MFAA pushes for younger professionals
The mortgage and finance broking industry is facing a shortage of young people entering the profession, due largely to a lack of understanding of how to get started as a broker.
Following a recent review, the Mortgage and Finance Association of Australia (MFAA) found the proportion of its membership under the age of 30 had almost halved to 6 per cent from 11 per cent two years ago, with only 19 per cent of new members in the association under 30 years of age.
Inversely, the proportion of members over 50 years of age had grown from 27 per cent to 30 per cent.
"We are very concerned about the low levels of young people entering the profession and are making representations to the Federal Government for the establishment of a traineeship program suited to a contractor model, which mostly applies in this sector," MFAA chief executive Phil Naylor said.
The industry body is consulting with State Training Services and the Department of Education to kick-start a structured in-school and school leaver program as a source of recruitment for the industry.
According to Naylor, many young people are unsure how to begin practising without capital, "as they are required to bring deals before they start earning an income".
"We are aware of several members already taking on new entrants as employees until they can establish themselves and there are some businesses that only have employee brokers," he said.
"But the issue for most smaller operators is the lack of funding in their businesses to be able to afford staff — and this is where a traineeship program will assist."
AUTHOR
Staff Writer
Recommended for you
Charlie Viola, founder of private wealth brand Viola Private Wealth, is confident he can find the “best of the best” when it comes to clients and advisers.
Having a trusted second-in-command to handle daily operations is critical for financial advice leaders who are seeking greater work/life balance, according to an advisory firm.
Wealth Data has revealed the top five licensees for financial adviser growth over the September quarter, with more than 150 advisers joining in Q3 overall.
Former Sydney financial adviser, David Valvo, has pled guilty in court to a charge of dishonest conduct.
