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Aggregators have a “duty of care” to make sure their brokers continuously seek education and training to boost their income flows, an aggregator has said.
Glenn Mitchell, head of commercial and leasing at Vow Financial, told The Adviser that as brokers increasingly consider diversifying, aggregators have a responsibility to ensure they have the tools to do so.
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“It's really critical to open your mind to all facets, to product diversification, technology and communications on how you do your business,” he said.
“More and more, people need to look at diversifying their income streams outside of what they’re currently doing, and I think certainly for aggregation businesses, it’s their duty of care to make sure they are steering [brokers] in other areas through training and education to help their income flows, rather than watch them diminish for many years to come.”
In June, the Independent Finance Brokers Forum (IFBF) recommended brokers “prepare for the day” that commissions could change, following the ASIC and Sedgwick reviews into broker commissions.
Mr Mitchell recently took home the award for Industry Thought Leader of the Year at The Adviser Australian Broking Awards 2017. Speaking of the award, he said thought leaders should think outside the box and adapt to industry changes.
“Ten years ago it was completely different to what it is today and it'll be the same in another 10 years. That's innovating, and moving into other areas is critical.”
[Related: Mortgage industry needs to provide ‘real solutions’: MFAA]
