Trained mentors are better at helping new entrants survive the gruesome attrition statistics that face any prospective new broker starting their career.
Classic Mentoring & Coaching mentor Nancy Youssef has told Australian Broker TV that only a third of brokers new to the industry survive the first 12 months.
She said the key for getting brokers to survive this period was providing them with a structured approach to training, rather than appointing someone without the time to give.
“Whilst we have already identified that experience brokers have all the technical knowledge not all of them are really good at training and being able to teach new entrants,” she said.
Sally Ashcroft of Finanz Essentials said finding the right mentor was “really important”.
“You have to find someone that has the time to train you,” she said.
Ashcroft’s experience with the MFAA’s mentor program was that it added value to her business, by providing her with holistic help that covered all aspects of operating the business.
Graham Wearn of AMW Wealth, who transitioned to mortgage broking after his former career as a stockbroker, said trained mentors also helped new brokers confront their fears.
“Things that I would put off are difficult things like marketing and selling financial products - in general that’s a fairly confronting thing, going out and marketing yourself to sell things,” he said.
“But with a mentor you have to do it and you are accountable to your mentor so there is no escape from confronting your worst fears,” he said.
Watch the video report here, at Australian Broker TV