Apprenticeship: A Shot in the Arm for the Finance Industry?
The Finance Brokers Association of Australia (FBAA) has made it clear that they want more young blood to enter the industry. They are placing a strong emphasis on young workers to enter their apprenticeship program and learning the ropes of the trade. This has been accompanied by an increase in the marketing traction for their apprenticeship program. The president of FBAA, Peter White, talked about the program and the benefits it offers to young talent on TV last month.
While talking to The Adviser, Mr. White commented that the FBAA is focused on promoting the benefits of a career in finance broking to over half a million students across the country. This will include students from high school as well as university. It is expected that a full-fledged marketing campaign will be launched, which will include the use of both traditional and online marketing mediums. Already, youths and students are being targeted through social media and the FBAA website.
The reason why getting more young people into the industry has become important is because of the changes in compliance requirements made by the NCCP in the recent past. As a result of these changes, several brokers new to the industry have left their jobs to search for different career options. This can be damaging to any loans company or brokerage house when their best young talent quits midway. They won’t be able to build a team for the future. Any financial company has to build a team to be able to sustain its business over the next few years.
This is one reason why LCD Home Loans’ owner Murray Reid stressed the importance of aggregators leading the charge to recruit young talent. He stated that the aggregators could lose out if new talent isn’t attracted. According to him, most active finance brokers will be retiring in a decade or so with no one to fill their shoes once they are gone. This has led to the perception that mortgage broking has become an ageing industry and that most brokers are nearing retirement age.
The situation has changed from around a decade back when the finance broking industry had a steady supply of talent. Now, the scenario is clearly different and the mortgage finance industry needs a shot in the arm. Promoting the FBAA apprenticeship program is just one of the steps that will get youngsters to consider taking up finance broking as a career. Otherwise, the industry could be in dire straits.
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