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One of the country’s top brokers has said he would like to see a higher barrier for entry into the broking industry and that he’d like to “see it enforced”.
Speaking to The Adviser, Peasy’s Joel Wyld (one of the top 50 Elite Business Writers in Australia in 2016) noted that one of the common misconceptions about broking for new-to-industry entrants came from within the broking industry itself.
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Mr Wyld said the misconception was that broking was “quick money” and that it was a “quick and easy” industry to enter.
“I just think that people think that if you get a phone book and you can convince somebody to get a home loan that that's good enough and it's not. There's so much more that goes into it,” he said.
“People underestimate the competition and underestimate the amount of work.”
The Peasy director concluded that he would therefore “like to see a higher barrier for entry and like to see it enforced”.
Mr Wyld continued on to say that broking was “not about being a good sales person” and that it was more about “nurturing a relationship with a client and making sure you pick the right product”.
When asked what advice he had to offer new entrants, the Peasy director said he recommended they “go and work with someone first”.
“I think you can only learn that through experience,” he said, adding, “So I'd like to see that people will have to go and work with another brokerage for a period of time, and that brokerages are going to invest time into them and teach them.”
“That’s what I’d love to see. I'd love to see that the professionalism across the board is picked up,” he concluded.
[Related: Elite brokers share tips on education and mentorship]
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