Quest for knowledge boosts brokers’ market value

As Australians turn to brokers in greater numbers for help in securing finance, lenders and aggregators are there to assist, providing ongoing education and professional development to keep brokers at the top of their game

TO BE a successful broker, it's paramount to maintain your reputation as a specialist in the complex and constantly changing lending landscape. Customers want to be assured that the broker they select displays the highest levels of professionalism, integrity, skills and knowledge to help them find the loan product that suits their needs. More and more Australians are turning to brokers – the latest MFAA and Comparator figures for the July to September 2022 quarter showed that a record 71.7% of all new residential home loans were being written by brokers. For brokers to keep their trusted mortgage adviser status and grow their market share further, ongoing professional development is needed to ensure they are aware of all the latest industry developments, including in products, regulation and technology.

Croucher says brokers have access to a wide range of loan products and lenders, which allows them to find a loan and lender tailored to the specific needs and financial situation of the customer. This saves the customer from having to research and apply to multiple lenders individually. “As a lender, it’s our responsibility to work closely with our brokers to continue providing solutions that meet the needs of the customer, while making it simple and easy for brokers to work with us.” Cramb says brokers’ market share being at an all-time high shows that customers are voting with their feet and looking to them for guidance and expertise. “The property purchasing journey can be complex and daunting, and the rate-rising environment adds an extra layer of complexity for customers,” he says. “Many people require help to understand what these changes mean for them, so they’re looking to brokers to support them in navigating their options.” Cramb says Lendi Group’s business and brokers exist to liberate customers from the “all-consuming admin” of the property purchasing journey. “One of our core Lendi Group values is ‘making home loans human’. We never lose sight of the fact that mortgage broking is a people-centric industry, and we pride ourselves on our delivery of technology and support models that allow our brokers to develop meaningful relationships, provide an exceptional experience, and drive quality outcomes for their customers.”

Due to rapid interest rate rises, Australians are seeking that trusted advice and expert guidance more than ever, Dupont-Brown says. “The relationship between a broker and client doesn’t end once a loan is settled – brokers are there to support their customers through the life of the loan and beyond.”

More brokers diversifying into commercial finance

Mioc, who leads ANZ’s Commercial Broker team, says that when it comes to commercial lending, brokers should be looking to become trusted advisers to customers with finance needs, especially commercial customers who may have a range of lending needs. “It’s incumbent on all brokers and banks to understand and assist in fulfilling customers’ finance needs and to make the lending process as simple for them as possible,” Mioc says. “Well-informed brokers and bankers are best placed to achieve this.” Like they do with residential brokers, customers also place their trust in the skills and professionalism of commercial brokers, says Mioc. “A good commercial broker will always have their client’s best interests in mind,” he says. “They should take the time to understand a customer’s business needs and financial goals as this will help them to provide accurate information and offer fit-for-purpose finance solutions.” Vala says the statistics aren’t quite as clear-cut when it comes to the percentage of commercial business introduced by brokers, but analysis of the available data indicates that it sits at around 20–25% for property-secured transactions and is continuing to rise.

“There is no question Australian borrowers turn to brokers to deliver commercial lending solutions because of the same principles around knowledge, experience and more efficient outcomes as in the residential home loan stream of finance,” Vala says. “There are subtle differences between the two, and yet the rationale for borrowers to turn to a broker for any type of mortgage or secured finance is just as compelling.” Dupont-Brown says Australians generally trust mortgage brokers because they receive expert and personalised guidance that has the customer’s best interests at heart. “Customers can be assured by knowing that brokers are to provide credit assistance which ensures the best loan is recommended based on their individual circumstances,” she says.

Specialist Finance Group is a family-owned business that has been serving the broking community for more than 30 years. With a customer-centric model, SFG provides its members with the best possible systems, services and support to assist them in growing and improving their businesses. SFG’s unique model has seen rapid expansion in recent years that has consistently delivered results well above system.

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Thinktank is an independent non-bank financial institution specialising in the provision of commercial-property mortgage finance of up to $4m and residential-property mortgage finance of up to $2m in the Australian self-employed, PAYG and SME sectors. Since 2006, Thinktank has provided over $6.5bn worth of commercial, residential and SMSF lending solutions, which have enabled thousands of borrowers to achieve their goals of acquisition, refinancing and equity release. Thinktank offers a range of lending solutions, including Full Doc, Mid Doc (alternative income verification), Quick Doc and SMSF loans.

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Mortgage Choice’s research shows that industry knowledge and expert advice are the main reasons Australian consumers are increasingly relying on brokers. Dupont-Brown says Mortgage Choice’s learning and development strategy is based on a three-tier framework of education, mentoring and ongoing development. “Within each of these tiers we have an array of education programs, nationally accredited qualifications, mentoring plans and events designed to cater for new-to-industry brokers and industry veterans. It’s a ‘day one to retirement’ education strategy.” This framework is firmly anchored to Mortgage Choice’s five pillars of broker success: sales, marketing, lending, systems and business management. Dupont-Brown says everyone comes to the industry with different skill

Founded in 1835 and headquartered in Australia, ANZ is one of the four largest Australian banks and is ranked in the top 25 banks globally by market capitalisation. It employs approximately 45,000 staff and operates in 34 markets globally. ANZ serves over 10 million retail, commercial and institutional customers, with consumer and corporate offerings in its core markets and supporting regional trade and investment flows across the region. ANZ's purpose is to shape a world in which people and communities thrive. That's why it strives to create a balanced, sustainable society in which everyone can take part and build a better life.

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“We are always looking to provide additional opportunities for one-on-one coaching and direct feedback to ensure our brokers’ skills and knowledge are up to date”

Brad Cramb, Lendi Group

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Buchanan says the broker channel simply does not compare with retail direct channels due to “our processes, knowledge of and access to the lending markets, combined with transacting in the clients’ best interests as our priority”. “We see the data where clients are overwhelmingly satisfied with their broker, and in the years gone by it's little wonder why our market share has consistently and steadily grown,” he says. “As our channel continues to evolve and design the processes for the future, and the future of consumer trends and needs, we will continue to see our market share grow, which is likely to hit 80% within five years." Customers want transparency and are looking for someone to work in their best interests when it comes to their financial needs, Croucher says. “This is where brokers come in; they are able to act in the customer's best interest and ensure they are given the best possible deal within the market. Customers are looking for transparency, choice and guidance to achieve their financial goals. Brokers support customers by working in their best interest and supporting them throughout the home loan journey.”

Highest levels of education: finance brokers vs all jobs average

“It’s important that brokers have a number of strings to their bow. We know that diversifying can be a challenging transition, which is why education is so important, as is the support offered by our BDMs and bankers”

Ivan Mioc, ANZ Commercial

Brad Cramb joined Aussie in 2017, bringing with him over 20 years’ experience in senior leadership positions in the automotive industry. Cramb has significant experience in expanding and supporting a national distribution network, and in developing dynamic strategies to drive sales growth in small businesses and increase market share in a highly competitive environment. In his role as CEO of distribution at Lendi, Cramb is responsible for accelerating the group's sales and distribution growth and has direct accountability for its network of over 1,300 brokers and 230 Aussie retail stores. On weekends, Cramb trades his business suit for a wetsuit and can be found searching for the next big wave on Sydney’s Northern Beaches.

Lendi Group

Brad Cramb

Ivan Mioc is ANZ’s general manager, commercial broker, and a strong advocate for the broker industry. He has worked in various roles across the commercial sector during his 17 years at ANZ, including leading large frontline businesses. In recent years, Mioc has held several key leadership positions at ANZ Commercial, such as state manager commercial origination, head of small business banking – Victoria/Tasmania, and head of business execution.

ANZ Commercial

Ivan Mioc

Peter Vala, Thinktank's general manager partnerships and distribution, has extensive experience in residential, commercial and development finance. He specialises in strategic implementation, leads the Thinktank relationship manager team, and works closely with brokers and aggregators.

Thinktank

Peter Vala

Blake Buchanan, general manager at SFG, is an expert in the broker channel with some 20 years’ experience in the finance industry, specialising in broking, lending and aggregation. Buchanan is known for his expertise and passion for the broker channel, along with his ability to deliver strong distribution results through systems, people, processes and partnerships.

Specialist Finance Group

Blake Buchanan

Broker education: benefits and strategies

Blake Buchanan

Specialist Finance Group

Peter Vala

Thinktank

Ivan Mioc

ANZ Commercial

Brad Cramb

Lendi Group

Emma Dupont-Brown

Mortgage Choice

Adam Croucher

CommBank

Bernadette Christie-David

ATELIER WEALTH

David August

INITIAL FINANCE

Industry experts

Adam Croucher has been in the industry for over 26 years, with nine of those years in mortgage broking. He spent the first 17 years of his career managing retail branches. In 2014, he was appointed CommBank’s state manager for third party banking in Victoria, then in 2018 he became the bank’s head of third party. Last year and for the second consecutive year, Croucher was named in the 2022 Mortgage Global 100 – a list of industry professionals who are making a positive difference and helping drive change across the third party sector. Today, he continues to support and guide his teams on the importance of transparent broker communications and working together to help more Australians achieve their homebuying goals.

CommBank

Adam Croucher

Emma Dupont-Brown has 17 years’ experience across financial services and mortgage broking, including seven years at Mortgage Choice. Following executive roles in product, communications and aggregation, Dupont-Brown was appointed general manager operations for REA Group Financial Services and Mortgage Choice in October 2022. She is known for her advocacy for the broking industry, as well as leading high-performing teams in dynamic environments.

Mortgage Choice

Emma Dupont-Brown

“We try to make all of our sessions interactive as we find dynamic conversations supported with relevant hard- and soft-copy material to take away provides a richer and immediately appliable learning environment”

Peter Vala, Thinktank

“We are proud to announce that 2023 will see the release of our new online educational portal that will allow brokers to navigate many areas of education, beginning with compliance and regulatory courseworks”

Blake Buchanan, SFG

“In the same way you don’t go to the gym once and declare yourself fit, learning isn’t a one-time event. Professional development ensures a broker’s knowledge remains up to date and their skills are consistent with current best practice”

Emma Dupont-Brown, Mortgage Choice

“The more brokers continue to grow their knowledge and skills, the better placed they will be to continue to meet the needs of their customers and provide them with the most appropriate lending solutions”

Adam Croucher, CommBank

Aussie and Lendi were founded as market disruptors with a common aim to help Australians get better deals, rates and information on their home loans. Aussie was established in 1992, bringing competition into the Australian home lending industry. Lendi was founded in 2013, and by bringing together smart technology and home loan specialist advice has been helping Australians compare, apply and settle the right home loan on the Lendi platform since 2016. In May 2021, Aussie and Lendi merged to create Lendi Group. Our cross-functional team of super-smart experts and brokers power our brands, products, services, relationships and platforms to help more Australians secure their property dreams seamlessly. Lendi Group exists to liberate customers, brokers and lenders from the all-consuming admin of the property purchasing journey.

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For 30 years Mortgage Choice has been at the forefront of Australia’s mortgage broking industry, and now as part of REA Group, a leading global digital business specialising in property, this doesn’t change. As a network of more than 1,000 brokers and over 750 franchises nationally, Mortgage Choice remains one of Australia’s most trusted and recognised brands, with over 95% brand confidence among consumers. Mortgage Choice is passionate about helping people afford the things that are important to them, whether that’s buying a home or a new car, or starting a business.

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At CommBank, we know brokers deliver exceptional outcomes for customers, which is why we are focused on providing simpler, better and easier processes with an enhanced level of support for brokers every step of the way. Our strategy has been designed based on broker feedback and focuses on how we can improve the experience and build a strong and more sustainable third party banking channel that helps our broker partners support more customers in achieving their homebuying goals. If you’re not already accredited with CommBank, now is a great time to join us, as we have simplified our residential mortgage broker accreditation process and are providing specialised support via a dedicated onboarding relationship manager for your first six months.

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$2bn

$4bn

$6bn

$8bn

$10bn

$12bn

$14bn

$16bn

Oct16-Mar17

$7.90bn

Apr17-Sep17

$8.85bn

Oct17-Mar18

$8.94bn

Apr18-Sep18

$9.05bn

Oct18-Mar19

$8.79bn

Apr19-Sep19

$8.99bn

Oct19-Mar20

$9.69bn

Apr20-Sep20

$9.37bn

Oct20-Mar21

$10.27bn

Apr21-Sep21

$13.40bn

Oct21-Mar22

$15.98bn

Source: MFAA Industry Intelligence Service, 14th Edition report, 1 October 2021–31 March 2022

Year 11

Year 12

Certificate III/IV

Advanced diploma

Bachelor's degree

Postgraduate/graduate diploma or graduate certificate

30%

20%

10%

20%

30%

40%

All jobs average

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Specialist Finance Group

Christopher Lee

CommBank

Adam Croucher

Mortgage Choice

Emma Dupont-Brown

Brad Cramb joined Aussie in 2017, bringing with him over 20 years’ experience in senior leadership positions in the automotive industry. Cramb has significant experience in expanding and supporting a national distribution network, developing dynamic strategies to drive sales growth in small businesses and increase market share in a highly competitive environment. In his role as CEO of distribution at Lendi, Cramb is responsible for accelerating the group's sales and distribution growth and has direct accountability for the group’s network of over 1,300 brokers and 230 Aussie retail stores. On weekends, Cramb trades his business suit for a wetsuit and can be found searching for the next big wave on Sydney’s Northern Beaches.

Lendi Group

Brad Cramb

ANZ Commercial

Ivan Mioc

Thinktank

Peter Vala

Specialist Finance Group

Blake Buchanan

Peter Vala, Thinktank

Blake Buchanan, SFG

Emma Dupont-Brown, Mortgage Choice

Adam Croucher, CommBank

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“We also offer support and guidance every step of the way for both new-to-industry and experienced brokers through CommBank’s Broker Training Hub.” This provides:

“We also offer support and guidance every step of the way for both new-to-industry and experienced brokers through CommBank’s Broker Training Hub.” This provides: Since the launch of CommBank’s Training Hub in March 2022, the bank has delivered over 70 live workshops reaching more than 6,300 brokers and broker support staff, with over 1,000 questions answered and 25 published self-paced training modules. “We also run national professional development days to get feedback from our broker partners, ensuring we continue to build our strategy based on the needs of our brokers,” Croucher says. At broker aggregator SFG, Buchanan says “what we do as an industry is a huge responsibility that trades with what will often be the largest financial commitment people make in their lifetime”. “Brokers need to be always at the top of their game to ensure that the assistance offered to consumers is the most relevant and up-to-date advice for their circumstances,” says Buchanan. “They achieve this through continued education to learn new things and refresh their knowledge base.” The industry relies on its education program for new and experienced brokers, he says. “It’s pleasing to see the industry further lifting standards in education with the mentor program under review, CPD register scrutiny and increased lender participation in events.” SFG delivered more than 60 face-to-face educational engagement sessions with its members throughout 2022. Meaningful improvements to processes, mindset, compliance awareness and new products and partner education and training were among the benefits, Buchanan says. The aggregator’s strategy is to make education accessible to all, with thought-out designs around content delivery and methods. Sessions are available to all SFG brokers in different formats, including quarterly state-based PD days, fortnightly lender updates and training, coffee clusters, conferences, libraries of content, and system-driven access to information, complemented by access to the entire management team. “We believe that education is an investment in you and your business, and our strong encouragement is for all brokers to have good discipline around your CPD requirements, to attend and consume the information from these educational seminars,” Buchanan says.

Giving brokers the tools to diversify

Vala says Thinktank offers a range of education sessions based on empowering residential brokers to branch out into new areas such as commercial and SMSF finance. “One of the keys is for a broker to review their book of clients and see what new product and finance offerings can reasonably meet their needs now and in the future – and then we can assist with the development and execution of a plan to achieve that,” Vala says. Cramb says Lendi Group is committed to ensuring its brokers can diversify their businesses beyond home lending to offer their customers holistic finance solutions. “Once our Aussie brokers have completed their Diploma of Finance and Mortgage Broking, they’re able to obtain commercial accreditation with individual lenders,” he says. “We support these brokers by facilitating the accreditation and training process with individual lenders and then providing coaching and development throughout the end-to-end commercial customer lending process.” CommBank’s commercial and asset finance teams will often meet up directly with head groups to discuss any requirements with their members, hold specialised meetings or present at webinars or PD days. “In addition to this, as part of discussions to assist brokers to grow their businesses, our relationship managers will identify the type of clientele the broker deals with,” Croucher says. “If suitable, they will introduce the broker to our colleagues from commercial, asset finance or even private bank – who look after residential and commercial lending – to support the customer.” For brokers needing commercial assistance, Croucher says CommBank also has a Commercial Connect Referral Program to connect the customer with the right level of support, while remunerating the broker . Buchanan says diversification starts with being aware of the opportunity and understanding it. “Pundits throughout the years have made statements about how brokers should diversify into many different areas but seldom explain how, or that not many brokers have been successful at being an expert commercial broker and an expert residential broker at the same time,” he says.

How BDMs support the upskilling of brokers

There are many differences between commercial and residential broking, and each usually requires full-time focus, Buchanan says. That is why brokerages diversify with specialists in each category rather than try and do it all themselves. “We like to work with our members to establish ways to achieve their goals of diversification meaningfully and realistically, and sometimes this means forming great referral partnerships to facilitate diversification so as not to miss out on your opportunities.” Mioc says it’s important that brokers have a number of strings to their bow. “We know that diversifying can be a challenging transition, which is why education is so important, as is the support offered by our BDMs and bankers,” he adds. ANZ’s data shows that approximately 35% of the retail applications it receives are for self-employed customers, representing genuine opportunities for brokers. “If a broker isn’t talking to their customers about their commercial lending needs, another broker will,” Mioc says. “We want to support accredited brokers who want to offer holistic financial solutions to their customers, regardless of whether it’s business or personal; it’s important we help support brokers and their customers. And offering a full service is an excellent client retention tool for brokers.” Once onboarding is completed with one-on-one support from an onboarding relationship manager, CommBank’s newly accredited brokers have a personal relationship manager to assist them with their needs. Croucher says CommBank has office-based relationship managers available to help brokers with an application or a complex scenario, as well as road-based relationship managers who will come to a brokers’ office “to help get a better understanding of your business and how they can work closely together”. “We also offer support for our platinum brokers who have access to our credit coaches – there to guide and support them with upfront pre-submission on complex scenario management.” At Mortgage Choice, state-based franchise development managers (FDMs) ensure best practice is shared right across its network so that everyone benefits, says Dupont-Brown. “They encourage and assist brokers and franchisees to explore new pathways for career and personal growth. You’ll also find our FDMs hosting some of our induction sessions as well as webinars and seminars featuring our lender partners.” Mortgage Choice FDMs also support brokers through structured education programs. Dupont-Brown says they played a critical role in the support and training of close to 400 Smartline heritage brokers as they migrated onto the Mortgage Choice brand and systems in 2022.

“This was a huge undertaking that involved reimagining how we delivered training at scale, and the FDMs were crucial in that support.” At Lendi Group, Cramb says brokers have access to dedicated sales leaders, each of whom has a small team of brokers who they can provide them with a high level of support. “Our sales leaders identify the individual needs of each broker in their team and use their experience and knowledge to help their brokers grow their businesses,” Cramb says. The sales leaders drive broker results and performance by providing hands-on business planning, leadership, training, coaching and mentoring. They also manage relationships with key stakeholders so that Lendi Group brokers can spend more time directly supporting customers. Cramb says lender BDMs also play a role in educating brokers about their individual product niches and product changes. “The more time a BDM invests in broker training and being responsive to broker queries, the higher the quality of loan submissions they receive from brokers.” ANZ has made it a priority to help minimise the time its BDM teams spend on administration tasks so they can redirect their focus to helping broker customers as much as possible, Mioc says. “We’ve invested in our BDM team and expanded, giving us greater resources on the ground to work with, collaborate with and upskill and educate brokers,” he says. “We continue to educate our BDM team to ensure they are in a great position to assist brokers with their requirements and to answer their questions thoughtfully.” ANZ has also increased investment in its commercial broker channel, recognising its contribution to the overall business. “Our teams are involved with some exciting projects designed to improve the broker experience,” Mioc says.

Vala says Thinktank provides further levels of support through its dedicated relationship manager model. “Every accredited broker is aligned with an experienced RM who will support them on each transaction, from initial workshopping and lodgement through to settlement, which is aimed at helping build skills and awareness along the way for those who might still be learning the ropes.” Great support is one of the pillars of aggregation success, Buchanan says, and all SFG staff fundamentally believe that “our members’ success is our success”. “Each of our BDMs are equipped with many years of broker, brokerage and lender experience, knowledge, know-how and the right tools,” he says. SFG runs a busy educational schedule throughout the year, giving its BDMs and managers great access to members to assist them with their needs. “Each brokerage is unique, and so often we will also take an individual approach to our members to ensure that we can tailor certain areas of assistance specifically to their business model,” Buchanan says.

Future developments in broker education

Cramb says the Lendi Group Graduate Program content is updated each month to ensure it features the most up-to-date and relevant content. The network is also committed to improving its training and the capability of its brokers. “We’re always looking to provide additional opportunities for one-on-one coaching and direct feedback to ensure our brokers’ skills and knowledge are up to date,” Cramb says. Since Aussie and Lendi merged in May 2021 to form Lendi Group, extensive work has been done to make Lendi’s pioneering, proprietary Platform “Aussie ready”. The entire Aussie network will be progressively rolled onto Platform in 2023. “We will be offering daily virtual training sessions to the network to help upskill in system mechanics, products, processes and the customer experience,” says Cramb. Buchanan says education is always evolving, with technology playing a larger part in delivery and engagement. “We are proud to announce that 2023 will see the release of our new online educational portal that will allow brokers to navigate many areas of education, beginning with compliance and regulatory course works,” he says. Mioc says education is a priority for ANZ Commercial’s BDM team and should be for brokers as well. “To remain relevant and to provide a quality service to our brokers and customers, we must be at the forefront of the industry and have a very clear view of regulatory requirements, policy and compliance,” he says. “Seeking out ways to innovate and leverage data and insights to develop better, more competitive products and policy is also essential if we want to continue to offer a service valued by our brokers and their customers.” Dupont-Brown says Mortgage Choice is constantly looking to improve the broker experience in terms of education and development. “We’re always looking for innovative ways to engage our brokers, improve learning delivery, increase knowledge retention, and to inspire them to enhance and exceed current best practice standards.” Most recently, the broker network partnered with industry experts to help it raise capability in areas such as sales and business performance. “We will also look to digital technology to help us strengthen the Mortgage Choice Playbook, an interactive, digital resource with over 300 hours of educational content,” says Dupont-Brown. Targeted learning programs, such as a female-focused program for emerging and established businesses, are also being considered. Thinktank is introducing sessions on understanding and making the most of technology and innovation, in conjunction with its aggregator and industry association business partners. This is in addition to bespoke sessions to keep brokers informed about important economic, market and legislative developments.

How can the industry better deliver broker education, especially on diversification?

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MFAA head credit adviser, Finsure Finance and Insurance

Christopher Lee

Brad Cramb joined Aussie in 2017, bringing with him over 20 years’ experience in senior leadership positions in the automotive industry. Cramb has significant experience in expanding and supporting a national distribution network, developing dynamic strategies to drive sales growth in small businesses and increase market share in a highly competitive environment. In his role as CEO of distribution at Lendi, Cramb is responsible for accelerating the group's sales and distribution growth and has direct accountability for the group’s network of over 1,300 brokers and 230 Aussie retail stores. On weekends, Cramb trades his business suit for a wetsuit and can be found searching for the next big wave on Sydney’s Northern Beaches.

Lendi Group

Brad Cramb

ANZ Commercial

Ivan Mioc

Thinktank

Peter Vala

Specialist Finance Group

Blake Buchanan

Peter Vala, Thinktank

Blake Buchanan, SFG

Emma Dupont-Brown, Mortgage Choice

Adam Croucher, CommBank

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Croucher points out that the lending industry is constantly evolving, with new regulations, loan products and policies being regularly introduced. “To ensure our brokers can provide the best possible service to their customers, we work with them to make sure they are up to date with these changes,” he says. “The more brokers continue to grow their knowledge and skills, the better placed they will be to meet the needs of their customers and provide them with the most appropriate lending solutions.” CommBank ensures it supports the continuing education of brokers through a multifaceted approach. This includes providing each of its accredited brokers with a dedicated relationship manager. Croucher says newly accredited brokers, whether new-to-industry or new to CommBank, are given specialised onboarding support through the bank’s dedicated onboarding relationship manager for their first six months. This ensures they have the required knowledge of CommBank’s processes and policies to allow for smoother, high-quality applications. “We also offer support and guidance every step of the way for both new-to-industry and experienced brokers through CommBank’s Broker Training Hub.” This provides: Since the launch of CommBank’s Training Hub in March 2022, the bank has delivered over 70 live workshops reaching more than 6,300 brokers and broker support staff, with over 1,000 questions answered and 25 published self-paced training modules. “We also run national professional development days to get feedback from our broker partners, ensuring we continue to build our strategy based on the needs of our brokers,” Croucher says. At broker aggregator SFG, Buchanan says “what we do as an industry is a huge responsibility that trades with what will often be the largest financial commitment people make in their lifetime”. “Brokers need to be always at the top of their game to ensure that the assistance offered to consumers is the most relevant and up-to-date advice for their circumstances,” says Buchanan. “They achieve this through continued education to learn new things and refresh their knowledge base.” The industry relies on its education program for new and experienced brokers, he says. “It’s pleasing to see the industry further lifting standards in education with the mentor program under review, CPD register scrutiny and increased lender participation in events.”

How BDMs support the upskilling of brokers

SFG delivered more than 60 face-to-face educational engagement sessions with its members throughout 2022. Meaningful improvements to processes, mindset, compliance awareness and new products and partner education and training were among the benefits, Buchanan says. The aggregator’s strategy is to make education accessible to all, with thought-out designs around content delivery and methods. Sessions are available to all SFG brokers in different formats, including quarterly state-based PD days, fortnightly lender updates and training, coffee clusters, conferences, libraries of content, and system-driven access to information, complemented by access to the entire management team. “We believe that education is an investment in you and your business, and our strong encouragement is for all brokers to have good discipline around your CPD requirements, to attend and consume the information from these educational seminars,” Buchanan says. Vala says Thinktank offers a range of education sessions based on empowering residential brokers to branch out into new areas such as commercial and SMSF finance. “One of the keys is for a broker to review their book of clients and see what new product and finance offerings can reasonably meet their needs now and in the future – and then we can assist with the development and execution of a plan to achieve that,” Vala says. Cramb says Lendi Group is committed to ensuring its brokers can diversify their businesses beyond home lending to offer their customers holistic finance solutions. “Once our Aussie brokers have completed their Diploma of Finance and Mortgage Broking, they’re able to obtain commercial accreditation with individual lenders,” he says. “We support these brokers by facilitating the accreditation and training process with individual lenders and then providing coaching and development throughout the end-to-end commercial customer lending process.” CommBank’s commercial and asset finance teams will often meet up directly with head groups to discuss any requirements with their members, hold specialised meetings or present at webinars or PD days. “In addition to this, as part of discussions to assist brokers to grow their businesses, our relationship managers will identify the type of clientele the broker deals with,” Croucher says. “If suitable, they will introduce the broker to our colleagues from commercial, asset finance or even private bank – who look after residential and commercial lending – to support the customer.” For brokers needing commercial assistance, Croucher says CommBank also has a Commercial Connect Referral Program to connect the customer with the right level of support, while remunerating the broker . Buchanan says diversification starts with being aware of the opportunity and understanding it. “Pundits throughout the years have made statements about how brokers should diversify into many different areas but seldom explain how, or that not many brokers have been successful at being an expert commercial broker and an expert residential broker at the same time,” he says. There are many differences between commercial and residential broking, and each usually requires full-time focus, Buchanan says. That is why brokerages diversify with specialists in each category rather than try and do it all themselves. “We like to work with our members to establish ways to achieve their goals of diversification meaningfully and realistically, and sometimes this means forming great referral partnerships to facilitate diversification so as not to miss out on your opportunities.”

Mioc says it’s important that brokers have a number of strings to their bow. “We know that diversifying can be a challenging transition, which is why education is so important, as is the support offered by our BDMs and bankers,” he adds. ANZ’s data shows that approximately 35% of the retail applications it receives are for self-employed customers, representing genuine opportunities for brokers. “If a broker isn’t talking to their customers about their commercial lending needs, another broker will,” Mioc says. “We want to support accredited brokers who want to offer holistic financial solutions to their customers, regardless of whether it’s business or personal; it’s important we help support brokers and their customers. And offering a full service is an excellent client retention tool for brokers.” Once onboarding is completed with one-on-one support from an onboarding relationship manager, CommBank’s newly accredited brokers have a personal relationship manager to assist them with their needs. Croucher says CommBank has office-based relationship managers available to help brokers with an application or a complex scenario, as well as road-based relationship managers who will come to a brokers’ office “to help get a better understanding of your business and how they can work closely together”. “We also offer support for our platinum brokers who have access to our credit coaches – there to guide and support them with upfront pre-submission on complex scenario management.” At Mortgage Choice, state-based franchise development managers (FDMs) ensure best practice is shared right across its network so that everyone benefits, says Dupont-Brown. “They encourage and assist brokers and franchisees to explore new pathways for career and personal growth. You’ll also find our FDMs hosting some of our induction sessions as well as webinars and seminars featuring our lender partners.” Mortgage Choice FDMs also support brokers through structured education programs. Dupont-Brown says they played a critical role in the support and training of close to 400 Smartline heritage brokers as they migrated onto the Mortgage Choice brand and systems in 2022. “This was a huge undertaking that involved reimagining how we delivered training at scale, and the FDMs were crucial in that support.” At Lendi Group, Cramb says brokers have access to dedicated sales leaders, each of whom has a small team of brokers who they can provide them with a high level of support. “Our sales leaders identify the individual needs of each broker in their team and use their experience and knowledge to help their brokers grow their businesses,” Cramb says.

The sales leaders drive broker results and performance by providing hands-on business planning, leadership, training, coaching and mentoring. They also manage relationships with key stakeholders so that Lendi Group brokers can spend more time directly supporting customers. Cramb says lender BDMs also play a role in educating brokers about their individual product niches and product changes. “The more time a BDM invests in broker training and being responsive to broker queries, the higher the quality of loan submissions they receive from brokers.” ANZ has made it a priority to help minimise the time its BDM teams spend on administration tasks so they can redirect their focus to helping broker customers as much as possible, Mioc says. “We’ve invested in our BDM team and expanded, giving us greater resources on the ground to work with, collaborate with and upskill and educate brokers,” he says. “We continue to educate our BDM team to ensure they are in a great position to assist brokers with their requirements and to answer their questions thoughtfully.” ANZ has also increased investment in its commercial broker channel, recognising its contribution to the overall business. “Our teams are involved with some exciting projects designed to improve the broker experience,” Mioc says. Vala says Thinktank provides further levels of support through its dedicated relationship manager model. “Every accredited broker is aligned with an experienced RM who will support them on each transaction, from initial workshopping and lodgement through to settlement, which is aimed at helping build skills and awareness along the way for those who might still be learning the ropes.” Great support is one of the pillars of aggregation success, Buchanan says, and all SFG staff fundamentally believe that “our members’ success is our success”. “Each of our BDMs are equipped with many years of broker, brokerage and lender experience, knowledge, know-how and the right tools,” he says. SFG runs a busy educational schedule throughout the year, giving its BDMs and managers great access to members to assist them with their needs.

Future developments in broker education

How can the industry better deliver broker education, especially on diversification?

Thinktank is introducing sessions on understanding and making the most of technology and innovation, in conjunction with its aggregator and industry association business partners. This is in addition to bespoke sessions to keep brokers informed about important economic, market and legislative developments. “We feel this is particularly relevant as borrowers grapple with the impact of rising interest rates, the direct and indirect consequences for the economy and other macro and global factors,” Vala says. Croucher says CommBank continues to evolve its broker strategy based on broker feedback gathered through the bank’s national roadshow, Platinum Broker dinners and other events. “We continue to build a strong and sustainable third party channel so together we can support more customers in achieving their homeownership goals.” “There are some great broking businesses that have been able to conquer these specialist types of lending, and we can learn more from them, as well as learn by experience,” says Dupont-Brown.

She says lender partner and aggregator BDMs are also a great resource to guide brokers on how they might approach diversification in their respective businesses. “As an industry there’s an onus on us to continuously improve structured learning programs in these specialist areas, making sure we’ve got the right mix of technical skills and qualifications as well as the human-centric skills, for example the ability to have effective conversations about complex topics.” Buchanan says aggregators, industry bodies and business partners provide many great opportunities for brokers to learn and diversify, but he suggests two things: “As an industry, we should be careful not to create unrealistic expectations about diversification, and brokers should have good discipline when it comes to education and understanding diversification. You should speak to a good cross-section of people, including your aggregator, to create well-thought-out plans and objectives for your business. If you want to achieve something, do the work, do the research, build the plan and execute.” Vala says the industry should be applauded for the work it has done to date and the mounting evidence of genuine momentum in greater diversification. He adds that since the banking royal commission, the industry has been unquestionably committed to striving for even higher standards of professionalism and for supporting genuine equity and inclusion, leading to stronger broker businesses. “Diversification into broader areas of lending has been a central theme within this wider thematic, and we’d simply lend our full support to it remaining a central focus of the industry,” Vala says. Croucher says diversification assists brokers to strengthen customer relationships by providing access to a broader range of financial solutions; it also helps brokers protect their customer bases. “Brokers looking to diversify with limited experience in commercial lending or asset finance would benefit from mentoring from colleagues already active in the fields,” he adds. Aggregators and industry bodies have a pivotal role to play in providing brokers with educational support and access to mentors, Croucher says. “CommBank works closely with these organisations to support them in their efforts. A recent example of this is the bank’s support for the CAFBA education program and participation in the CAFBA Education Council, which offers educational content and pathways into commercial.”

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Giving brokers the tools to diversify

Brokers are mentored by a dedicated graduate manager, says Cramb. They also receive training, coaching and support from the Learning and Capability team and their dedicated sales leader. “Training is conducted virtually in cohorts, which enables brokers to collaborate and form bonds with brokers across the country from the outset,” he says. “Once they have submitted a number of loans and meet the requisite quality standards, they progress to upskilling in more complex scenarios.” The program includes webinars with leading lenders and sessions with key stakeholders who provide insights on marketing, asset finance, the property market and more. Cramb says brokers can begin seeing customers from the first day of their second week, with graduates usually averaging eight lodgements in their first eight weeks. The entire Lendi Group network has access to learning and development, including regular virtual and face-to-face workshops, webinars, lender ‘lunch and learns’, and state-based events so brokers can learn from each other and interact with lenders. “In the same way you don’t go to the gym once and declare yourself fit, learning isn’t a one-time event,” Dupont-Brown says. “A commitment to ongoing professional development ensures a broker’s knowledge remains up to date, and their skills are consistent with current best practice.”

sets, so the broker network’s education programs are designed to be flexible, and brokers can take what they need to grow their businesses their way. “Our programs are supported by Mortgage Choice’s team of skilled franchise development managers who work with brokers to apply the learning in the way that best suits each business,” she says. At Thinktank, Vala says pursuing quality continuing professional development and keeping up to speed with the latest industry developments is key. “Being able to source and deliver superior financial solutions to clients in a timely manner forms the foundations of a successful broking business, and nothing in financial services stands still for long,” he says. Relentless development in product, policy, technology, regulation and other areas means that both experienced and new brokers must take on board the latest information, insights and offerings “in order to defend and promote” their value proposition to clients while enabling new opportunities and efficiencies, Vala says.

Thinktank makes available a range of formal and informal education options throughout Australia and can deliver these via webinars, ‘lunch and learn’ sessions and boardroom workshops. “We try to make all of our sessions interactive as we find dynamic conversations supported with relevant hard- and soft-copy material to take away provides a richer and immediately appliable learning environment.” Thinktank also customises delivery and content to cater for participants’ backgrounds and learning preferences. “Our L&D team, which comprises regional sales executives and other senior executives in our business, all have in excess of 25 years’ experience in commercial and business lending, which allows us to adapt our education and training sessions to make the absolute most of the time being committed by brokers,” Vala says. Croucher says the lending industry is constantly evolving, with new regulations, loan products and policies being regularly introduced. “To ensure our brokers can provide the best possible service to their customers, we work with them to make sure they are up to date with these changes,” he says. “The more brokers continue to grow their knowledge and skills, the better placed they will be to meet the needs of their customers and provide them with the most appropriate lending solutions.” CommBank ensures it supports the continuing education of brokers through a multifaceted approach. This includes providing each of its accredited brokers with a dedicated relationship manager.

Croucher says newly accredited brokers, whether new-to-industry or new to CommBank, are given specialised onboarding support through the bank’s dedicated onboarding relationship manager for their first six months. This ensures they have the required knowledge of CommBank’s processes and policies to allow for smoother, high-quality applications. “We also offer support and guidance every step of the way for both new-to-industry and experienced brokers through CommBank’s Broker Training Hub.” This provides: Since the launch of CommBank’s Training Hub in March 2022, the bank has delivered over 70 live workshops reaching more than 6,300 brokers and broker support staff, with over 1,000 questions answered and 25 published self-paced training modules. “We also run national professional development days to get feedback from our broker partners, ensuring we continue to build our strategy based on the needs of our brokers,” Croucher says. At broker aggregator SFG, Buchanan says “what we do as an industry is a huge responsibility that trades with what will often be the largest financial commitment people make in their lifetime”. “Brokers need to be always at the top of their game to ensure that the assistance offered to consumers is the most relevant and up-to-date advice for their circumstances,” says Buchanan. “They achieve this through continued education to learn new things and refresh their knowledge base.” The industry relies on its education program for new and experienced brokers, he says. “It’s pleasing to see the industry further lifting standards in education with the mentor program under review, CPD register scrutiny and increased lender participation in events.”

SFG delivered more than 60 face-to-face educational engagement sessions with its members throughout 2022. Meaningful improvements to processes, mindset and compliance awareness, along with new products and partner education and training, were among the benefits, Buchanan says. The aggregator’s strategy is to make education accessible to all, with thought-out designs around content delivery and methods. Sessions are available to all SFG brokers in different formats, including quarterly state-based PD days, fortnightly lender updates and training, coffee clusters, conferences, libraries of content, and system-driven access to information, complemented by access to the entire management team. “We believe that education is an investment in you and your business, and our strong encouragement is for all brokers to have good discipline around your CPD requirements, to attend and consume the

information from these educational seminars,” Buchanan says. Vala says Thinktank offers a range of education sessions based on empowering residential brokers to branch out into new areas such as commercial and SMSF finance. “One of the keys is for a broker to review their book of clients and see what new product and finance offerings can reasonably meet their needs now and in the future – and then we can assist with the development and execution of a plan to achieve that,” Vala says. Cramb says Lendi Group is committed to ensuring its brokers can diversify their businesses beyond home lending to offer their customers holistic finance solutions. “Once our Aussie brokers have completed their Diploma of Finance and Mortgage Broking, they’re able to obtain commercial accreditation with individual lenders,” he says. “We support these brokers by facilitating the accreditation and training process with individual lenders and then providing coaching and development throughout the end-to-end commercial customer lending process.” CommBank’s commercial and asset finance teams will often meet up directly with head groups to discuss any requirements with their members, hold specialised meetings or present at webinars or PD days. “In addition to this, as part of discussions to assist brokers to grow their businesses, our relationship managers will identify the type of clientele the broker deals with,” Croucher says. “If suitable, they will introduce the broker to our colleagues from commercial, asset finance or even private bank – who look after residential and commercial lending – to support the customer.” For brokers needing commercial assistance, Croucher says CommBank also has a Commercial Connect Referral Program to connect the customer with the right level of support, while remunerating the broker.

Buchanan says diversification starts with being aware of the opportunity and understanding it. “Pundits throughout the years have made statements about how brokers should diversify into many different areas but seldom explain how, or that not many brokers have been successful at being an expert commercial broker and an expert residential broker at the same time,” he says. There are many differences between commercial and residential broking, and each usually requires full-time focus, Buchanan says. That's why brokerages diversify with specialists in each category rather than try to do it all themselves. “We like to work with our members to establish ways to achieve their goals of diversification meaningfully and realistically, and sometimes this means forming great referral partnerships to facilitate diversification so as not to miss out on your opportunities.” Mioc says it’s important that brokers have a number of strings to their bow. “We know that diversifying can be a challenging transition, which is why education is so important, as is the support offered by our BDMs and bankers,” he adds. ANZ’s data shows that approximately 35% of the retail applications it receives are from self-employed customers, representing genuine opportunities for brokers. “If a broker isn’t talking to their customers about their commercial lending needs, another broker will,” Mioc says. “We want to support accredited brokers who want to offer holistic financial solutions to their customers, regardless of whether it’s business or personal; it’s important we help support brokers and their customers. And offering a full service is an excellent client retention tool for brokers.” Once onboarding is completed with one-on-one support from an onboarding relationship manager, CommBank’s newly accredited brokers have a personal relationship manager to assist them with their needs. Croucher says CommBank has office-based relationship managers available to help brokers with an application or a complex scenario, as well as road-based relationship managers who will come to a brokers’ office “to help get a better understanding of your business and how they can work closely together”. “We also offer support for our platinum brokers who have access to our credit coaches – there to guide and support them with upfront pre-submission on complex scenario management.” At Mortgage Choice, state-based franchise development managers (FDMs) ensure best practice is shared right across its network so that everyone benefits, says Dupont-Brown. “They encourage and assist brokers and franchisees to explore new pathways for career and personal growth. You’ll also find our FDMs hosting some of our induction sessions as well as webinars and seminars featuring our lender partners.” Mortgage Choice FDMs also support brokers through structured education programs. Dupont-Brown says they played a critical role in the support and training of close to 400 Smartline heritage brokers as they migrated onto the Mortgage Choice brand and systems in 2022. “This was a huge undertaking that involved reimagining how we delivered training at scale, and the FDMs were crucial in that support.” At Lendi Group, Cramb says brokers have access to dedicated sales leaders, who are each responsible for providing a small team of brokers with a high level of support. “Our sales leaders identify the individual needs of each broker in their team and use their experience and knowledge to help their brokers grow their businesses,” Cramb says. The sales leaders drive broker results and performance by providing hands-on business planning, leadership, training, coaching and mentoring. They also manage relationships with key stakeholders so that Lendi Group brokers can spend more time directly supporting customers.

Cramb says lender BDMs also play a role in educating brokers about their individual product niches and product changes. “The more time a BDM invests in broker training and being responsive to broker queries, the higher the quality of loan submissions they receive from brokers.” ANZ has made it a priority to help minimise the time its BDM teams spend on administrative tasks so they can redirect their focus to helping broker customers as much as possible, Mioc says. “We’ve invested in our BDM team and expanded, giving us greater resources on the ground to work with, collaborate with and upskill and educate brokers,” he says. “We continue to educate our BDM team to ensure they are in a great position to assist brokers with their requirements and to answer their questions thoughtfully.” ANZ has also increased investment in its commercial broker channel, recognising its contribution to the overall business. “Our teams are involved with some exciting projects designed to improve the broker experience,” Mioc says. Vala says Thinktank provides further levels of support through its dedicated relationship manager model. “Every accredited broker is aligned with an experienced RM who will support them on each transaction, from initial workshopping and lodgement through to settlement, which is aimed at helping build skills and awareness along the way for those who might still be learning the ropes.” Great support is one of the pillars of aggregation success, Buchanan says, and all SFG staff fundamentally believe that “our members’ success is our success”. “Each of our BDMs are equipped with many years of broker, brokerage and lender experience, knowledge, know-how and the right tools,” he says. SFG runs a busy educational schedule throughout the year, giving its BDMs and managers great access to members to assist them with their needs. “Each brokerage is unique, and so often we will also take an individual approach to our members to ensure that we can tailor certain areas of assistance specifically to their business model,” Buchanan says. Cramb says the Lendi Group Graduate Program content is updated each month to ensure it features the most up-to-date and relevant information. The network is also committed to improving its training and the capability of its brokers. “We’re always looking to provide additional opportunities for one-on-one coaching and direct feedback to ensure our brokers’ skills and knowledge are up to date,” Cramb says. Since Aussie and Lendi merged in May 2021 to form Lendi Group, extensive work has been done to make Lendi’s pioneering, proprietary Platform “Aussie ready”. The entire Aussie network will be progressively rolled onto Platform in 2023. “We will be offering daily virtual training sessions to the network to help upskill in system mechanics, products, processes and the customer experience,” says Cramb. Buchanan says education is always evolving, with technology playing a larger part in delivery and engagement. “We are proud to announce that 2023 will see the release of our new online educational portal that will allow brokers to navigate many areas of education, beginning with compliance and regulatory courseworks,” he says. Mioc says education is a priority for ANZ Commercial’s BDM team and should be for brokers as well. “To remain relevant and to provide a quality service to our brokers and customers, we must be at the forefront of the industry and have a very clear view of regulatory requirements, policy and compliance,” he says. “Seeking out ways to innovate and leverage data and insights to develop better, more competitive products and policy is also essential if we want to continue to offer a service valued by our brokers and their customers.” Dupont-Brown says Mortgage Choice is constantly looking to improve the broker experience in terms of education and development. “We’re always looking for innovative ways to engage our brokers, improve learning delivery, increase knowledge retention, and to inspire them to enhance and exceed current best practice standards.” Most recently, the broker network partnered with industry experts to help it raise capability in areas such as sales and business performance. “We will also look to digital technology to help us strengthen the Mortgage Choice Playbook, an interactive, digital resource with over 300 hours of educational content,” says Dupont-Brown. Targeted learning programs, such as a female-focused program for emerging and established businesses, are also being considered. Thinktank is introducing sessions on understanding and making the most of technology and innovation, in conjunction with its aggregator and industry association business partners. This is in addition to bespoke sessions to keep brokers informed about important economic, market and legislative developments.

“We feel this is particularly relevant as borrowers grapple with the impact of rising interest rates, the direct and indirect consequences for the economy and other macro and global factors,” Vala says. Croucher says CommBank continues to evolve its broker strategy based on broker feedback gathered through the bank’s national roadshow, Platinum Broker dinners and other events. “We continue to build a strong and sustainable third party channel so together we can support more customers in achieving their homeownership goals.” “There are some great broking businesses that have been able to conquer these specialist types of lending, and we can learn more from them, as well as learn by experience,” says Dupont-Brown. She says lender partner and aggregator BDMs are also a great resource to guide brokers on how they might approach diversification in their respective businesses. “As an industry there’s an onus on us to continuously improve structured learning programs in these specialist areas, making sure we’ve got the right mix of technical skills and qualifications as well as the human-centric skills, for example the ability to have effective conversations about complex topics.” Buchanan says aggregators, industry bodies and business partners provide many great opportunities for brokers to learn and diversify, but he suggests two things: “As an industry, we should be careful not to create unrealistic expectations about diversification, and brokers should have good discipline when it comes to education and understanding diversification. You should speak to a good cross-section of people, including your aggregator, to create well-thought-out plans and objectives for your business. If you want to achieve something, do the work, do the research, build the plan and execute.” Vala says the industry should be applauded for the work it has done to date and the mounting evidence of genuine momentum in greater diversification. He adds that since the banking royal commission, the industry has been unquestionably committed to striving for even higher standards of professionalism and for supporting genuine equity and inclusion, leading to stronger broker businesses. “Diversification into broader areas of lending has been a central theme within this wider thematic, and we’d simply lend our full support to it remaining a central focus of the industry,” Vala says. Croucher says diversification assists brokers to strengthen customer relationships by providing access to a broader range of financial solutions; it also helps brokers protect their customer bases. “Brokers looking to diversify with limited experience in commercial lending or asset finance would benefit from mentoring from colleagues already active in the fields,” he adds. Aggregators and industry bodies have a pivotal role to play in providing brokers with educational support and access to mentors, Croucher says. “CommBank works closely with these organisations to support them in their efforts. A recent example of this is the bank’s support for the CAFBA education program and participation in the CAFBA Education Council, which offers educational content and pathways into commercial.” Mioc says aggregators encourage brokers to diversify their income bases, and ANZ has always supported broker diversification. “We know that this can be a challenging transition, which is why the role of our ANZ broker managers and bankers is so crucial,” he says. “Aggregators and industry bodies also have an important role to play in helping brokers broaden their skills.” He believes continuous broker education is critical and should be facilitated by industry bodies and lenders to help brokers gain exposure to specialist lending scenarios and build knowledge. Cramb says industry powers need to ensure they are at the forefront of sector and lender changes so they can proactively communicate with and train brokers on changes as they occur, rather than as an afterthought. “It’s vital that aggregators invest in working with lenders that offer product diversification to ensure there is seamless integration of these products into their systems, and training and subject matter expert coaching available to support broker capability in offering these products to their customers,” he says.

interactive training workshops facilitated by two national broker training managers (eligible for CPD points) recorded workshops on-demand self-passed training modules that are constantly updated for brokers to complete at their own pace

Mioc says education is critical for all who work in the finance industry, due to the pace of change, increasing regulatory oversight and the rising expectations of customers. “Being well informed and up to date with the latest policy and regulatory settings can be a differentiator when the customer is electing to use and have a long-term relationship with their broker,” he says. If customers see that brokers are “knowledgeable, capable and that you do your job well, the more likely they are to give you return business”. ANZ Commercial supports aggregators’ training and education programs and is also involved with industry body training schemes, such as those provided by CAFBA and the MFAA.

Mioc says webinars and virtual sessions are an important way of staying connected with, and supporting, the bank’s brokers. “We regularly present webinars that go beyond policy and product information. We have presented economic updates and specialist lending webinars that include case studies to help bring complex commercial lending scenarios to life.” A variety of content is delivered to brokers and tailored to the specific audience, with complex matters presented in an easy-to-understand manner, Mioc says. Cramb says continuous education and ongoing professional development are vital to brokers keeping their knowledge current, whether they are new to the industry or highly experienced. Customers can be confident that Lendi Group brokers have up-to-date knowledge and industry-leading training and development. The training also helps brokers develop thriving businesses. “Our broker education strategy is to provide targeted skill-pathways training supported by on-the-job coaching and development,” says Cramb. New brokers undertake the Lendi Group Graduate Program, a comprehensive eight-week course designed to help them master simple lending scenarios and gain credit knowledge as well as insight into sales processes and loan writing technology.

Giving brokers the tools to diversify

How BDMs support the upskilling of brokers

Future developments in broker education

How can the industry better deliver broker education, especially on diversification?

Trust in broker channel reaches new heights

MPA talks to SFG general manager Blake Buchanan; CommBank general manager third party banking Adam Croucher; Lendi Group CEO distribution Brad Cramb; ANZ general manager commercial broker Ivan Mioc; REA Group Financial Services and Mortgage Choice general manager operations Emma Dupont-Brown; and Thinktank general manager partnerships and distribution Peter Vala to find out how they educate brokers.

Note: Represents mortgage brokers who wrote commercial loans through their aggregators' panels during the period. Mortgage brokers who solely wrote loans direct with lenders are not included

Source: ABS Census 2016, Customised Report, Highest qualification completed by workers in this job (in any field o study). Qualifications needed by new workers might be different from the qualifications of the workers already in the job.