Capital City Finance and Mortgage Brokers - George and Mildred Case Study - Business Assignment Help
Capital City Finance and Mortgage Brokers (CCF & MB)
George and Mildred are very happy with the way you service your clients and are sure that you are a good fit for the team. They now want you to turn your focus to your primary task, which is to assist in expanding the business by building relationships with selected real estate agents, accountants and legal firms through strategic alliances. They also want you to consider how CCF & MB can consolidate its relationships with its existing strategic partners.
Let’s recap on what you already know about Capital City Finance and Mortgage Brokers (CCF & MB).
It’s a family owned business providing a range of mortgage and finance broking services to the business and private sectors, with experience in all facets of finance and insurance, providing expert advice covering a multitude of products and options existing within the market.
CCF & MB specialises in home loans, commercial lending, business lending, personal and motor vehicle finance and insurance (life and general) and focuses on helping clients find the finance service suited to their individual circumstances.
It provides its services through its association with the following partners:
•Australian Aggregators: a rising company within the aggregation business, with an extensive panel of residential and commercial lenders, and asset finance.
•ABC General Insurance: a boutique insurance company specialising in a full range of general insurances.
•XYZ Life: a small family-owned insurance brokerage specialising in the full range of life insurance products.
Based in the city, CCF & MB has the capacity to service clients from their office or anywhere at their clients’ convenience through its team of mobile brokers.
CCF & MB does not hold a credit license but operates as a credit representative of Australian Aggregators.
Since its inception 13 years ago, CCF & MB has built a loan book of almost $1.2 billion and averages over $120 million in new loans annually.
CCF & MB’s vision is to be the mortgage and finance broker of choice in the greater metropolitan area.
CCF & MB’s mission statement is: ‘to operate professionally in accordance with legislation, our licence and professional standards’.
CCF & MB’s values are as follows:
•to act with honesty and integrity at all times
•to provide unbiased advice and conduct business, free from any conflict of interest
•to maintain confidentiality in all dealings
•to meet all NCCP regulatory requirements
•to comply with all mortgage industry laws and regulations
•to ensure quality and efficiency in its loan processes.
CCF & MB’s people
CCF & MB is owned by husband and wife, George and Mildred Spencer.
With over 35 years’ experience in finance and business ownership, George established and built a successful business dedicated to assisting clients with managing their finances effectively. Starting the business with his wife Mildred 13 years ago, George gained immense satisfaction in seeing it expand, to service more and more clients across the city and greater metropolitan area. Although in recent years he has stepped back from dealing directly with clients, he still maintains a small select clientele. He also takes great pride in training and mentoring his team to enhance their performance.
Mildred has over 22 years of lending experience and is qualified, not only to assist her clients with their mortgage requirements, but also to assist them with their commercial finance requirements. She also holds financial planning qualifications. She specialises in asset finance.
The company has a small team of five additional consultants and two administration staff members. Profiles for the team are as follows:
•Jennifer Dee is recognised as one of the top female brokers in Australia. She has been in the broking industry for over 10 years and has a passion and dedication to assist and accommodate all of her clients’ needs with their financial dreams. Jennifer is an Accredited Mortgage Consultant with the Mortgage and Finance Association of Australia (MFAA).
•Louise Spencer (George and Mildred’s eldest daughter) is an Accredited Mortgage Consultant with the Mortgage and Finance Association of Australia (MFAA) and has been working as a loan consultant for almost two years. Louise started off in the lending industry in the office as an administrator to gain as much experience and knowledge as possible before taking a broking role. Her passion for helping her clients ensures that she is always available to her clients at a time and place convenient for them.
•Michael Spencer is George’s younger brother and is CCF & MB’s equipment finance specialist. He has over 25 years of working in the equipment finance industry. He has developed an in-depth understanding of the transport and agricultural industries, and also provides finance for general equipment, motor vehicles, and computer equipment.
•Martin Long has specialized in equipment finance for the last three years, but prior to this, he spent five years operating his own retail food business. This practical experience allows him to see things from his client’s point of view, including experience with equipment finance. He specializes in plant and equipment in the machinery, woodworking and packaging industries. Examples of some of the equipment he has financed are farm machinery, extrusion lines, plastic injection molders, commercial catering equipment, woodworking plant, packaging lines, forklifts, office fit-outs and many different motor vehicles.
•Luis Ramirez migrated to Australia as a young boy; 25 years ago with his family. After completing high school he graduated from university with an accounting degree and worked in ANZ in commercial lending. He joined CCF & MB four years ago and specializes in vehicle and capital equipment financing. He provides ITC and general equipment lease funding options for clients. By providing better outcomes, both during and at the end of their equipment leases, Luis’ many clients have been able to reduce costs and maximize the value of their available budgets.
CCF & MB is a member of the MFAA, as a broking business dealing directly with the public. Both George and Mildred are fellows of the MFAA. CCF & MB is also a corporate member of the FBAA.
All staff members, including consultants, are paid an annual salary plus superannuation. Consultants also receive a car allowance plus a percentage of trail commissions, which are paid quarterly based on their performance targets.
Task 1 — Developing and nurturing relationships with clients, other professionals, and third-party referrers
George and Mildred now require you to write a plan to assist in developing and nurturing relationships with clients, other professionals, and third-party referrers.
The layout and content of your plan should address the following:
1.How CCF & MB’s policies and procedures and legislative, regulatory and professional codes of practice impact on developing and nurturing relationships.
2.How you would use CCF & MB’s social, business and ethical standards to develop and maintain positive relationships.
3.The importance of confidentiality and how you would maintain it in your dealings with colleagues, clients and other parties.
4.How you would adjust your interpersonal style to the needs and situation of other parties.
5.How you would go about developing and maintaining business and professional networks and other relationships to benefit the organization; and how you would use them to identify and cultivate relationships in order to promote and market the organization.
6.How you could use and cooperate with other professionals and third parties to expand and enhance the reputation of the organization and to identify new and improved business practices.
7.How you would build referral business through appropriate communication channels, to find and secure new business relationships.
8.How you would identify referral needs and provide information about CCF & MB’s relevant products and services.
9.How you would secure interviews with referral business so that the needs of clients can be met.
Task 2 — Growing the business(DIPMB3ASv3)
Having considered how you would go about building and nurturing relationships, George and Mildred now require you to turn your attention to marketing and promoting CCF & MB’s business. This requires you to develop, implement, monitor and adjust a Marketing Plan for the business. When doing this, you will need to:
Ensure your plan is developed in line with CCF & MB’s vision statement.
Conduct some research (or make assumptions) and identify key market data for the plan. This can include, for example, customer demographics, product types (i.e. census data if available), marketing media data (i.e. social media).
Identify of target markets, using a combination of research and your own personal experience.
Identify your major competitors (at least two) with a competitor analysis developed for each competitor.
Conduct a review of CCF & MB’s current market position based on your research findings in conjunction with competitor analysis; and identify where improvements can be made.
Document changes you could introduce to improve the brand of CCF & MB, and what promotional activities you could introduce to build the customer base.
The provision of options for increasing yield per existing client.
2.Refer to the email from co-worker identifying potential risk in the toolbox. Using the box below, write an email to management outlining the identified risk, your analysis, how you would evaluate the risk and suggest how the risk could be best treated.
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