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Jessica Darnbrough
Just days after brokers voiced their concern over the extended diploma deadline, one industry stakeholder has dismissed the complaints, urging brokers to focus on the positives.
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Last month, MFAA chief executive Phil Naylor told brokers that the Board had decided to extend the date by which members must satisfy the Diploma requirements to January 31, 2013, however, they must enrol in a course by June 30, 2012.
In addition, Mr Naylor said the government would look to subsidise some of the diploma costs for brokers who had not yet started the course.
The announcement sparked a heated debate in the industry with some brokers arguing the extension and government grants were “unfair”.
But Intellitrain’s Andrew Hetherington dismissed the concerns and said brokers who have already completed their diploma are ultimately benefiting sooner.
“I can understand why those who attained their diploma within the original deadline might at first reaction be put out, as they did they put in the effort to meet that deadline. But ultimately I would think they will not be too fussed, after all the extension doesn’t detract from their own achievements or otherwise negatively impact their business,” he told The Adviser.
“Indeed an optimist might say they could actually benefit given that some of their peers, or competitors if you like, will now delay attainment of the knowledge the diploma provides.
“Some brokers feel the original deadline has resulted in them missing out on the government funding, and again I do understand that viewpoint. But upon saying that, I believe many of the brokers who have already completed their diploma would have done so by now anyway, regardless of whether the deadline was now or in a few months. Consequently they would not have been able to access the funding anyway.
“For those who did not receive the funding, I would like to offer one thought. Yes you paid a few hundred extra to complete your course, but what extra income have you earned in the interim as a result of the knowledge you acquired?
"I base this entirely on feedback from our graduates who have been telling us about the loans they have written that they otherwise would not have, the new services they have introduced, the new referral sources and systems they have implemented – all as a result of the diploma. I dare say that having that knowledge a few months (or in some cases years earlier) has brought in a lot more than a few hundred tax deductible dollars.
"Do you really care when your competitors are doing their diploma and what they are paying for it, or are you focussed on what you are doing?”
Mr Hetherington encouraged brokers to start their diploma “sooner rather than later” so that they can enjoy the New Year without the diploma “hanging over their heads”.
