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
The corporate regulator has announced its first adviser banning of the year with the permanent ban of a Queensland-based former adviser that was sentenced to seven years’ imprisonment.
The Australian financial advice industry has risen by more than 20 advisers this week, with nearly half joining WT Financial and Sequoia.
Two financial advice professionals have shared their tips for success when building an effective Professional Year program as more advisers look to bring on junior staff to their practices.
Numbers are in for 2024, with Wealth Data confirming how many advisers left during the calendar year and which business models saw the largest growth in terms of new licensees.
