Brokers split on diversity, equity, and inclusion as rifts emerge

While 63 per cent of respondents said diversity was important, women were markedly more likely than men to see it as a priority.

Some 92 per cent of women rated diversity as important, compared with 59 per cent of men.

The gap was even wider on women’s representation, with nearly three-quarters of female respondents (74 per cent) stating that women were under-represented in the industry, compared with 22 per cent of men.

The survey drew 442 responses, with brokers and broking business owners accounting for 82 per cent of participants.

Women made up 30 per cent of respondents and men represented 61 per cent, while more than two-thirds (68 per cent) had spent over a decade in the industry.

Different views of the industry

The survey suggested that while many respondents saw inclusive practices in their immediate workplaces, there was far less agreement on whether the industry at large reflected the broader Australian community.

Just over half of respondents, 53 per cent, said the industry broadly reflected the communities it served, while only 32 per cent said it did so only partially, and 6 per cent noted that it did not.

Women were substantially less likely to view the industry as representative, seen in only 31 per cent of women noting that the industry broadly reflected the communities it served, compared with 58 per cent of men.

There was also a major gap in views about whether further DEI action was required.

Just 3 per cent of female respondents said nothing more needed to be done, while 26 per cent of men held that view.

Respondents were similarly divided over whether women were under-represented overall.

While 35 per cent of the full survey group agreed women were under-represented, a larger 53 per cent said they were not, and 12 per cent were unsure.

Views on leadership were somewhat more positive, although not unequivocal, with almost 47 per cent of respondents believing that industry leaders treated DEI as a business priority, while one-quarter disagreed, and 28 per cent were unsure.

A further 57 per cent said leaders demonstrated inclusive behaviour, compared with 17 per cent who disagreed and 26 per cent who were uncertain.

Positive experiences, but gaps remain

The MFAA’s results also showed most respondents reported favourable personal experiences in the sector.

More than four in five respondents (82 per cent) said they had fair access to opportunities, while some 74 per cent said they felt respected, and another 69 per cent reported a sense of belonging in the industry.

However, the proportion who felt their views and perspectives were valued came in at 66 per cent, with 22 per cent neutral and 12 per cent disagreeing.

Within their own organisations, respondents reported stronger results again.

A total of 86 per cent said people were treated with respect, 81 per cent said people had fair access to opportunities, and 80 per cent said different perspectives were welcomed.

Business size also appeared to influence the findings. Among people working in businesses with one to five employees, 71 per cent said they felt respected, compared with 85 per cent among respondents in businesses employing more than five people.

Larger businesses were also more likely to identify women’s under-representation, with some 51 per cent of respondents at organisations with more than five employees noting that women were under-represented, compared with 31 per cent of those in businesses with one to five employees.

Financial barriers dominate

The survey’s most prominent obstacles were not solely cultural, with respondents pointing overwhelmingly to the practical economics of entering the broking industry and establishing a sustainable business.

More than half of respondents (54 per cent) identified variable or commission-based income as a barrier, while half pointed to the time, support, and difficulty involved in building a client base.

Qualification, regulatory, or accreditation requirements were selected by 24 per cent, and only one in five respondents (20 per cent) said there were no significant barriers.

When asked what support would be most valuable, 28 per cent nominated mentoring and professional networks, 27 per cent wanted resources to help serve clients with different needs, while 21 per cent identified leadership capability.

MFAA CEO Anja Pannek said the survey had identified risks for the sector’s future workforce and growth.

“These findings do highlight where the challenges are when it comes to the future sustainability and future growth of our industry,” Pannek said.

“If capable people cannot see a viable pathway into broking, or do not feel supported while they establish themselves, our industry risks missing out on talent and the customers and communities those people could help us reach.

“We need to make it easier for people from a wider range of backgrounds to see a future in our industry and to build sustainable careers and businesses once they enter it.”

Shared responsibility

Survey participants identified business owners and leaders as having the greatest influence over DEI progress, selected by 51 per cent of respondents.

Aggregators and licensees followed at 46 per cent, while 45 per cent nominated individual brokers and employees.

Pannek said the commercial case for greater inclusion was linked to both workforce capability and customer reach.

“For brokers, this is about people and growth,” she said.

“It is about how you can attract talented people into your business, create an environment in which they want to stay and enable them to do their best work.”

She added that a more diverse industry would be better placed to understand an increasingly varied customer base.

“It is also about your customers. Australia is an extraordinarily diverse country. Businesses that understand different communities, experiences and financial needs are better placed to build trust, form new relationships and support a broader range of customers,” she said.

“For a small broking business, inclusion needs to be very practical.

“It might mean widening the networks through which you recruit, mentoring someone who would not otherwise have an entry point, asking whose perspective is missing from a decision or learning more about the needs of an emerging customer community.”

[Related: Broker associations press Senate to improve mortgage market barriers]