Standing still is not an option for brokers determined to be successful practitioners in the future

MELBOURNE, Australia - March 26, 2018 - PRLog -- Standing still is not an option for brokers determined to be successful practitioners in the future

Making sure the finance and mortgage broking industry continues to play its important role in the financial services sector is a crucial imperative for the long-term financial wellbeing of Australian consumers said Financial Consulting Australia's principal Joe Mennea.

The industry has made significant advances implementing improvements to standards and record keeping with much more to come in the future.  These will significantly lift the standing and appreciation of the service provided by brokers affirmed Joe Mennea.

It's a reflection of consumer confidence that today over 50% of mortgage finance is through brokers who assist people secure the right home loan needed for their property goals.

"Without doubt the most important service brokers have and continue to provide consumers is choice of lenders and finance rates / terms that in turn act to ensure interest rates – especially those of the major institutions – remain competitive", said Joe Mennea.

"Looking at the bigger picture, recent reviews of the sector by government is welcome, however we must not lose sight that brokers provide their customers with confidence and good outcomes, in terms of competitive product offerings".

However, it is a crucial necessity that the various reviews of the system and remuneration models doesn't suffocate a remarkable industry that has been created on clients valuing the relationship, experience, understanding and choices provided by brokers.

Regardless of the review outcomes, the industry is going to change and broker practitioners need to be ready continued Joe Mennea.

"Entry level academic qualifications and accreditation supported by ongoing study and professional pathways to reflect importance of the industry can only serve to provide consumers with reassurance and confidence".

Last year Mentor Education launched the Diploma of Finance & Mortgage Broking Management (DFMBM) and over 160 students undertook the course in 2017.  2018 enrolments have exceeded the RTO's expectations and are a good indication of the future health of the sector.

Commenting further on the enrolment statistics, Mentor founder and principal Dr Mark Sinclair said over 1/3^rd of the students were women and he expected this number will increase markedly in future intakes.

Another interesting statistic borne from Mentor data is the prominence of Gen Y students that have enrolled in the leading RTO's Diploma course.

"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 Dr Sinclair.

"Mentor has consulted extensively with the industry and professional associations to develop a course that is structured to address the needs of the sector.

"The content of the DFMBM has been structured to both assist current brokers as well as equipping and preparing the next generation with a solid footing, understanding and appreciation of a career in broking".

Joe Mennea concluded, "The broking industry has reached a tipping point as the spotlight of attention intensifies.  Compliance and regulation will serve to ensure the professional evolution of the industry, strong governance and compliance regimes now in place together with academic and accreditation framework will position the industry for the future".

ENDS

Issued jointly by

Mentor Education RTO 21683:      www.mentor.edu.au
&
Financial Consulting Australia      www.financialconsultingaustralia.com.au

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