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By: Jessica Darnbrough
Mortgage brokers would like to see their incomes increase by up to 30 per cent, new research has found.
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According to the Clarius Skills Index, income expectations in the financial planning and wealth management sector increased by up to six times the national average of 5.1 per cent in the June quarter.
Under the new National Consumer Credit Protection legislation, which came into effect earlier this month, mortgage brokers are being forced to meet higher educational standards and as such, feel higher remuneration is justified.
But despite wanting to see greater reward for thier efforts, Niche Professional Services director Moshe Moses told The Adviser that any desire for a greater income was unlikely to come to fruition.
“While I know most brokers out there would love to be recognised for their hard work and long hours through greater remuneration, I can’t see it happening,” he said.
“I think the industry deserves greater benefits, especially as we are now being forced to meet higher educational standards. However, the banks are already complaining about market economics, so I don’t think they will increase commissions.”
