How to foster the next generation of brokers

by Julia Corderoy24 Nov 2014
It is no secret that the broking industry is an ageing one and that a real challenge the future livelihood of the industry faces is attracting and developing the next generation of brokers. So how do we do it?

Tommy Lim, founder and director of SF Capital, represents the next generation of brokers, and he told Australian Broker that there are three important things that the industry should be investing in to foster young talent.

“Firstly, I think our industry associations should be offering more opportunities for brokers to network with other industry groups and ‘likeminded’ professionals outside of mortgage or finance broking – such as accountants and lawyers. The biggest challenge I have faced as a young broker is building my initial client and referral base. I relied on getting in contact with old high school and university networks, church networks and previous professional networks. I was basically just going through my phone book and calling people, it was really hard. 

SF Capital got their accreditations in May last year, but it wasn’t until September that Lim settled his first loan – and got his first pay cheque. Lim says being able to network with other similar industries could help young brokers build business relationships and referral partners. However, when it comes to technical knowledge and best practice, he would like to learn from the best.

“Secondly, I think industry associations or aggregators should hold master classes with the very best brokers in the industry on credit workshops, compliance and best practice. They do hold webinars and classes run by themselves or lenders, but I also want to be learning from brokers who have had all the experience and seen the good, the bad and the ugly.

“Thirdly, I think the industry should have more opportunity for informal networking with experienced mentors. For example, the MFAA or FBAA could choose 20 experienced brokers who are open to mentoring and choose 20 new to industry brokers and organise drinks where we can chat and exchange business cards in a more relaxed environment,” he told Australian Broker.