Peita Davies, winner of the Editor’s Choice category for New South Wales at The Adviser’s Better Business Awards 2016, believes there’s “a really big gap” in the industry when it comes to supporting new brokers.
“That’s what I’m finding when I’m talking to brokers who are actually paying mentoring fees to other brokers, and yet they’re turning up to my meetings where I’m not charging,” she told The Adviser.
To help fill this gap, the Choice Home Loans Blue Mountains broker will draw on her 14 years of experience to mentor new loan writers.
“This industry has been very good to me and it's now my time to give back,” Ms Davies said. “I feel like now is the right time to step back and just provide real solid support to new brokers and give them an opportunity to be as successful as I have been.”
She plans to offer new brokers both on-the-job training and classroom-style learning that covers all aspects of mortgage broking.
Ms Davies said the mentoring program will initially be offered to Choice Home Loans brokers, and if successful she hopes to offer the mentoring options to a broader network.
She said the biggest challenges young brokers will face in the next year will likely be related to lead generation and legislative changes.
However, she emphasised that there are more positives than negatives for new entrants to the third-party channel.
“Broker share will continue to increase and consumer confidence seems to be creeping back,” she said.
“With the uncertainly about what lenders allow what options for investment lending, now is the time to show your expertise and claim your stake as an expert. When consumers get nervous and they don’t understand, it’s the perfect opportunity for brokers to step up and be the shining light, and be the guidance that people need.”
For those entering the industry, Ms Davies offered a key piece of advice.
“Be present in your market, do your networking, align yourself with a good, reputable broker, and if you’re not getting what you need out of your mentoring, then go and find another mentor.”