FNSCUS511 - Develop and Maintain Professional Relationships in Financial Services Industry

Assignment Task

About the Financial Services Training Package

The Financial Services Training Package contains a set of nationally endorsed qualifications, units of competency and assessment requirements developed for the business sector or workplace. The training package specifies the skills and knowledge required to perform effectively in the workplace and provides consistent components for training, assessing or recognising skills.

About FNSCUS511- Develop and maintain professional relationships in financial services industry

This unit describes the skills and knowledge required to communicate and network with a wide range of people, internal and external to the organisation, to increase efficiency and build continuing professional relationships.

The unit applies to those who develop relationships in the financial services industry to inform their work. They use a range of specialised managerial techniques to engage with others. The relationships may be with clients, financial advisers, third-party referrers and other professionals in the financial services industry.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

About this Learner Guide

The ability to develop and maintain professional relationships in financial services industry is an extremely valuable skill in all organisations. Relationships, connections and networks are the backbone of business and are what keeps the industry alive. You must learn how to establish and maintain professional business relationships and contacts that not only benefit your own work and career aspirations but also align with the organisation’s needs. Effective communication skills are essential when networking with people both internal and external to your organisation. Knowing how confidentiality impacts and influences your connections and networks is important so as to remain within the policies and procedures of your organisation and be compliant with legislative and regulatory requirements. Reviewing business relationships regularly is essential to remain competitive and be sure the connections and networks that are in place still align with organisational needs, objectives and expectations.

This Learner Guide is divided into three chapters. These include:

1) Establish professional business relationships

2) Develop professional business relationships

3) Review and maintain relationships

Question

1. Establish professional business relationships 

• Identify business and professional networks and contacts to benefit own work and that of organisation 
• Communicate with identified network members and contacts according to organisational policies and procedures, legislative and regulatory requirements, and professional codes of practice
• Maintain confidentiality when communicating and negotiating with internal and external parties 26 2. Develop professional business relationships

2. Develop and secure positive relationships according to organisation’s social, business and ethical standards

• Develop existing and identified relationships using business and professional networks to promote and market organisation
• Identify areas of business practices with potential for efficiency improvements

3. Review and maintain relationships 

• Engage with required personnel to review relationships according to organisational needs
• Identify other sources of information that assist relationships according to organisational policies and procedures
• Expand reputation of organisation in cooperation with other professionals and third parties and identify new and improved business practices
• Maintain business and professional network and identify new and improved business practices in identified areas 

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