Credibility: The ability to convince a client is an effective communication skill of the finance broker. Eun and Resnick, (2012) opined that financial products require salesmanship skills.
Keep track of details: An efficient finance broker must keep a track of all transaction details and maintain all complicated paper works for the purpose of future reference.
Professionalism: The broker should categorize his activities in a tactful schedule in order to maintain transparency in the transactions.
In case of interacting with clients the finance brokers must comply by the ethical standards and while efficiently delivering a transaction the finance broker must maintain act of integrity, provide high standard of service, act in a way that promotes trust, treat the client with respect and take responsibility of any default.
Tip 1: Never miss an opportunity to connect
Contacts are the currency of LinkedIn hence the business person using LinkedIn should not miss a chance to connect with any of the present LinkedIn member.
Tip 2: Map the prospects
With the help of the activity records of the MNCs it is possible to map out the person who is in charge of the business decision making and thus helpful for the purpose of approach for business products.
Tip 3: Efficiently use the search engine
LinkedIn has an advanced search engine facility which will help a business person to find prospects by surname, company, location or keyword.
The use of Electronic Document Management System helps in digitization, indexing, storage, processing and retrieval of important documents in order to facilitate work process of finance professionals. This system will minimize the cost of document processing and increase the value of information (Grieve, 2013).
The three major information given by the Uniform Consumer Credit code are namely to protect customers from obtaining credit to finance their transactions, ensure that adequate credit is provided and govern the credit industry in general. The code also requires the creditors to disclose the terms of credit to the consumers.
As per the ASCI guidelines the loan is deemed to be unsuitable fewer than two conditions
If the consumer is not able to show a feasible financial situation: Before issuing a loan the ASCI will judge the consumer’s amount and source of income, length of employment, fixed and variable expenses, credit history and assets.
If the consumer’s requirements and objectives are not justified: In this regard the ASCI will review the credit amount required, timeframe of the credit, purpose and benefit of the credit and flexibility of the credit.
As per the MFAA’s code of practice the penalties applied to the brokers on the breach of norms may make it impossible for the brokers to recover their commission. Moreover the norms prevent the persons under the age of 18 years to enter into broking activities (Madura, 2012).
As per section 912D any significant breaches are reported to the ASIC. IN case of risk of failing to identify the suitable breach all breaches are reported to ASIC. The breaches are recorded in a Breach register in writing. The breach being reported to the ASIC must contain the date of breach, description, duration, how the breach was identified and rectification of breach. The report should be addressed to Financial services Regulation, regulatory compliance.
Green building: This practice helps in reducing environmental impacts by making sustainable designs, construction, materials and innovative practices like water efficient design and product recycling.
Green purchasing: Availing sustainable procurement and supply chain process and also engage in sustainable promotional process in order to promote the availability of environmentally sustainable products.
ASIC regulates the financial services by contributing to Australia’s economic reputation and wellbeing enhancement. The major responsibility of ASIC is to ensure fairness and transparency in financial markets.
COSL provides free, independent and impartial dispute resolution service for non bank lenders, finance brokers, credit unions, building societies, trustees, mortgage managers and servicers.
FOS provides quick resolution services for complaints of small entities as an alternative to the civil court.
CPD or Continuing Professional development is the means by which people are required to maintain their knowledge and skills relating to their professions. AS per the norms of ASIC regulatory guide 206, the retail advisers and responsible managers should complete an annual CPD training plan which will include update of knowledge in professional areas having constant changes like law, economics, finance and new product markets.
The maintenance of client records will help to cater to the future needs of the clients effectively and hence the business will be able to provide enhanced customer service. Moreover the enhanced customer service also helps to make more new clients for the business.
Before referring the clients to other professional’s three factors are to be judged effectively namely the social standards, ethical standards and the professionalism of the professional. The professionalism should include compliance of records and effective management of transactions. Moreover ethical norms like honesty and integrity should be also present within the professional.
Repayment holiday refers to a short period of time during which an individual can stop making payments towards a loan because of financial problems. Generally people with high mortgage loans and other credit obligations will find this scheme useful since they will be released from the burden of loan repayment.
The product knowledge can be maintained with the help of constant increment of the knowledge with the changes in the society and environment. Moreover with the help of extensive market research it is possible to increase the product knowledge further. The business can also gain product knowledge from competitors review, employee’s opinion and supplier’s information.
The client can take the option of 12 month discounted variable rate loan which will help the client to buy a new home or make investment in property with 12 month discounted variable rate. This will reduce the burden of interest of the clients (Madura, 2012).
Eun, C. and Resnick, B. (2012). International financial management. New York, NY: McGraw-Hill.
Grieve, I. (2013). Microsoft Dynamics GP 2013 financial management. Birmingham, UK: Packt Pub.
Madura, J. (2012). International financial management. Mason, OH: South-Western, Cengage Learning.
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