But regardless of age or experience, their top challenges are lead generation and keeping up with lender and compliance changes
While half of working brokers over 35 came from a bank or other lending institutions, a new report shows that trend is changing among new recruits.
According to the MFAA & Connective Young Professionals Report, which was released earlier this month, only 35% of brokers under the age of 35 came from financial institutions, marking a 6% drop from 2016/17.
However, not having a finance background is not a black stain on an aspiring broker’s resume. “A finance background is not as important as the sort of person they are – with one interviewee saying: ‘Some of the best people I’ve recruited have been the ones I’ve poached from other industries’.”
The three key attributes that make a successful broker are sales, personal and technical orientation, Connective said.
“Clearly, people with good sales skills, a passion for helping people, and good computer skills make great brokers – broking is not strictly the realm of number crunchers,” Connective said.
The report aims to determine what motivates young professionals to join the broking industry and what their needs are in order to succeed and grow the industry.
Biggest challenges
Both young professionals and brokers over 35 consider lead generation and staying up-to-date with lender policy, regulation and compliance changes as their biggest challenges. Neither the work experience of the older brokers nor the technological savviness of the younger brokers seemed to ease the burden, the report said.
Nevertheless, broker satisfaction is high, with 50% saying they wish they’d become a broker sooner.
Customer-centric mindset
Most of the young professionals under 35 believe a focus on customer experience is the key to becoming a successful broker.
“The consumer is at the heart of everything the industry does. It’s so positive to see that good consumer outcomes are front and centre with these young brokers. That focus alone is why this profession will continue to thrive,” Connective director Mark Haron said in the report.
