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Just as recruitment, or a lack thereof, remains a key concern for the industry, so too does support for new brokers.
Loan Market’s business development manager and NSW/ACT academy manager, Zarko Jokic, told The Adviser that new-to-industry recruits need to receive more support from their brokerages or aggregators if they are stay and succeed in the third party distribution channel.
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“Brokers are thrown into the industry and forced to sink or swim straight away,” he said.
“Once they have obtained their diploma and Certificate IV, they are thrown into the deep end of the pool and expected to write a good volume of loans from day one. Without the necessary support, they drown.
“In this industry, brokers don’t earn money from day one. In fact, it can take months for them to start seeing the dividends of their hard work.”
Mr Jokic said this problem is exacerbated if they are not given the appropriate support.
“If we want this industry to continue to recruit and retain good quality brokers then it is up to brokerages like Loan Market to provide in-depth training and ongoing support to brokers,” he said.
Indeed, statistics from the Mortgage & Finance Association of Australia (MFAA) show while people continue to enter the broking profession, they are not remaining for a sustained period, perhaps because they are not recieveing adequate support.
Speaking to The Adviser last May, MFAA chief executive Phil Naylor said an alarming number of brokers are leaving the industry soon after joining.
“Our statistics show us that 65 per cent of brokers that join the MFAA leave the industry within five years,” he said.
