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Even after a whirlwind year of regulatory challenges, one Melbourne-based brokerage believes that compliance isn’t the biggest change on the horizon for mortgage broking.
Over the years, The Australian Lending and Investment Centre (ALIC) has proven to be powerhouse in investment lending and produced some of the highest volume brokers in the industry. The Melbourne-based brokerage’s chief executive, Jason Back, told The Adviser why technology will play an increasingly important role in the industry.
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“The biggest change for us is around technology,” Mr Back said. “That doesn’t mean technology is taking over; it’s about how we utilise tech to maximise efficiency.
“If you consider where a broker adds value, or where our industry as a whole adds value, it’s in human relationships and advice. It’s not by pushing paperwork around and it’s not by collating data. It’s in the advice piece.”
Mr Back said that all broking businesses need to look at how their processes allow them to maximise efficiency and spend more time talking to clients.
“That’s where the industry needs to start being an enabler. I think we are still struggling to find good technology that can be assimilated across the board that companies are happy to use,” the CEO said.
ALIC is also looking to turbocharge its recruitment program. Mr Back said that the ALIC training academy, which has produced young guns like award-winning broker Natasha Choice, is set for an overhaul.
“Our process takes around three to four years, which will get a broker up to writing around $50 million a year. We would like to cut that training time down to around two and a half or three years. That will be a big focus for us next year.”
[Related: 2017 saw landmark moment for broking, says brokerage head]
