MPA talks to ALIC’s Jason Back about how his newly launched course for brokers by brokers aims to change the training game
The Australian Lending and Investment Centre’s Jason Back
has co-founded Broker Essentials with behavioural change expert and MPA business strategy contributor Anneli Blundell.
Back explains there is a big gap in training and development in the industry and the Cert IV and Diploma are not sufficient to show brokers how to run a brokerage and the intricacies in a broker's day-to-day.
“So there’s a really big gap in our market and the reality is there’s actually no vested interest in anyone actually doing it,” he said. “The issue that we have with training in business is that for every dollar that you spend on training, you actually lose 80c of that dollar, ie. you get really excited, you get some great ideas but it’s actually implementation - that’s the big challenge for people when they learn any new skills.”
Which is the reason behind why Blundell is involved. “I can bring the technical abilities and I can bring the experience and how to run the business but you actually need a trainer or coach to transcribe the technical knowledge into the ability for them to take away in digestible chunks and actually do it,” said Back.
Referring to a Facebook group with about 2500 broker members, Back said, “The information that they are asking for and the scenarios that they are putting out there and the things that they talk about are actually really alarming – that they don’t know these things.
“So why are we not putting something out there to teach these people how to actually delight their customers.”
When it comes to marketing, he says ALIC spends around a few hundred dollars per year on marketing in total. “It’s not about Facebook marketing it’s actually about delighting customers and utilising that referral process that our industry is effectively built on – but you can only delight your customers when you’ve got a really solid practice.
“It’s not about selling; the clients will sell for you when they are delighted with the experience.”
He said he has had some poor experiences over the last 25 years with forums and seminars. “You rock up, you’re there to learn but all you walk away with is being entertained – by a swim star with a cocaine habit or a race car driver who can drive fast and you come away thinking ‘I’ve got nothing that I can tangibly take away for my business. I’ve got three key words like ‘hustle, hustle, hustle,’ and I sit there and go ‘that’s nice but I need something more than that.’”
Having an understanding of how to develop processes tailored for your business is so important, he said. “It’s not about practicing until you get it right, it’s about practicing until you can’t get it wrong – that’s actually the key.
“We know that 60% of applications through the banks are still getting reworked so that’s part of the bigger challenge – we waste all this time when we shouldn’t have to and time being the most valuable thing that our small business owners have.”
The one-day classes are capped at 15-25 participants and will be rolled out in NSW and VIC over the next six months, with the intent to ultimately be held in every state.
All participants in the class will receive a quick reference guide which includes processes that Back himself has developed over five to ten years, such as process maps, customer journey maps, what he measures and manages.
It includes things that brokers can easily implement, he said. “It can’t be complex - if it is, people just don’t do it – it’s what they call the knowing-doing gap. It’s all about choice.”
To find out more, visit https://www.brokeressentials.com.au/.