Mortgage advisers urged to prioritise continuous professional development

Managing director of the Finance and Mortgage Advisers Association of New Zealand (FAMNZ) Peter White AM says while he supports the New Zealand Certificate in Financial Services (Level 5) as a good starting point for new entrants to the industry, finance and mortgage advisers should strive to be more qualified if they wanted to raise industry standards and increase market share.

“We must have an entry point into the industry, but at the same time advisers must prioritise ongoing professional development and continue to learn and upskill,” he said.

Mr White said the need for better standards and education is one of the main reasons FAMNZ was established.

“In Australia brokers must have a mentor for the initial two years and our sister organisation there provides an excellent mentoring program,” he explained.

“I’d like to see this happen here, and this is one of the areas we are looking at.”

Mr White said the problem in New Zealand is that too many finance and mortgage advisers were not a member of a professional organisation and were not doing enough to develop their education.

“This leaves our industry open to criticism and more complaints.”

“FAMNZ offers members high-value professional development through the year, and this is vital not just to develop skills, but to protect advisers and the industry,” he said.

He said on the job training, being guided by a mentor, and continual education builds the practical and technical skills required to offer the very best advice.

“As our market share grows we will need more advisers, and we don’t want to discourage new entrants into our industry.

“Our industry is changing, technology is advancing and advisers are entering new areas of opportunity like commercial finance, and those who are not developing their knowledge and expertise will eventually fail.”

Mr White said advisers should be working together to lift the standards of the finance and mortgage adviser industry, because it also helps their businesses.

“We can always be better, and we should always be striving to be better, because advisers are the solution for Kiwi consumers when it comes to financing their most important assets.”