What are the benefits of mentoring for mortgage brokers?
For those new to the financial industry, becoming a mortgage broker can be a daunting proposition. There's a lot to learn, and getting on top of it all takes a great deal of drive and effort. Fortunately, there are people available to help - mentors. With a Red Rock Brokers membership, mentoring becomes one less thing you need to think about organising, as it's included upon joining.
What is mentoring?
Mortgage broker mentoring is the same as mentoring in any other field - it's an experienced person teaching and guiding an inexperienced person with their knowledge of the field. The areas in which mentors can be of assistance are huge, from how to deal with certain loan scenarios to more everyday things involved in running a mortgage broker business. The fact they've been through it all before means new entrants can learn from their mistakes instead of having to make them themselves.
Why is mentoring important for new brokers?
Mentoring ensures that mortgage brokers across the board in Australia are doing right by their clients. Industry bodies such as the Finance Brokers Association of Australia (FBAA) helped introduce mentorship programmes in 2009 to better the performance of new people in the industry. When the public can trust that the industry takes training its new people seriously, it benefits everyone. After all, the most vital part of the broker-client relationship is that the client trusts the broker to help them make an informed and intelligent decision.
Do I have to pay for mentoring?
With a Red Rock Brokers Group membership, there are no extra fees - mentoring is included in your sign-up costs, making it an easy and efficient way to get yourself up to speed in the broking industry.
Our approach to mentoring is informed by 15 years of industry experience. You'll have access to things like:
- Market leading compliance and auditing systems,
- Lender panel accreditation assistance,
- Phone and email access to experienced lending managers,
- Monthly professional development days in your state, and more.
As per the rules set out by the FBAA, mentorship lasts until you've gained two years of experience in the industry. This is to ensure that you've gained enough industry knowledge to serve your clients well, and are capable of keeping up with industry trends yourself.
Looking to finally make the switch to a career in mortgage broking? Request a free information pack to read all about our commission