“I think the responsibility lies with the groups/aggregators. The main challenge is that running training programs is an investment that needs to be made by groups. Until this becomes the norm, rather than the exception, it will be difficult to attract the next generation of mortgage brokers en masse.”
White says awareness of career progression in mortgage broking is also key.
“The industry needs to promote itself as an industry of business owners and entrepreneurs, not mobile lenders. A lot of feedback from attendees of our information nights is their perception of career path.”
Furthermore, brokers need to be proud of their chosen career and of the community that surrounds it, he says.
“Lead generation is also a big part of this, as many young brokers don’t have the financial backing that more senior entrants have. If they receive leads and can make money straight away, their chance of success is so much higher.
Finally, says White, brokers should take a close look at their personal assistants as potential successors.
“PA's may be the loan writers of the future. We are seeing more and more PAs take the step to becoming brokers. Smart business owners identify the talent, nurture it and expand their lead generation to accommodate them. I think our industry is a very sexy one.....we just need to be more vocal about it.”