Course Title: Identify client needs and present broking options
Part B: Course Detail
Teaching Period: Term1 2024
Course Code: BAFI5251C
Course Title: Identify client needs and present broking options
Important Information:
Please note that this course may have compulsory in-person attendance requirements for some teaching activities.
To participate in any RMIT course in-person activities or assessment, you will need to comply with RMIT vaccination requirements which are applicable during the duration of the course. This RMIT requirement includes being vaccinated against COVID-19 or holding a valid medical exemption.
Please read this RMIT Enrolment Procedure as it has important information regarding COVID vaccination and your study at RMIT: https://policies.rmit.edu.au/document/view.php?id=209.
Please read the Student website for additional requirements of in-person attendance: https://www.rmit.edu.au/covid/coming-to-campus
Please check your Canvas course shell closer to when the course starts to see if this course requires mandatory in-person attendance. The delivery method of the course might have to change quickly in response to changes in the local state/national directive regarding in-person course attendance.
School: 525T Business & Enterprise
Campus: City Campus
Program: C5419 - Diploma of Finance and Mortgage Broking Management
Course Contact: Mandeep Chahil
Course Contact Phone: +61 3 9925 5980
Course Contact Email: mandeep.chahil@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Nominal Hours: 40
Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Pre-requisites and Co-requisites
Nil
Course Description
This unit describes the skills and knowledge required to determine clients’ broking requirements, explain capabilities, legal and compliance related issues and present broking options to clients.
The unit applies to individuals who are skilled at building relationships and who use specialised knowledge and analytical skills to provide advice and a range of services for clients.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSFMB412 Identify client needs and present broking options |
Element: |
1. Establish client needs and knowledge of broking process |
Performance Criteria: |
1.1 Identify client priorities, goals and product expectations 1.2 Confirm understanding of client needs as required 1.3 Explain finance and mortgage broking process to client and outline background, credentials and role of broker 1.4 Present services, values and capacity of organisation to client and confirm understanding of fees and charges 1.5 Identify and confirm procedures for complaints handling and resolution with clients |
Element: |
2. Determine client's financial situation |
Performance Criteria: |
2.1 Obtain required information on client's personal and financial situation 2.2 Establish client's financial position and conduct initial analysis based on extent of disclosure 2.3 Document and confirm client financial and personal histories, and manage confidentially according to organisational policies and procedures, codes of practice and applicable legislation |
Element: |
3. Prepare options |
Performance Criteria: |
3.1 Research and review applicable lender products, services and features 3.2 Identify and match products according to client needs and expectations 3.3 Seek specialist advice or referrals as required 3.4 Organise product information according to client needs and level of understanding |
Element: |
4. Present options to clients |
Performance Criteria: |
4.1 Explain product options and its features to client 4.2 Explain fees, charges, broker payments and commissions to client 4.3 Discuss impact, short and long-term benefits and risks of options with client 4.4 Communicate the strategic and commercial relationship of representative and organisation with each product provider to client 4.5 Obtain feedback from client on service and product, and confirm refined requirements and expectations as required 4.6 Identify and respond to client concerns and present alternatives, referring to specialists as required 4.7 Resolve issues with product options as required |
Element: |
5. Finalise client documentation |
Performance Criteria: |
5.1 Obtain agreement from client to proceed with product 5.2 Discuss and confirm implementation actions between client and broker 5.3 Identify and complete required documentation and finalise product 5.4 Create or update client records according to organisational policies and procedures |
Learning Outcomes
On successful completion of this course you will have developed and applied the skills and knowledge required to demonstrate competency in the above elements.
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom-based activities. The self-paced activities will be delivered thought various technology platforms and include your contribution to, reflective journals, quizzes, and interactive sessions. The collaborative classroom-based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment. There are 5 assessments for this course that need to be completed to be deemed competent.
Teaching Schedule
|
Week
|
Topic |
Assessment Remarks |
|
1
|
Section 1 –Lender and Loan types
Activity Refer to pages 1-19 of the learner guide Get the students to discuss and to post on the discussion board on canvas what a non-regulated loan consists of and why it is not covered by the NCCP. |
|
|
2 |
Activity Read p.20-42 What the risks posed by commercial lending? Students to discuss on discussion board. |
|
|
3 |
Section 2 – Loan Characteristics Read page 43-56
Activity Post on the discussion board the 3 main core products currently in the market and why are they core products in question |
Assessment Task 1 due this week |
| 4 |
General Lending Criteria Activity Regarding fees write on the discussion board the main fees you will need to explain to a client when it comes to regulated loan for home loan.
|
|
|
5 |
Thought Process for Application and Assessment - Read page 65-74
Activity Research and post your findings on the discussion board on what are the main requirements needed for a small business loan. |
Students to consult their trainer around Assessment 2 |
| 6 |
Loan interview to settlement Read pages 75-84
Activity Use the fact finder/clients' needs review document and fill it with a simulated client. Discuss the issues you encountered with your assessor in tutorials. |
|
7 |
Fees
Activity On the discussion board discuss the purpose product comparison report.
|
Assessment 3 due |
| Mid Semester Break 29 March - 7 April | ||
| 8 |
Process applications for credit Read pages 102 -115
Reading and understanding financials On the discussion board discuss why application is not likely to be approved in the first place Activity Explain on the discussion board the benefits of PEXA. |
Assessment 4 Case study |
9 |
Feedback and re-submissions |
Learning Resources
Prescribed Texts
References
Other Resources
Learning resources will be accessible via the Canvas learning management system.
Students will need to regularly access the appropriate content folders in Canvas and complete learning activities as advised by their teacher.
It is expected that students will need to complete some learning tasks in their own time
Overview of Assessment
Assessment for this course is ongoing throughout the semester. Your knowledge and understanding of course content is assessed through participation in class exercises, oral/written presentations and through the application of learned skills and insights. Full assessment briefs will be provided and can be found on CANVAS.
Assessment Tasks
There are 4 assessments for this course that need to be completed to be deemed competent. 3 Case study scenarios and one role play.
Assessment Task 1 Case Study 1- Due in Week 3
Assessment Task 2 Case study 2 Due in Week 5
Assessment Task 3 Case study 3 Due in Week 7
Assessment Task 4 Role Play scenario Due week 8
You should:
- Ensure that you submit assessments on or before the due date
- Always retain a copy of your assessment tasks (hard copy and soft copy)
- When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on Canvas
- Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, John Calabro 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10
Assessment Matrix
The assessment matrix that maps all the assessment is available in Canvas under 'Assignments'.
All assessments will utilise a competency-based model and will be deemed as either Satisfactory or Not Yet Satisfactory
Other Information
Adjustments to Assessment
In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website: https://www.rmit.edu.au/students/my-course/assessment-results/special-consideration-extensions
Marking Guide (Competency)
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
You will receive feedback on each assessment task that will inform you about your progress and how well you are performing, and you will achieve one of the following results:
Final results table
CA Competency Achieved
NYC Not Yet Competent
DNS Did Not Submit one or more assessment tasks
Other Resources
Learning resources will be accessible via the Canvas learning management system.
Students will need to regularly access the appropriate content folders in Canvas and complete learning activities as advised by their teacher.
It is expected that students will need to complete some learning tasks in their own time.
Course Overview: Access Course Overview