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'New blood' for industry as brokerage ups ante

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Australian Broker | 27 Jul 2012, 07:00 AM Agree 0
A major brokerage is upping the ante in its search for “new blood” to replenish the ranks of the mortgage broking industry
  • Aussie Rip Off | 27 Jul 2012, 10:03 AM Agree 0
    Given that Ed Thian is from Aussie and and a lot of other are Aussie it just looks like they are replicating the Aussie and Mortgage Choice models to me. Nothing new here
  • Anon | 27 Jul 2012, 10:15 AM Agree 0
    Aussie has run a broker Academy for several years now and has the most comprehensive training and development program in the industry as well as ongoing mentoring. Loan Market's idea is not original or a first.
  • Big picture | 27 Jul 2012, 10:28 AM Agree 0
    This world is filled with organisations using each others ideas...why reinvent the wheel, if you see somthing working why not replicate it, i see absolutely nothing wrong with it. Look at the iPad and all the spin offs from that..
  • Craig Dres | 27 Jul 2012, 10:47 AM Agree 0
    No choice afetr loosing truckloads of brokers in Loan Market has to as have lost truckloads from Victoria and other areas.
  • John Whitten | 27 Jul 2012, 11:10 AM Agree 0
    How encouraging, a two week course and then we put these ex car salespersons, ex school teachers, ex plasters, out as finance specialists. The industry needs to create a clear career path (call it an apprenticeship for want of a better term)where trainees get a bit more than a 2 week course and some mentoring before they are set loose on the general public. The public then get the perception that these inexperienced brokers are the normal brokers in the industry and drag the image of all the professional brokers in the industry down.
  • Ex Aussie Guy | 27 Jul 2012, 11:29 AM Agree 0
    Unlike Aussie though they will earn a fair commission and be motivated to stay. Aussie strategy is to train, churn and burn their brokers. Just look at how many ex Aussie brokers there are in the industry and ask why they left. Good on you Loanmarket for having a go and bringing new blood to the industry.
  • Michael | 27 Jul 2012, 11:46 AM Agree 0
    Looks like Loan Market has chosen just to try and follow whatever Aussie does. Well, as they are the obvious success story of our industrty, if you can't beat em, join em I say..
    Funny, Loan Market now seem to have many of Aussie's rejects..
  • Aussie Rip Off | 27 Jul 2012, 11:54 AM Agree 0
    Thanks for starting this now. Where was the support before? Even the trainer in Victoria is ex Aussie. They suck you in and then provide no support. Glad to be out.
  • Professional or Commercial? | 27 Jul 2012, 12:37 PM Agree 0
    @ John Witten. Totally agree. There is more to professionalism than a quick course. Licensees should consider their role more discerningly and provide solid and ongoing mentoring/training to their credit reps.(this is their legal obligation but it is also best practice) ASIC should have made it a requirement that new entrants are employed for two years before they may operate autonomously.
    All these "attraction marketing" strategies are more about commercialisation than providing professional mentoring. It takes time and money to build a professional team and the bigger players should be investing in the future, not merely looking for ways to attract a fee from unsuspecting new blood
  • Vic Broker | 27 Jul 2012, 01:10 PM Agree 0
    I know one aggregator who is after the taxi drivers encouraging them to give up their businesses and become mortgage brokers!In this business if you are experienced,it would take at least 5 months before you receive your first pay check.If you are inexperienced, 98 out of 100 will burn out within 6 months from the joining the industry.Some aggregators even try to be awkard when it comes trial payments due to them when the brokers choose to leave them!They insist that the brokers have a minimum level of trials coming each month failing below the required level results the loss of trials which could be potential revenues for some aggregators!That is like the money in the bank for them!
  • KT | 27 Jul 2012, 01:34 PM Agree 0
    John Witten....good call. What kind of profession can recruit new members only after 2 weeks of training?.....2 weeks?!! what a joke
  • James Serafini | 27 Jul 2012, 02:58 PM Agree 0
    Club finaqncail ran an academy for two weeks and expected that to churn out client ready brokers with no finance exere
  • James Serafini | 27 Jul 2012, 03:17 PM Agree 0
    Club Financail did the same type of thing, two week training course for newbies then let them loose on the public =- no experience. this devalues the industry and service we provide
  • 10 year Broker | 27 Jul 2012, 03:29 PM Agree 0
    A two week course won't help any broker attract clients which is what you need to be successful, only a fool would join this industry today..
  • Ed Thian | 30 Jul 2012, 10:36 AM Agree 0
    Loan Market Academy is a 2 year program with an initial 2 week classroom training period followed by extensive structured coaching from industry leading professionals.
  • Craig Dres | 31 Jul 2012, 10:31 AM Agree 0
    LoanMkt is a good business.
    Thye at least train and invest in people.
  • Lindy Spillman | 31 Jul 2012, 12:15 PM Agree 0
    Loan Market offer an initial 2 weeks classroom covering the basics of lending which then flows into a 2yr mentoring programme. All new to industry brokers will conduct 2 appts for each client - the first appt being fact finding only and is following by a one on one with the trainer to ensure all processes are covered and will then deliver the correct options to the client. New to industry brokers have the full support of Loan Market. Add weekly meetings with lenders on products, structure plus Monthly one on one meeting to ensure the new to Industry broker will be successful not only to themselves but to Loan Market as a Brand.

  • Anon | 31 Jul 2012, 12:20 PM Agree 0
    To all you narrow minded egotisitical brokers out there committed to stoping on attempts to improve our industry by bringing in new blood and developing them and giving them the opportunity to build their own businesses.

    What did you do before you became a broker? or did you crawl out of the womb with a Financial Calculator in your hand. We all have to start somewhere .......
  • Successful LM Qld Rookie | 31 Jul 2012, 01:15 PM Agree 0
    In an industry that needs positivity to be successful, its no wonder you guys have so much time on your hands!
  • Successful LM Qld Rookie | 31 Jul 2012, 01:28 PM Agree 0
    The results will speak for themselves for all to see.
  • Academy Member | 31 Jul 2012, 01:34 PM Agree 0
    John Witten - As someone who has worked for a brokerage firm in a call centre / Appointment setting capacity, With one of the big 4 banks as well as 4-5 years of other customer service and sales related jobs. What do you deem enough experience to perform out in the field?

    I personally had 4 different options to enroll to get my cert 4 (One of which was going to take only 3 days to complete,) and chose to go through loan market specifically for their professionalism and their ability and resources to nurture me into becoming one of the best possible brokers in the company and beyond.

    If you would like to elaborate on where abouts you received your masters degree in home finance and infinite wisdom right off the bat, please feel free to do so.

    In the meantime, I will continue to operate through and support loan market.
  • Jeff | 31 Jul 2012, 03:54 PM Agree 0
    To all the existing Brokers that decided to add their comment to the forum, John Whitten and the like. Thank you! Seriously Thank you! I have had intimate knowledge of Aussie's and other so called Academy's and found that comments like yours quite to a negative way towards the industry that you make your money. I can only gather that you feel slightly threaten by these 'Academys' for two reason. One, a little competition for you :) Two, jealously that you never received that same support that these young Brokers will receive :(. So again thank you for well uninformed comment from those nah Sayers.
  • Tim | 01 Aug 2012, 05:16 PM Agree 0
    On reading the further information from Lindy Spillman and the other Loan Market brokers it is clear that this course which includes the two year mentoring and other training is what is needed in our industry. Well done to Loan Market. They make some of these training organisations look like Mickey Mouse academies. I have been in the mortgage industry for 32 years and a broker for 15 years of that and see this training as the best way for new to industry brokers to be upskilled. Other aggregators could take a lesson from Loan Market.
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