The broker population is aging at an unsustainable rate, according to MFAA CEO, Phil Naylor. Speaking at the MFAA National Convention State of the Industry Update yesterday, Naylor says it’s an issue the association plans to focus on going forward.
“Our workforce is aging and it’s aging quickly,” he said. In 2011, brokers under the age of 30 represented 11% of the total broker population – in 2013, the number has nearly halved at 6%. Those aged between 30-49 made up 62% of brokers in 2011, but now comprise just 57% and, perhaps most strikingly, those aged over 50 made up 27% of brokers in 2011. They now make up 37%.
Naylor said the MFAA plans to continue marketing the profession to a younger generation via social media and other mediums in a specially-targeted ad campaign.
“We’ve started experimenting with career days at universities, national skills expos and have talked with the government about mortgage and finance adaptation of the traineeship system. We’re getting a good deal of interest from the government.”
As well as discussing the issue of an aging broker population, Naylor also emphasised the MFAA’s belief that the broker share will grow despite the low credit growth environment. However, in order for this to happen, he says, the organisation will, among other issues, need to be ‘proactive’ about bad press in light of recent articles published by News Ltd and other media groups.