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The MFAA has updated its standards for mentoring relationships in an effort to enhance the mentoring experience for new entrants.
Set to replace the current mentoring guidelines for the Mortgage and Finance Association of Australia’s (MFAA) accredited mentors, the new standards were developed following consultation with industry stakeholders and were benchmarked against other associations and professions in the financial industry.
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New mentors and existing MFAA-accredited mentors can apply to be “endorsed” by the MFAA under the new standards, with mentoring programs also being open for endorsement.
Mentors who’ve received an “approved mentor” status to mentor an individual broker from an MFAA representative or aggregation group will retain this status, however, they are not eligible to use the status in any marketing activity.
All new mentoring relationships between MFAA-endorsed mentors and new brokers from 1 July 2023 will operate under these new standards.
However, endorsed mentors are able to begin providing mentoring to new brokers under the updated standards immediately should both parties agree, while brokers currently in mentoring are able to finish their mentoring under the current guidelines.
MFAA chief executive Anja Pannek said: “Our new mentoring standards have been developed to provide a mentoring framework which aligns with current industry best practice and expectations.
“Mentoring is about ensuring new talent entering our industry gets that critical quality hands-on coaching they need to be effective and ‘customer ready’.
“Lifting the bar on mentoring is an opportunity for our industry to nurture new brokers in a way that supports not only their success, but also the long-term sustainability of our industry.”
Ms Pannek added the standards reflect the skills and experience mentors should have while providing a solid foundation for brokers seeking to become mentors to build their programs.
“The standards also provide mentees (the broker being mentored) with a clear outline of the level of support and guidance they should expect from the mentoring process,” she said.
Furthermore, Ms Pannek commented that the mentoring process in the mortgage and finance broking industry is a “cornerstone of the pathway” for new brokers in the profession.
MFAA head of education Dan Walsh said the standards developed are intended to prepare new brokers for various client situations they can expect to encounter early on in their career in a structured manner.
“The standards set out, among other things, the body of work that mentees are required to complete under the guidance of their mentor,” Mr Walsh added.
“On average, this will take a new to industry broker working full-time up to two years to successfully complete.
“The process of endorsement for mentors and mentoring programs has been designed to increase the trust of stakeholders including our new to industry brokers seeking mentoring.”
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