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A non-bank lender executive has announced the launch of a paid training program to help mortgage brokers diversify their revenue streams.
Chifley Securities principal Dominic Lambrinos has announced the launch of new training program for mortgage brokers designed to help them diversify into other areas of finance so that they are able to cater to more of their existing and future clients’ needs and protect their income from future shocks to the industry, especially in light of the royal commission recommendations, which included a ban to lender-paid broker commissions.
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The series of courses will cover the fundamentals of property, asset and cash flow finance, as well as provide modules to understand financial statements.
Commenting on the launch of the paid training program, Mr Lambrinos said the prospect of changes being made to brokers’ commission structures, as well as tighter lending conditions, are placing increasing pressure on brokers and non-banks.
The courses will be delivered by Mr Lambrinos through the Inic Institute.
“The finance sector, in particular mortgage broking, is about to experience a seismic shift in its structure and there has been a more important time to understand the fundamentals of accounts, commercial property funding, cash flow and asset lending,” he said.
The training program announcement coincides with the scheduled launch of a diploma specialising commercial and asset finance, developed by the Commercial & Asset Finance Brokers Association (CAFBA) and the Institute of Strategic Management (ISM).
Last year, CAFBA and ISM announced a new Certificate IV in Financial Services: Specialising in Commercial and Asset Finance, which contains four modules covering the basics of commercial and equipment finance, including the products used, the tax treatments, legislative issues and regulation, marketing, pricing and credit.
This Cert IV is now to be followed by a diploma, which was scheduled for launch by the end of this month.
According to CAFBA president and director of Quantum Business Finance, David Gandolfo, the younger generations coming into the job market (such as Millennials) are attracted to professions that offer a structured career path.
He said that developing a qualification system therefore ensures that the profession continues to attract new participants while simultaneously raising the professionalism of the sector.
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[Related: New commercial finance diploma set to launch]
