Major aggregator Vow Financial has launched a new mentoring program aimed at new-to-industry brokers.
Vow Mentoring is a two-year program that includes a tailored business plan, marketing plan and three months free email marketing service and support. It also includes lender accreditation and ongoing training on product, sales processes, compliance and software.
The two year program, which incurs a $1,000 one-off entry cost, is an evolution of the existing MFAA approved program which allowed Vow brokers to become mentors to new brokers within their brokerage.
The chief executive of Vow, Tim Brown, says this program will go a long way to fill an education gap overlooked by wholesale aggregators.
“There has been a growing number of new market entrants over the past few years and yet wholesale aggregators are not catering to their needs. The new broker generally goes through a short induction program and then enters the market on their own without the level of training, tools and support they initially need. Many of these businesses will fail in the first two years unless they receive additional mentoring,” Brown said.
“We want to be industry leaders and at the forefront of providing new services to our brokers need. The expansion of this program is an important milestone for our business. By providing more support services, we can help more for enthusiastic new brokers who might just need a boost to learn the ropes, build momentum and ultimately set themselves up for success.”
The internal Vow Mentoring program will be run by newly appointed national mentor relationship manager, Adam Flint. Flint is a qualified training professional who also is also highly literate in the aggregation software.
“One of the biggest frustrations for finance brokers in their first years is learning how to use the software. With Mr Flint’s software expertise, the mentees will also have access to an oncall software expert to assist in the lodgement of deals during those key early years,” Brown said.
The internal program was soft launched two months ago in New South Wales with ten new entrants being the first to trial it and ten more scheduled to begin.