The exodus of brokers from the industry that marked 2011 may be stemmed in 2012, it has been claimed.
MFAA chief executive Phil Naylor has told Australian BrokerNews he expects broker decline to taper off in the New Year.
“Broker numbers are still falling at this stage, but I think that trend will start to flatten out in 2012,” Naylor said.
As the tide of broker loss abates, new blood is beginning to be injected into the industry, Naylor indicated.
“The good news is that, while there have been a reasonable number of exits from the broker sector, there are many new entrants continuing to join the industry,” he said.
These new entrants will be subject to higher educational requirements in 2012. By 1 July of next year, the MFAA will require all members to hold a Diploma. Naylor said 2012 would see the association continue its push to bring brokers up to speed, and to position the industry as one of increased professionalism.
“[The] MFAA will be focused on ensuring all its members reach our Diploma or equivalents standards so that this can be incorporated in our ongoing advertising and PR,” he said.