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What educational support do brokers need?

Journalist: Jake Carter, Mortgage Introducer

ended 09. February 2024

What educational support would you like to see for brokers from the mortgage industry? Why would this be important? What would the benefit be? Who would this benefit?

4 responses from the Newspage community

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I would like a swathe of educational marketing material that can be co-branded for me to use for my marketing purposes. As a small business my marketing budget doesn't match that of the big guns but it doesn't mean that I don't need/want it!
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Further education and support on the legal aspects of property transactions would be helpful, not so that advisers can provide proper legal advice but to help gain a better understanding of the ramifications of some technical aspects of certain transactions. Education is one of the most powerful tools an adviser can have. When advising clients all advisers from time to time will get that rabit in the headlights feeling when a client asks that tricky 1 in a million question. Being able to confidently give an answer, without having to park the question, stating "I am not a legal adviser, you need to get legal advice", would be of such benefit for the adviser and ultimatly would prove great value to the client.
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An area where there's a huge onus on product providers to provide training is in the protection market, which during slower periods of the market, brokers will pivot towards putting more focus on the protection lead of their customers, but newer brokers in the industry have little or no training and the regulatory requirements from an examination point of view are relatively low

New talent must be trained to a gold standard when explaining to customers about the risks associated with the mortgages that they're taking and how they can protect against those.

There's still an absolute disconnect between the number of mortgages taken and the level of protection that's taken by customers taking these large debts

I'd like to see both the regulator industry trade bodies product providers and large broking companies coming together making sure we have the most highly skilled, trained advisors able to tell customers about the risks associated with taking a mortgage for their dream home
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Early days brokers, especially those brand new to the industry really need some extra support on how to simply listen and advise. There is not enough unpaid support out there to help them give really good advice. Surem you can pay someone, but also remember that most brokers dont get paid for the first 6 months of their career...