Brokerage launches ‘real life’ broker training program

Brokerage launches ‘real life’ broker training program

Loan Gallery has launched a new academy training program for brokers, which aims to fill a gap by providing “real life” broker training pathways.

Victoria-based brokerage Loan Gallery has created a new Loan Gallery Academy Training program to help new brokers succeed in the mortgage broking industry.

According to the brokerage, the program was built given the perceived shortcomings in formal broker qualifications, which deliver theoretical knowledge but sometimes fall short in preparing brokers for the practical aspects of broking.

The new course, built in partnership with the brokerage’s aggregator Australian Finance Group (AFG), aims to “fast-track” the skills needed to become a broker by marrying professional and theoretical development with online learning modules and hands-on experience. 

The formal side of the training academy is aimed to be completed in around six weeks to help provide “real life” training to brokers to help them succeed in their new career.

“It’s no secret there is a training and education gap for new brokers entering the industry and we don’t feel the standard pathways to becoming a broker provides enough real life and tailored training to give a new entrant to the market the skills they need to succeed,” the brokerage told The Adviser.

“The Loan Gallery Academy Training Program is unique in its ability to be tailored specifically to the individual, providing customization for cadets of all skill and experience levels. The cadet will progress through their tailored six-week technical training program and continue to get experience on the tools in a support staff role, progressing to a broker role within six to 12 months.” 

Targeting new brokers, the Loan Gallery Academy is open to all applicants and provides “structured training and ongoing mentoring” from the group’s pool of 40 brokers, as well as on-the-job experience.

Starting as cadets in support-staff roles to “learn the ropes” of writing a loan and following the best interests duty obligation, creating lender comparisons, utilising lender calculators and tools and harnessing technology and tools to enhance client experience, the academy goes on to cover off the ins and outs of Loan Gallery’s business and referral relationships (for example, its relationship with Metricon, and speciality in construction loans).

Mark Guglielmino, head of broker operations at Loan Gallery Finance, commented: “After years of trying to fit every new applicant into one training program we’ve found that there is no ‘one shoe fits all’ solution, which is why we’ve developed a training academy program that is flexible enough to be customized and tailored to each new entrant to Loan Gallery.

“As an industry we have a responsibility to ensure that we provide pathways for new entrants and create an attractive and desirable career for potential brokers. This responsibility falls on all large brokerages and at Loan Gallery we’re making sure that we structure our training academy to develop and nurture the best quality brokers possible.”

Speaking of the program, David Bailey, chief executive at AFG, added: “We are delighted to continue to invest to provide the tools for the next generation of brokers to the industry and help solve an industry-wide problem. 

“AFG’s award-winning Learn training team’s sole focus is supporting our brokers. The team’s involvement with the development of Loan Gallery’s Broker Academy program has been a fantastic collaborative effort and one that we are proud to have been a part of. We look forward to watching its success.”

[Related: uno revamps broker offering]

Leave a Comment