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I often speak to people that were brokers but have now left the industry. The most recurring reason? The GFC hit them hard and remaining a broker was unsustainable. Times changed, they couldn’t adapt and so their life as a broker came to an end.
Just as the GFC significantly impacted the industry and reduced the number of successful brokers, I wonder if technology will do the same in creating a world where leveraging digital marketing and owning a strong social media presence presents a vital competitive edge as more and more brokers compete for business.
To me, the broking world seems to be full of such inefficient processes. Let’s start with the accreditation process: long-winded, depressing tests to complete for the bank and numerous hoops to jump through to become accredited. It’s outdated – we live in a time where technology and information is so easily available, more and more offices are becoming paperless and attention is given to smartphones.
The tests the banks are currently asking for brokers to complete are not dissimilar to tests I completed the first time I sat on a computer at nine years old back in the '90s. One bank even requests a form be printed off, to circle A, B, C, or D for 30 questions, scan it and then send it back!
I’ve witnessed brokers experience issues with tests closing before they were finished and then being locked out. Or a lender with multiple choice boxes to pick an aggregator from over 100 options and some being missing, of which the response over the phone was “Oh yes, this happens sometimes”.
Attention is becoming harder to keep a hold of for brands with the attitude of a younger generation being that of patience is a waste of time – if they want something, they want it now. It’s also worth remembering that one person’s experience is now so easily spread that the protection of your brand is something to consider with every customer interaction.
I know I would feel incredibly frustrated by the inefficient processes of completing these tests, and I’m sure the younger generation of brokers coming through will feel the same. It reflects badly on the bank and this negative experience would make me, and I’m sure others, hesitant to do business with them.
The things that save us time are becoming more and more popular – the things that cost us time in efficiencies are dying.
Another area for brokers is PD days: time taken out of your day to sit in a room and learn more about lender policies etc. It’s a requirement and an obligation to get CPD points.
As I write this, I am at a PD day. As I look around the room at least 50 per cent are staring down at their phones. They are trying to make the most of the time they have. They don’t see much value in the presentation so they are trying to make it up for that inefficiency by catching up on emails or like myself, writing content.
Now imagine a PD day that was more aligned with 2015 – something that is online and on-demand, like Netflix for brokers. When you’ve got time and when you see value in doing so, you click to watch a video presentation on something similar to what I should be listening to now: “How to deal with complaints”. The content being delivered is no doubt valuable, but on a Friday afternoon when I have numerous calls to make and deals to close, now is not the right time. If there was an option to watch it at another time, I would surely listen up, but instead we’re stuck back in a time where no on-demand TV meant if you missed it, you missed it.
I’d love to hear your views on on-demand PD days. A silly idea or a necessary evolution within the industry to keep brokers accredited?
Let me know what you think by writing in the LinkedIn Group Mortgage Brokers for Change.
Zak Wilford, recruitment specialist
Zak Wilford is a specialist recruiter that works alongside mortgage brokers in growing their business through hiring great people. He first stepped into the mortgage industry in 2013, aggressively targeting aggregators and headhunting their brokers and groups to join the then start-up aggregator Finsure and 1300Homeloan. After a year with Finsure, he joined recruitment agency Drake International, and a year later he stepped out on his own to fill a gap in the market – to start a recruitment agency specialising in working with finance brokers. Leveraging his network and experience, Zak now works with both commercial and residential finance brokers, sub-aggregators and other groups to help them grow through hiring great people. For more information, visit www.zakwilford.com.
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