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The broker association has confirmed, as part of its FBAA Education Institute, the release of a new mentorship program.
According to the Finance Brokers Association of Australia (FBAA), the online program will connect mentees with a two-year mentorship, while also allowing brokers to apply to be an FBAA accepted mentor.
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The platform is said to include educational material on a range of subjects, including business operations, industry education and life skills.
The FBAA has said this new system requires brokers who are applying to be mentors to provide “a business plan before creating a digital platform” and that mentees will be provided 24/7 access to this framework.
FBAA managing director Peter White AM commented that, while many mentors charge commercially fair fees to mentees, some outfits are setting their fees too high while providing little to no training and support.
“The further problem is that many mentors don’t provide the theory to support the necessary outcomes that mentees need,” Mr White said.
“We are determined to address this because our industry needs to not only attract new people, but develop them into successful brokers who uphold the high standards customers have come to expect.”
FBAA chief operating officer Phillipa Byrne said the goal is to provide a high standard that is structured and ticks every box that is important for mentees.
“It ensures mentees have every chance of success and are provided the highest level of support so they can gain maximum knowledge,” Ms Byrne commented.
Ms Byrne added that while a certificate IV or a diploma is supposed to take 12 months under compliance for new brokers, it is often done in a “roundabout way”.
She said the FBAA is concerned that brokers are not gaining the proper knowledge through this pathway.
“We have gone back to a Cert IV and implemented some of the important information, and added activities and assessment, communication and marketing, client interaction, and skills to run your own business,” Ms Byrne said.
The announcement follows confirmation from the FBAA that, as of 30 June, it had more than 10,093 members, with 95 per cent said to be customer-facing brokers.
It also follows the announcement that Mr White will be joining The Adviser’s New Broker Academy – an initiative “aimed at both new brokers looking to ignite their broking capacity and prospective brokers looking to break into the industry” – as an association leader.
As previously reported by The Adviser, Mr White is expected to unpack the role of associations in the broking industry, as well as how professional standards are the cornerstone of the robust broker value proposition.
[Related: New Broker Academy 2022 to help ‘ignite’ brokerages]
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