Reference no: EM132456240

FNSCUS501 - Develop and nurture relationships with clients, other professionals and third party referrers - Mentor Education

EXERCISE 1

Question 1. Legislation, Regulation and Industry/Professional Codes of Practice That Apply To Relationship Management.

Identify and outline the key requirements of the legislation, regulation and industry/professional codes of practice that apply to relationship management. That are relevant and that apply to relationship management in the financial services industry.

This task must be completed within 45 minutes.

Question 2. Effective Interpersonal Skills, Negotiation and Communication Principles.

Describe how to effectively use interpersonal skills, negotiation and communication principles in interactions with others in the workplace.

This task must be completed within 20 minutes.

Question 3. Relevant Associations, Conferences and Other Relationship Building Opportunities.

Using your workplace, or the workplace in which you would like to work as the basis for this task, develop a list of the associations, conferences and other relationship building opportunities that are relevant to your role.

EXERCISE 2

THIRD PARTY REPORT ACTIVITY

Instructions:

Arrange a time to complete the activity and have your supervisor observe you undertaking the activity. You should submit the completed and signed checklist with your assessment for this unit of competency.

The following task must be demonstrated in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the customer service field of work and include access to:
• Common office equipment.
• Contact software system and data.
• Financial services product information.
• Clients, including those with cultural, language, race, religion, ethnic origin, socioeconomic status and demographic special needs, other professionals and third-party referrers within whom you can interact with in the workplace.

For this task you are to complete the following steps, working and communicating effectively with others to develop and nurture relationships with clients, other professionals and third-party referrers in the workplace over a period of time sufficient for the liaison, development and secure longstanding and effective maintenance of relationships.

Perform the following steps to develop professional business relationships:

Question 1. Identify, interpret and apply the goals, policies and procedures of the organisation, and conduct all workplace dealings with clients, professionals and other third parties professionally and in accordance with these policies and procedures, as well as in line with all legislative, regulatory and professional codes of practice.

Question 2. Use the organisation's social, business and ethical standards to develop and maintain positive relationships, applying a high level of communication, negotiation, interpersonal and relationship management skills. Provide a copy of the ethical standards that apply to your role.

Question 3. Ensure to carry out all dealings with colleagues, clients and other parties effectively and with respect to confidentiality. Provide a copy of your confidentiality policy.

Question 4. Adjust your interpersonal styles and communication methods as required to the needs and the situation of the other parties, including to adapt to any special needs of clients, including cultural, language, race, religion, ethnic origin, socioeconomic status and demographic needs. Outline how you changed your communication style for at least one customer.
Complete the following steps to build and maintain business networks and relationships:

Question 5. Develop and maintain, to the benefit of the organisation, business and professional networks and other relationships. Provide a list of the networks and a brief description of the purpose of the network.

Question 6. Using business and professional networks to promote and market your organisation, identify and cultivate relationships. Discuss how you used the networks to promote or market your organisation.

Question 7. In cooperation with other professionals and third parties, expand and enhance the reputation of your organisation, and identify new and improved business practices. Discuss how you enhanced the reputation of your organisation.

Perform the following steps to nurture the relationships that have been developed, and build on referral business for the long term:

Question 8. Using appropriate communication channels, follow up referral business to find and secure new business relationships. Describe how you communicated with referrals.

Question 9. Quickly identify referral needs, and provide information about the organisation's relevant products and services. Outline the needs of the referrals and provide a copy of the information that was provided to them.

Question 10. Organise to interview with referral business where the required needs can be met, or identify other sources of information that may assist clients. Outline any other sources of information your provided.

After you have performed the above steps to develop and nurture relationships with clients, other professionals and third party referrers in your workplace over a sufficient period of time, you will need to sit down with your assessor and discuss:

Question 11. How you effectively used interpersonal skills, as well as negotiation and communication principles throughout the task.

Question 12. The key requirements of the legislation, regulation and industry/professional codes of practice that were considered and applied throughout the task.

Question 13. The social, business and ethical standards of the organisation that are relevant to building relationships and business.

EXERCISE 3

RESEARCH TASK

To complete this task, you are to research the communication contexts of client situations, the information that you might use, planning techniques for managing complex client situations and social, business and ethical standards, business networks and networking, referrals and referral management answer the following questions.

Question 1. In what organisational policies and procedures might you find the requirements for conducting dealings with clients, professionals and other third parties?

Question 2. Outline at least 5 of the social, business and ethical standards relevant to building relationships and business that will need to be developed and maintained.

Question 3. What are 3 of the methods that could be used to ensure that you respect and maintain confidentiality when carrying out dealings with colleagues, clients and other parties effectively?

Question  4. What methods might you use to adjust the way you deal with clients depending on the situation? List at least 4.

Question  5. Identify 4 business contexts that might be used to develop and maintain business and professional networks, as well as other relationships that are of benefit to the organisation.

Question 6. List 8 examples of the service providers that you may cultivate relationships with, using business and professional networks to promote and market your organisation.

Question 7. Identify and briefly discuss 2 ways in which you might expand and enhance the reputation of your organisation, in cooperation with other professionals and third parties.

Question 8. Briefly explain the role that different communication channels and tools play in relationship development.

Question 9. What are the important points to remember when you are following up referral business, using appropriate communication channels, to find and secure new business relationships?

Question 10. What questions can you ask to help you identify referral needs quickly and to provide relevant information about organisation's products and services?

Question 11. Why is it important to organise an interview with a referral client when you are able to meet their needs?

Question 12. What will you need to do if you are unable to meet the needs of a referral client?

Attachment:- Develop and nurture relationships with clients.rar