of $1,073. He has opted not to provide a deposit and is not seeking any balloon at the end of the loan term. As no deposit is to be applied, repayments will be monthly in advance.

Mr Olsen’s only business debts are an overdraft with CBA with a limit of $25,000 and current balance of $2,800 at 6% and his CM with 6% loan with Esanda for his existing refrigerated van, with monthly repayments of $1,058 pm and 2 years remaining. His financials for the financial years ending 2020 and 2021 are provided here for your perusal and assessment.

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