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Jessica Darnbrough
NCCP is helping the third party distribution channel attract younger players to the industry.
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MFAA chief executive Phil Naylor said NCCP had increased the professionalism of the industry in the eyes of consumers, making broking a more attractive career option.
“We are seeing a lot of people entering the industry that don’t come from a banking background,” he told The Adviser.
“In fact, 92 per cent of the people that have joined the MFAA over the past two years come without any previous experience. This is really good, because it means the industry is attractive to new people.”
In addition to this, Mr Naylor said the median age of new entrants was also trending downwards.
“Our membership database at the moment, shows that the average age of brokers is 44. But, the average age of the new people coming in is 39. Even though that is not tremendously young, that is trending downwards and we are finding now that the number of brokers aged between 21 and 30 is starting to build up and become a significant portion of our membership.”
Mr Naylor said while it is great to attract not only new blood to the industry, but young blood as well, it was important to make sure the new entrants are properly mentored, coached and developed.
