Even after a whirlwind year of regulatory challenges, one Melbourne-based brokerage believes that compliance isn’t the biggest change on the horizon for mortgage broking.
Over the years, The Australian Lending and Investment Centre (ALIC) has proven to be powerhouse in investment lending and produced some of the highest volume brokers in the industry. The Melbourne-based brokerage’s chief executive, Jason Back, told The Adviser why technology will play an increasingly important role in the industry.
“The biggest change for us is around technology,” Mr Back said. “That doesn’t mean technology is taking over; it’s about how we utilise tech to maximise efficiency.
“If you consider where a broker adds value, or where our industry as a whole adds value, it’s in human relationships and advice. It’s not by pushing paperwork around and it’s not by collating data. It’s in the advice piece.”
Mr Back said that all broking businesses need to look at how their processes allow them to maximise efficiency and spend more time talking to clients.
“That’s where the industry needs to start being an enabler. I think we are still struggling to find good technology that can be assimilated across the board that companies are happy to use,” the CEO said.
ALIC is also looking to turbocharge its recruitment program. Mr Back said that the ALIC training academy, which has produced young guns like award-winning broker Natasha Choice, is set for an overhaul.
“Our process takes around three to four years, which will get a broker up to writing around $50 million a year. We would like to cut that training time down to around two and a half or three years. That will be a big focus for us next year.”
If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.
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.
A former broker head has returned to MyState Bank to tackle turna...
The leading brokers in South Australia and the Northern Territory...
The complaints authority has named a new executive general manage...