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An FBAA poll has revealed that regulatory and compliance tasks are among the top contributors to broker workload.
Recent data from the Finance Brokers Association of Australia (FBAA) has highlighted that regulatory and compliance tasks are the second-largest contributor to broker workloads, behind only loan reviews/reassessments.
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According to a finance and mortgage broker poll by CoreData, commissioned by the FBAA in November, half of brokers currently work more than 40 hours a week, with one in five working more than 50 hours, reflecting the significant time investment required to manage their workloads.
The three main factors contributing to broker workload were found to be:
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Loan reviews and reassessments (26 per cent)
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Regulatory and compliance tasks (23 per cent)
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Client communications (18 per cent)
These were followed by general administration (13 per cent), client volume (8 per cent), and time spent prospecting for new clients (6 per cent).
Training employees, marketing activities, and staying updated on industry standards each made up less than 2 per cent of broker workload.
Mortgage brokers more impacted by compliance and administration
When comparing the workloads of different types of brokers, the strain of general administration was notably higher for mortgage brokers – who are obliged to operate under the best interests duty – than for finance brokers (who don’t).
For example, 24 per cent of mortgage brokers said the regulatory and compliance tasks were a top contributor to workload (tied with loan review), while 18 per cent of mortgage brokers reported general administration as a significant part of their workload.
Comparatively, 22 per cent of finance brokers cited regulatory compliance as a drain and only 7 per cent of finance brokers said general administration was a burden.
Mortgage brokers also tended to be more burdened by client communication, with 20 per cent citing this as a top workload factor, and 16 per cent of finance brokers saying so.
Finance brokers, however, were more burdened by their client volume, with 16 per cent saying this was a top contributor to workload, compared to just 2 per cent of mortgage brokers. This suggests that finance brokers may be juggling a larger number of clients at any given time, whereas mortgage brokers may have fewer clients, but longer settlement periods.
To manage their workload, both finance and mortgage brokers are utilising their CRM software (71 per cent versus 64 per cent) and adopting new technology to increase efficiency (both 33 per cent). For example, a third of brokers said they were using artificial intelligence or large language models to increase business efficiency.
The FBAA poll also found that 44 per cent of mortgage brokers were automating routine tasks (compared to 36 per cent of finance brokers).
Brokers who work on their own were found to have the greatest level of digital integration (46 per cent, compared to 22 per cent of those with staff); however, they had a lower level of comfort using technology for efficiencies.
Other ways that mortgage and finance brokers are trying to manage their workload include hiring internal support staff (21 per cent), outsourcing (19 per cent), and prioritising high-value clients (40 per cent).
You can find out more about how brokers are running their broking businesses in The Adviser’s podcast series – Elite Broker and New Broker. Never miss a podcast episode by subscribing to us now on your preferred podcast provider!
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