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The broker association has said it will freeze membership fee reviews and allow members to pay fees in instalments, as part of a new COVID-19 support package.
The Finance Brokers Association of Australia (FBAA) has announced the establishment of a Broker Support Program (BSP) for members, a new initiative that aims to help brokers survive the ongoing coronavirus pandemic.
Noting the economic downturn that has resulted from the COVID-19 crisis and its associated social distancing requirements, the association has said that its new package offers members the option of paying for their membership fees over three instalments rather than paying the fee in one lump sum.
Further, the FBAA has said it will freeze the annual review of membership fees until after July 2021.
As well as the membership fee aspect of the package, the BSP also provides brokers with marketing assets and materials they can use to help generate more business from their databases. The “Call Your Broker” package includes videos, blog content and social media content as well as a customer support strategy blueprint.
The BSP will also reportedly include a weekly Q&A support webinar, “Your Voice, An Open Q&A with Whitey”, hosted by FBAA managing director Peter White on Thursday mornings, featuring a special guest.
Mr White also told members that new educational materials will also be released in due course. For example, once the final regulatory guide for the best interests duty is released, the FBAA said it will release a “Best Interests Duty and Your Business” course for brokers to help them prepare.
However, Mr White added that the association has been lobbying for the 1 July 2020 implementation date for the BID to be pushed back by 12 months.
“This is a time for the industry to stand together, and the BSP is about caring for our member family both in a business and personal sense,” Mr White said.
Writing in an email to members, Mr White added that while the entire industry has been through many challenges before and is still adapting to the new environment, he was “conscious of the difficulties some of our members are facing, and we’ve been working hard to stand beside those members and support them in every way we can”.
“We are supporting you and your future on all fronts. You are our family, and we care about you,” he told broker members.
“This is the start. We are developing other ways to help members, and our number one goal is for brokers to remain strong so that they can not only survive but thrive now and when this is all over,” Mr White concluded.
The FBAA also announced that the annual conference, usually held in November, will be postponed by a few months to 2021 (date TBC).
[Related: Associations issue advice amid coronavirus challenge]
