Initiatives help new and established brokers
The MFAA and mortgage brokerage MoneyQuest are providing practical learning through education initiatives to help existing brokers, and those seeking a career in the industry.
Having started in Adelaide and Perth this week, the MFAA Looking Ahead 2023 series gives brokers the opportunity to join together and prepare for challenges and opportunities that lie ahead.
Held in Sydney on February 14, followed by Melbourne and Brisbane on February 16 and February 28, brokers attending the series will receive an update on the industry from MFAA CEO Anja Pannek (pictured above left), who will also discuss the peak industry body’s areas of focus and support.
The series includes an overview of the changing economic landscape, touching on real estate and customer expectations, and a broker discussion panel on how brokers are approaching the fixed rate cliff: the high percentage of fixed rate loans rolling off onto higher variable rates this year.
To encourage fresh talent into the industry, MoneyQuest Wollongong has launched a graduate program to help young people considering a career in mortgage broking.
The mortgage franchise, which was awarded National Franchise of the Year in FY21 and FY22 has employed two tertiary graduates, providing them with an accelerated pathway to work as mortgage brokers.
After completing commerce degrees at the University of Wollongong, recent graduates Kirra O’Brien and James Andraos (pictured below centre and right) started with MoneyQuest on January 23.
Under the program, MoneyQuest Wollongong franchise owner Dino Di Donato (pictured below left) said both graduates would be mentored throughout the early stages of their career, receiving industry-specific training, on-the job experience, networking opportunities and the ability to develop core competences.
“Kirra and James will be exposed to all aspects of the business to diversify their skill sets and broaden their knowledge, and we will also grant them study leave to complete a Certificate IV in Finance & Mortgage Broking and a Diploma of Finance & Mortgage Broking Management,” Di Donato said.
“We want to give them every chance of success, and mould them into empathetic, forward-thinking and highly skilled mortgage brokers.”
Fixed rate cliff a key focus in MFAA Looking Ahead series
MFAA CEO Anja Pannek acknowledged that 40% of housing debt in Australia is on a fixed rate, with at least a third due to roll off onto significantly higher variable rates this year, particularly between April and November.
The MFAA Looking Ahead series will include a panel of brokers who will discuss the various strategies they are using to reach out to their clients and discuss their options, Pannek said.
The panel will also discuss how to handle conversations with clients at risk of hardship, she said.
“We know that there are many mortgage holders who are concerned about their repayments and are looking at their options – this is a significant opportunity for mortgage brokers to show the value they provide to their clients, by guiding and assisting them to navigate this period,” Pannek said.
Graduate program to benefit MoneyQuest clients
Di Donato said the graduate program would benefit not only the graduates themselves, but also the MoneyQuest Wollongong franchise and its clients.
“We are confident that Kirra and James will bring new ideas, fresh enthusiasm and diversity to the business and will help to elevate our customer service offering,” Di Donato said. “MoneyQuest Wollongong clients have always been in extremely capable hands, and now they have access to an even larger team who are committed to making finance dreams come true.”
Money Quest Group managing director Michael Russell said the graduate program was a professional development pathway that he encouraged all franchise owners to consider when recruiting staff.
“Not only does it kick-start the careers of aspiring mortgage brokers, [it also] facilitates the recruitment and retention of quality people within our franchise network,” Russell said.
Recognising the rate of change within the industry, MFAA head of education Dan Walsh (pictured above right) said it was essential for mortgage and finance brokers to stay up to date on the latest developments, which in turn helped brokers to grow their business.
Education goes further than understanding financial products and regulatory compliance, he said.
“Whilst these are important continual professional development in areas like business management, emerging technologies, marketing and leadership also give brokers a deeper understanding of how consumer or employee expectations are changing, and how they can continue to deliver exceptional service to their clients,” Walsh said.
Dates for the 2023 calendar
In addition to the Looking Ahead series, held in February, the MFAA National Conference will be held in Sydney on May 25. The conference is to be preceded by various workshops and networking opportunities on May 24.
The MFAA will once again hold the Women in Finance Broking series, offering networking events supporting broader diversity and inclusion within the finance broking industry, and the MFAA Excellence Awards, to be held in June. Additionally, the MFAA said it would provide further professional development in commercial finance, for both new and experienced brokers.
