A major aggregator is launching a mentorship program to bring new blood into the industry, saying it's no longer enough for aggregators to poach brokers from each other's networks.
Vow Financial has announced the launch of a two-year mentorship program which will help to train new entrants to the industry in both the practice and philosophy of mortgage broking. Vow CEO Tim Brown told Australian Broker aggregators had to work to bring new talent into the industry.
"For us, it's a huge investment in both time and money, and we're keen to see it grow and develop. The main reason for introducing this is that aggregators can't continue to go around and poach brokers from other networks. Eventually that comes to a point where you don't make money from the exercise. We also want to see the industry grow," Brown said.
Brown said the first step in launching the mentorship program would be to identify trainers in each state. He said Vow had recruited someone full-time to "train the trainers", who would then take the mentorship program to the aggregator's entire network. Brown said Vow had submitted the program for MFAA approval, which he expected to be finalised by October.
"We get a number of enquiries every day from brokers who have no background in the industry, and now we'll be able to facilitate their program," he said.