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Loan Market pushes forward on BID training

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Hannah Dowling 4 minute read

The aggregator network has launched a range of digital training programs in order to assist its brokers in preparing for the introduction of a best interests duty.

Despite the introduction of the best interests duty (BID) for mortgage brokers being officially delayed until 1 January 2021, Loan Market has announced it is pushing ahead with its virtual national training program.

The program will assist businesses in the Loan Market network to prepare for the BID deadline, as well as provide them with COVID-19 support and future growth opportunities.

The group has launched a virtual training calendar that includes over 20 hours of online training each week, covering daily sessions for topical training, a beginner’s guide to Loan Market technologies and weekly programs to help brokers build and maintain successful partnerships with agents, among other contents.

Additionally, the aggregator unveiled its new Broker Success Teams to provide business owners with personalised business coaching and tech-led growth practices and training.

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Loan Market group’s executive director of network success, Andrea McNaughton, stated that the network has been preparing for industry changes, and the rollout of the broker success teams should assist business owners in understanding their new responsibilities.

“Late last year, we began looking at the way our business supports our brokers and how we could provide an even more personalised offering,” Ms McNaughton said.

“Under this new structure, there is one Broker Success Manager to every 50 business owners. This person is tasked with deeply understanding the broker’s business.” 

Business success managers have “diverse skills” that will be utilised to guide business owners, brokers and loan writers through the transition period of BID, and through to the other side, according to Ms McNaughton, as well as assist in digital marketing, commercial finance and management skills.

“Our business owners are able to call on these specialisations at any times,” she said.

Ms McNaughton continued: “Immediately, Broker Success Teams will look to ensure all businesses are equipped and confident to handle the changes introduced through the best interests duty, including understanding note-taking expectations and adopting time-saving tech solutions.

“Alongside that – and ongoing – the teams will put measures in place which will grow databases via portfolio managers, optimise productivity and enhance performance through Business Success Managers, and systems specialists who will fast-track business growth through technology,” she said.

“And binding the new strategic alignment is increased and measurable clarity, accountability and responsibility. We’re holding our teams to account in a true partnership with our businesses to help them save time and see more customers right now.”

Ms McNaughton stated that the group was eager to prepare brokers as best it can for the years ahead.

“The changes reflect the new environment we’re entering but are also directly aligned to Loan Market’s core promises to save brokers time, keep them safe, help them find and keep clients, and grow bigger businesses.

“We see BID as a huge opportunity to realign and develop business support that addresses immediate and future business needs.”

[Related: PwC audits Loan Market ahead of BID]

Loan Market pushes forward on BID training
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Hannah Dowling

Hannah Dowling

Hannah Dowling is a journalist for The Adviser and Mortgage Business.

Prior to joining Momentum Media, Hannah worked as a content producer for a podcast catering to property investors. She also spent six years working in the real estate sector at a local agency. 

Email Hannah at: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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