With distractions tipped to come thick and fast, the Finance Brokers Association of Australia (FBAA) has urged brokers to keep their “eye on the ball” during a testing 2016.
With regulators continuing to probe and flag possible changes to the industry, FBAA’s Peter White says brokers should remain focused and not worry about issues they cannot control.
“Regulator and government chatter is not going away and some in the industry may feel nervous, but my advice is to relax.
“The FBAA monitors and makes representation with regulators and MPs at both state and Federal level so you can concentrate on your core business activities.”
However he said it was important that brokers had a voice and urged them to “speak up if there are issues you want canvassed”.
Mr White says after 37 years in the industry, he has witnessed the ebbs and flows, and advised brokers not to get caught up in the hype of what may happen in the market – particularly during an election year. Mr White also urged brokers to avoid trying to enter new markets they may not fully understand.
“Core business strategies and market knowledge remains a fundamental part of the broking business.
“Expanding your business is of course important but brokers must realise the investment in time and money this takes. Moving into new markets without a real depth of knowledge can soak up a lot of resources while at the same time being a distraction to your core business.”
Another key message for the year from the FBAA is that brokers should continue to educate borrowers about the loans being written for them.