New-to-industry brokers should not be forced to obtain their diploma upon entering the industry, one aggregation head has claimed.
Loan Market Group’s Mark De Martino said forcing new brokers to obtain their diploma immediately was a bad idea as they do not have the general industry knowledge required to pass the test.
“While I respect companies who take the stance that all new to industry people must complete a diploma immediately, I do not agree with their view,” Mr De Martino said.
“I cannot understand how a new recruit who has just learnt what an LVR is in week one can now learn about complex commercial lending and trust structures in week two and have it all sink in.”
Mr De Martino said Loan Market was a strong supporter of further education, which is why they took the decision to teach their new recruits enough to gain their Certificate IV upon entering the market, with the view to gaining their diploma within their first year.
“We will take two weeks to accredit our new-to-industry brokers with a Cert IV and then we will look to put them through the Diploma course within the first year. We want to make sure our brokers are well versed on the industry and take everything in so that they can provide sound financial advice to their clients,” he said.