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Purple Circle is set to launch a scholarship program to help new brokers cover the costs of mentoring, CRM and compliance costs.
The boutique aggregator is launching a new broker scholarship as part of its Purple Pathways Academy for brokers in their first two years of broking.
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Every person going through the program receives support from two dedicated mentors, one of whom will help brokers with establishing the foundation of mortgage broking while the other will support the broker in running their business operations (for example, through CRM workflows, business planning, marketing support etc).
While the program itself comes with a monthly fee, Purple Circle has announced that, as of January 2022, a scholarship program will be available to all industry newcomers joining Purple Circle.
It aims to help new brokers shoulder the costs of entering the industry.
For scholarship recipients, there are no monthly mentoring fees for the full two-year term, and no client relationship management (CRM) software or compliance fees for the first 12 months. Purple Circle estimates that these typically cost brokers approximately $6,864 (inclusive of GST).
To apply, brokers will need to answer a range of questions, including an estimation of how long they will be able to fund their broking career and why they should be considered for the scholarship.
Speaking of the scholarship, director Greg Pennells said: “The biggest pain-point for newcomers comes after they have completed their Cert IV or Diploma [in Mortgage and Finance Broking] is when they are faced with two years of mentoring costs.
“Sadly, in addition to having to pay high monthly fees, a lot of these programs are cookie-cutter with a one-size-fits-all mentality, falling well short of providing new brokers with the tools and support needed to ensure their success.
“At Purple Circle we decided this paradigm needed an immediate shift, which is why we established the Purple Pathways Academy.”
Mr Pennells added: “We are throwing everything including the kitchen sink at our new members to ensure it’s almost impossible for them to not succeed.
“If we didn’t provide all of the ingredients a new-to-industry broker needs, we would do both them, and ourselves, a disservice. We are serious about their success.”
[Related: New broking group co-operative launches]
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