The shape of mortgage broking tomorrow will all depend on how we support the young professionals of today.
I’m writing from Perth, where we have just wrapped up the final leg of The Adviser’s New Broker Academy. Many of you will be familiar with this event, which kicked off in Sydney earlier in the year before heading to Melbourne and, recently, Brisbane and Perth.
Speaking to brokers in their first couple of years in the industry is a rewarding and educational experience. For a long time, the third-party channel was dominated by 50-something males with the odd young rising star shooting through here and there. Fortunately, this appears to be changing.
Young brokers are entering the industry from all walks of life. Banking is no longer the feeder school to the third-party channel here in Australia, and what this tells me is that mortgage broking is becoming a profession of attraction, particularly in the absence of any widespread promotion. This speaks volumes about the work that the third-party industry has done to date.
What strikes me when talking to young brokers from across the country is their passion and a fresh sense of purpose about their profession that is energetic and inspiring; one where new ideas and an open-mindedness have replaced some of the stuck-in-the-mud attitudes of yesteryears.
Today’s new recruits are tomorrow’s leaders. There is no doubt that the future of mortgage broking will see a greater emphasis on technology, diversification, ongoing training and education and, above all, flexibility.
Just as banks have been forced to adapt to changing customer behaviours, so too must brokers. We may be the channel of choice for customers today, but in order to maintain and grow that share of market, the next generation of brokers needs the guidance and support of the broader community.
During our Brisbane event, I had the opportunity to moderate a panel on mentoring. Midway through the discussion, at an appropriate break, I turned to the audience and asked how many of them had a mentor. Almost every arm in the room shot up into the air — a clear sign that young brokers are willing to learn and that more experienced brokers are willing to teach them.
I’d like to thank all those who attended The Adviser’s New Broker Academy 2017, the first time we have ever run the event. Given the strong response and positive feedback, we will definitely be back next year and I very much look forward to seeing you then.
Finally, I’d like to say some very big thanks also to all our speakers and our event partners: Heritage Bank, Bluestone, FBAA, Fundamental Finance, Pepper Money, Smartline, Spectrum Wealth, Vow Financial, Yellow Brick Road and Your Client Matters. Without your support, this event would not have been possible.
Are you a young broker making waves in the industry? Why not enter into The Adviser's 30 Under Thirty ranking to have the chance of being crowned Young Broker of the Year.
Now in its sixth year, The Adviser's 30 Under Thirty ranking assesses brokers across a range of business writing elements, including loan volumes and number of deals.
Those who make the top 30 will not only be known as one of Australia's best young brokers, but will also gain a significant boost in their business in terms of marketing opportunities.
Submissions close on Friday, 13 October — so be sure to submit your application soon!
[Related: Young Broker of the Year 2016 crowned]
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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