Brokers should prep for industry change
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.
AUTHOR
Anastasia Santoreneos
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
