Brokers should prep for industry change

image
image
expand image

Mortgage brokers have been told it is inevitable their industry will follow financial planning and they should prepare accordingly.

The principal of Financial Consulting Australia, Joe Mennea said the broking industry has made significant advances to implement improvements to standards, which would lift the standing and appreciation of the service they provide.

Mennea warned, however, that reviewers of the industry should be cautious to not suffocate brokers and their relationships with clients, but that brokers should be ready for change, for example mandatory educational qualifications, nonetheless.

“Entry level academic qualifications and accreditation supported by ongoing study and professional pathways to reflect importance of the industry can only serve to provide customers with reassurance and confidence,” said Mennea.

160 students undertook the Diploma of Finance and Mortgage Broking Management course, with mentor founder and principal, Mark Sinclair, likening the course to that required of financial planners.

“It was inevitable that the broking sector would follow the financial planning industry and respond to industry and government pressure, market consolidation and heightened scrutiny in general,” said Sinclair.

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 6 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 day 4 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 4 days ago