During a recent interview with the MFAA’s Mike Felton to talk about his first year as CEO, he told me about his career highlight of 2017: seeing the coming together of the industry in an unprecedented way to form the Combined Industry Forum.
A few months into 2018, it doesn’t look like this year will be any less eventful for the industry. The unity and cooperation that Felton spoke so proudly of will be needed now more than ever as the third party channel faces the scrutiny of the Productivity Commission and the banking royal commission.
Sure, the banks and competition in the financial system broadly are the major intended focuses of these inquiries, but brokers and the home loan market will not escape unmarked. Already there have been questions about the relevance of trail, conflicts of interest within bank-owned aggregator structures, and the price benefits brokers provide consumers.
them to step up and make sure their voices are heard. This is something ANZ’s Simone Tilley is working on through her soon-to-launch program, ‘Doyenne of Women in Broking’, which is all about encouraging women brokers to speak up and increase their visibility.
Instead of dreading what changes are to come, look at this as an opportunity to shape the future of the profession you want to have
While new reports are released, public hearings are held and industry leaders deliberate on how to respond, most brokers are carrying on business as usual, trying as hard as they can to best serve their clients. That’s why it’s good to hear about grassroots projects like broker Belinda Gibson’s Ladies Who Lend, a networking, support and mentorship group for women in the industry. Then there’s National Finance Brokers Day founder Dino Pacella’s Facebook group, Why Brokers, which is all about sharing positive client stories on why choosing brokers more often than not.
So instead of dreading what changes are to come, look at this as an opportunity to shape the future of the profession you want to have. And just know that you’re not alone in this pursuit.
As the industry grows and changes, so have we here at Key Media HQ. A year ago when I started as the editor of Australian Broker, I was the only woman on the mortgage titles and in the editorial team. Now, all the reporters covering mortgages are women. Times are changing in the broking industry and elsewhere, and we’re going to be there as it does.