Franchise brokerage eChoice claim expertise developed in other industries will help them overcome familiar obstacles with their new program
Franchise brokerage eChoice claim expertise developed in other industries will help them overcome familiar obstacles with their new program
Recent weeks have witnessed a number of initiatives designed to get new blood into broking. The FBAA announced it was offering two scholarships for potential brokers and franchise network eChoice have just launched their graduate program, which will take 20 participants over 12 months and make them into full-fledged brokers..
This is certainly not the first time broking has been offered as a graduate program. However there are a good number of reasons such programs don’t work; first, and foremost because many graduates aren’t prepared to work (and live) on commission.
However Linda Cooper, head of HR at eChoice, argues there are lessons to be learned from other industries’ programs:
“What we’ve done with this program is we’ve modelled it on more traditional university graduate programs that are integrated into the practices of other professions. So although the relationship is different – it’s not an employee relationship, it’s a contractual relationship - we believe that new entrants to the broking profession benefit from that very structured program”.
The program includes a 6 week broker ‘boot camp’ in eChoice’s office, 6 weeks dealing with real clients and than ongoing support including the two years of mentoring demanded by the MFAA, at no cost, although graduates need to remain with eChoice for three years. As with other graduate programs, and drawing on talent management principles from the human resource space, eChoice are looking for a very specific set of skills, Cooper told MPA: “We look at measures around customer focus and willingness to make contact and a number of others which we’ve identified as key to executing this role. We also measure the individual’s motivation because as a broker there’s a very high level of autonomy”.
eChoice also looked at their existing brokers, particularly "the combination of these traits exist in the high performing brokers within our network and screen for them in our new entrants. We believe that this is why our Graduates have higher customer focus, conversion rates, submission rates and settlement volumes than other new entrants we have observed previously."
Crucially, the program is for new brokers, not potential brokers; a diploma (including cert IV) is required to apply. This mirrors traditional graduate programs, Cooper explained, which follow related undergraduate degrees. It also helps prove commitment to the profession, although eChoice also talk frankly to applicants over whether they’ve planned adequately for the challenges of working on commission, many in the initial application form: “could you survive without 3 month’s income; what’s your earning expectations for the first year?”
Whilst some might suggest that eChoice’s extensive training on top of a broking diploma doesn’t say much for the profession's entry qualifications, Cooper sees the two as complimentary: “it provides that foundation of theory; we’re layering something on top of that, a structured program to give you practical [skills].”
Is eChoice's program a reflection of improving standards in the industry - or an unecessary addition to existing qualifications? Is broking simply unsuited to those early in their finance career? Add your views below:
Recent weeks have witnessed a number of initiatives designed to get new blood into broking. The FBAA announced it was offering two scholarships for potential brokers and franchise network eChoice have just launched their graduate program, which will take 20 participants over 12 months and make them into full-fledged brokers..
This is certainly not the first time broking has been offered as a graduate program. However there are a good number of reasons such programs don’t work; first, and foremost because many graduates aren’t prepared to work (and live) on commission.
However Linda Cooper, head of HR at eChoice, argues there are lessons to be learned from other industries’ programs:
“What we’ve done with this program is we’ve modelled it on more traditional university graduate programs that are integrated into the practices of other professions. So although the relationship is different – it’s not an employee relationship, it’s a contractual relationship - we believe that new entrants to the broking profession benefit from that very structured program”.
The program includes a 6 week broker ‘boot camp’ in eChoice’s office, 6 weeks dealing with real clients and than ongoing support including the two years of mentoring demanded by the MFAA, at no cost, although graduates need to remain with eChoice for three years. As with other graduate programs, and drawing on talent management principles from the human resource space, eChoice are looking for a very specific set of skills, Cooper told MPA: “We look at measures around customer focus and willingness to make contact and a number of others which we’ve identified as key to executing this role. We also measure the individual’s motivation because as a broker there’s a very high level of autonomy”.
eChoice also looked at their existing brokers, particularly "the combination of these traits exist in the high performing brokers within our network and screen for them in our new entrants. We believe that this is why our Graduates have higher customer focus, conversion rates, submission rates and settlement volumes than other new entrants we have observed previously."
Crucially, the program is for new brokers, not potential brokers; a diploma (including cert IV) is required to apply. This mirrors traditional graduate programs, Cooper explained, which follow related undergraduate degrees. It also helps prove commitment to the profession, although eChoice also talk frankly to applicants over whether they’ve planned adequately for the challenges of working on commission, many in the initial application form: “could you survive without 3 month’s income; what’s your earning expectations for the first year?”
Whilst some might suggest that eChoice’s extensive training on top of a broking diploma doesn’t say much for the profession's entry qualifications, Cooper sees the two as complimentary: “it provides that foundation of theory; we’re layering something on top of that, a structured program to give you practical [skills].”
Is eChoice's program a reflection of improving standards in the industry - or an unecessary addition to existing qualifications? Is broking simply unsuited to those early in their finance career? Add your views below:
