With brokers becoming the channel of choice for residential home loans, it’s more important than ever that we support the younger generation of brokers coming through – the Young Professionals – aged 35 years and under, and representing approximately 18% of the MFAA’s membership.
Brokers now write 66.9% of all residential loans, according to the September 2021 MFAA Quarterly Survey and the finance broking industry continues to experience strong growth.
For this reason, the MFAA undertook the Generations Survey in 2021 targeting under 35-year-old and over 35-year-old members. The results of the survey have now been released in Young Professionals Report III – Understanding the next generation of brokers.
The survey, which received nearly 600 responses, sought to facilitate greater understanding of the different experiences of the two demographic groups, their professional journeys, challenges, opportunities, and hopes for the future.
The MFAA Young Professionals Panel analysed the data to consider what it meant for the industry and how it could be used to develop programs to better recruit younger brokers as well as form strategies to maintain and retain them.
Results from previous Young Professionals reports were also considered to determine if any attitudes or views had changed over time between the two age cohorts.
Key findings in the report include:
- There is a clear trend since the 2018 report that younger members are entering the industry from an increasingly diverse range of other industry versus the older cohort who predominantly came from financial institutions.
- Both age cohorts believe that the number one professional challenge facing under-35s is staying up to date with legal and compliance.
The survey and report was sponsored by Westpac.