Demand for continuous learning soars – here's why
In an era where mortgage brokers account for more than 70% of home loans, the importance of continuous learning and staying abreast of industry developments has never been more critical.
To kick off the year, mortgage brokers are encouraged to evaluate their business performance and set ambitious goals for the upcoming months. With certain segments of the loan market showing potential for growth, there's a pressing need for brokers to upskill and leverage these opportunities. Learning is a perpetual journey, especially in the mortgage industry's complex and ever-evolving landscape.
The critical role of broker education
Industry experts spoke to MPA about the importance broker education in navigating the dynamic world of lending.
Blake Buchanan, general manager at Specialist Finance Group, says finance markets are in a constant state evolution.
“It pays to be at the forefront of the changing landscapes, enabling you to deliver better outcomes for your clients,” Buchanan (pictured below) says.
“This is why our important industry has professional development standards. It’s important to remember that education and upskilling is not simply about products and policies but also processes, practices and how to improve your business model.
“The best investment you can make in business is education and learning new and different things and people.”
Paul Herbert (picture below), head of intermediary distribution and finance at AMP Bank, highlights that in the current competitive landscape, the pursuit is always towards achieving something “better” and “faster.”
“It takes a continuous improvement and growth mindset to meet this challenge,” Herbert says. “Keeping a finger on the pulse through ongoing education gives brokers an edge in what is a fast-moving and highly competitive mortgage market.”
He says a great broker has the ability to understand the property market, stay ahead of interest rates, product and credit developments, the regulatory environment, and how these factors interplay with evolving customer preferences.
Razia Khan (pictured below), general manager of third-party banking at CommBank, asserts that through continuous education and upskilling, brokers are equipped to stay informed about bank policies and procedures as well as current market and legislative developments, enabling them to “deliver a streamlined, faster and enhanced lending experience to their clients.”
Peter Vala (pictured below), general manager of partnerships and distribution at Thinktank, concurs that education and professional development are crucial in providing mortgage brokers with a definitive edge in the ever-changing and competitive marketplace.
“By staying informed, adapting to industry changes and providing high-quality service, brokers can build a strong reputation and thrive in the industry,” Vala says.
“Clients seek brokers who are knowledgeable and trustworthy. Education enhances a broker's ability to communicate effectively with clients, enabling them to explain advanced financial concepts in a way that fosters trust and confidence.”
Vala says ongoing education furnishes mortgage brokers with up-to-date knowledge on products, as well as current industry, regulatory, and market insights.
“Well-informed brokers can offer a higher quality of service to their clients,” he says. “They can better understand and analyse complex scenarios, resulting in more tailored and effective solutions for borrowers.”
Dan Walsh (pictured below), executive of professional development and member engagement at the MFAA, highlights that the industry’s constant evolution means brokers must be aware of the latest products, providers, assessment standards, and compliance regulations. This ongoing education is crucial for maintaining the trust brokers have diligently established with Australians.
“But ongoing learning isn’t just about loans; it’s about how brokers run their businesses – understanding how marketing can bring in new clients, how new technology can bring efficiencies to daily tasks involved in running a broking business, learning how to manage a team and finding strategies to grow a business in a sustainable way,” Walsh says.
Matthew Whyte (pictured below), general manager of distribution growth at Lendi Group, stresses that continuous education and consistent professional development are essential to ensure a broker’s skills stay up to date.
“Regardless of whether a broker is new-to-industry or highly experienced, it’s vital to undertake ongoing professional development to keep skills up to date,” Whyte says. “The benefit for customers is that they can have confidence that their Lendi Group broker possesses up-to-date knowledge and has ongoing access to industry-leading training and development.”
Strategies and innovations in broker education
Leading financial institutions and industry bodies are at the forefront of providing comprehensive education programs and resources to brokers.
From CommBank’s 24/7 Broker Training Hub to Thinktank's range of education sessions, and AMP Bank's quarterly webinar series, the emphasis is on keeping brokers updated and well-equipped to tackle market challenges. The MFAA and Lendi Group also contribute to this educational ecosystem through various programs and initiatives aimed at enhancing brokers' skills and knowledge base.
For a deeper exploration of this topic and additional insights, read MPA’s premium content article on broker education.
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