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Removing barriers to entry for female brokers demands creative solutions but the first step is recognising that change is required, according to Anthony Waldron.
Speaking ahead of the Women in Finance Awards 2022, the chief executive of Mortgage Choice and financial services at the REA Group, Anthony Waldron, has noted that mortgage broking is still a male-dominated industry and that more needs to be done to improve representation.
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According to the brokerage head, one of the barriers to entry for women is that they do not see themselves represented in the broking industry.
“This is one of the reasons why it is so important to promote our diverse community and provide greater visibility of women in broking,” Mr Waldron told The Adviser.
Indeed, the Opportunities for Women report from the Mortgage and Finance Association of Australia (MFAA) revealed that the number of female brokers in Australia fell by 2.5 per cent during the 12 months to March 2021, down by 83.
The MFAA’s recent Industry Intelligence Service Report (IIS) — which covered the six-month period of 1 April 2021 to 30 September 2021 — also found that just over 25 per cent of brokers (or 3,249) were women, the lowest proportion observed for the past six years and the second-lowest number recorded.
Moreover, with the Opportunities for Women report revealing a continued perception gap in the industry — as 57.34 per cent of men still believe that there are no barriers to women’s participation in broking (compared to 31.43 per cent of women) — Mr Waldron said the first step in addressing barriers is to acknowledge that change is required.
“We need to move away from the ‘boys’ club’ mentality, and actively challenge ourselves to recognise that business growth and success will mean different things to different people,” he said.
Mr Waldron spoke to The Adviser about the state of play for women in broking ahead of the Women in Finance Awards cocktail luncheon ceremony — which Mortgage Choice (part of REA Group) is supporting as principal partner.
Hosted by The Adviser’s parent company Momentum Media and taking place on Thursday, 3 November at The Star in Sydney, the awards program recognises and champions women in the finance space.
Creative thinking and support key to encouraging female brokers
Mr Waldron proposed “creative ways” to remove barriers to entry for female brokers, including partnering new brokers with established franchisees planning to retire, and creating job-sharing opportunities for part-time brokers to work side by side in a business.
Alongside this, aggregators could support women who join the industry by providing induction programs, mentoring, and ongoing learning and development, he said.
He observed that too often, female brokers exit early on in their broking journey if they do not feel supported and valued — particularly if they are trying to fulfil the demanding lifestyle of a small-business owner while juggling family commitments.
“Unfortunately, we don’t often see the many benefits of broking (such as the ability to create a passive income stream) promoted as offering a unique career pathway for women,” Mr Waldron said.
“And while mortgage broking is promoted as a career with flexibility, the lived experience for many brokers is quite different.”
Offer networking opportunities
To bridge this gap, Mr Waldron urged aggregators to offer tailored support to individual brokers and share those stories to inspire others, forge connections and spread knowledge – highlighting Mortgage Choice’s Aspire Program as an example.
“We have brokers in our network who’ve returned to work three weeks after having a baby and continued to work with the baby in the office, others who have taken leave to focus on their families, and others who have developed creative role-share arrangements to suit them,” he said.
Above all, a sense of community is important for those running a small business on their own, he added.
Women in Finance Awards 2022
Mr Waldron concluded by throwing his support behind the 2022 Women in Finance Awards and said Mortgage Choice is pleased to be the principal partner of the awards program for the next two years.
“We are proud to recognise the talent and achievement of women in traditionally male-dominated industries like mortgage broking,” he said.
“We believe increasing the visibility of the diverse talent that exists in these industries will help attract the next generation of women looking to join the industry.”
The Women in Finance Awards 2022 is accepting nominations and submissions across 28 individual and group categories recognising the leading women across the broader finance industry.
Click here to submit an entry or nominate a worthy colleague by Thursday, 8 September 2022 to ensure you don’t miss out on the chance to gain recognition at a national level.
To review the judging process, click here.
For more information about the Women in Finance Awards program, click here.
[Related: Broker launches financial literacy education for female migrants]
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