Powered by MOMENTUM MEDIA
the adviser logo
Aggregator

Mentoring ‘critical’ to asset finance brokers: Finstead

by Sarah Simpkins6 minute read

A brokerage director has said mentorship is key for brokers moving into asset finance, although it remains “undercooked” in the segment.

During a webinar hosted by Lend on Tuesday (9 November), Steven Shirley, director at asset and business finance specialist brokerage Finstead Capital reflected on brokers in his segment.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

According to Mr Shirley, asset finance brokers are in need of mentorship to navigate the various products available from the 40-odd specialist lenders out there.

“I think it’s really critical and probably a little too undercooked at an industry level,” he explained.

Advertisement
Advertisement

He also stated it is important for brokers to learn from someone “that knows what they’re doing”.

“As we learn our trade in the asset context, then it’s about understanding what is out there and not just being able to read a matrix… but actually having a real working understanding of what a product looks like, how it works in practice, what isn’t going to be approved by a lender and then working through that process, time and time again,” Mr Shirley said.

“Being able to do that next to someone and distilling what can be a significant amount of information from an initial fact find, if the client is forthcoming then, and being able to work out what the best course of action is for that specific client.”

Mentoring is an industry requirement for the first two years of a new broker’s career, with the industry bodies Mortage and Finance Broker Association of Australia (MFAA) and Finance Brokers Association of Australia (FBAA) both requiring it from members.  

But last month, the founders of newly launched coaching and mentoring business Accendo Financial reported there is a gap in the market for a long-term SME-centred mentoring program.

The business has targeted brokers looking to branch out into SME lending, and commercial, asset and equipment finance.

Accendo founder Trent Carter had stated: “Brokers need to diversify. However, across the industry many have been sold the wrong picture of what it is to achieve this.

“They are offered additional products to sell their clients, or ‘spot and refer’ arrangements, but brokers need education first.”

Mr Shirley added that he had continued to mentor, while seeking mentorship from other brokers for himself.

“I think it’s a really circular piece and I think it’s something that most brokers that you come across the industry are really willing to connect to each other, particularly as I’m sure some of the attendees today, potentially…. resi, [are] moving into different lines,” Mr Shirley said.

“I’d really encourage them to reach out, seek those mentors and have a discussion, because in my exclusive experience, everyone is willing to do that. And I think the industry will be better for it, so I think it’s a really positive thing to do.”

You can find out more about writing asset finance in the November edition of The Adviser magazine, out now.

For more on diversifying into asset finance and SME loan writing then make sure you attend the SME Broker Bootcamp in 2022.

The free event has limited places, so please make sure you secure a spot today.

You can register for the SME Broker Bootcamp 2022 here.

[Related: Asset finance: Another string to your bow]

Mentoring ‘critical’ to asset finance brokers: Finstead
finance meting
TheAdviser logo
finance meting

Sarah Simpkins

Sarah Simpkins

AUTHOR

Sarah Simpkins is the news editor across Mortgage Business and The Adviser.

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

sam jolley elders ta iwsfut

Elders welcomes 1st national growth and asset finance manager

Elders Home and Commercial Finance, the independent broking arm aligned with the real estate network of Elders Ltd,...

READ MORE
rael ross butn ta rerexr

Butn achieves record originations in July

Cash flow financier Butn has released a trading update, revealing that its 2023 financial year commenced with a new...

READ MORE
daniel tuttlebee resimac asset fInance ta l27zun

Resimac takes controlling stake in Sonder

Resimac Asset Finance has expanded its acquisition stake in equipment finance business Sonder Equipment Finance...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more