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What’s coming next for the Australian broking industry? According to FAST CEO Brendan Wright, there will be both challenges and opportunities.
“What’s next from our industry perspective is a little bit more regulation coming our way,” he said. “Things like reference checking and design and distribution obligations, just to name a couple. The renumeration is another review in 2022, and so brokers being ready to take on whatever changes may or may not come out of that is an example that is on the horizon.
“But then there’s opportunity, like open banking.”
With preparation in mind, FAST recently announced it had partnered with Monash Business School in order to offer its broker business owners a series of bite-sized executive modules for professional development.
Wright said the program enables brokers to mix with other business owners and executives from a range of industries while choosing modules that make the most sense in their business journey.
“It’s a program that Monash designed for entrepreneurs, business owners and executives who are responsible for leading businesses,” he told MPA. “We thought it was a perfect fit for brokers in helping them with all the challenges that they need to overcome to ensure that they are ready for what’s coming next given how much things change.”
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The flexible structure of the program enables brokers to “pick out parts” that could help them prepare for such things, said Wright.
“For example, there’s a digital strategy and transformation program which runs for six-eight weeks, which is just awesome, to help business owners regardless of their industry to be ready for and aware of how to leverage digital transformation,” he said. “The most disruptive part of what’s going on globally is the whole digital transformation and leveraging digital.”
The fact the program is delivered in bite-sized chunks in a mixture of online and face-to-face learning makes it ideal for brokers, who have a lot on their plate at the moment with the raging property market and blown-out lender turnarounds, he added.
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“What the modular format does is help brokers select, what do I want to work on, what do I want to develop, and then plan it into their awesomely busy schedule – and, importantly, be able to apply their learnings along the way,” he said.
According to FAST, FAST X Monash will provide world-class, executive education programs to build brokers’ leadership skills without the time commitment of an MBA. The modules will include insights across strategy, innovation, leadership, commercial negotiation and wellness.
Professor Michelle Russell, director of Executive Education at Monash Business School, said the pro-gram combined the latest research and evidence from the world of business with lived experience and real-world practice and application.
“Our program portfolio is all about flexibility, allowing individuals to curate their own learning journey from a rich selection of programs around the themes of strategy, innovation, leadership and influence, business acumen, and productivity and well-being all taught by expert Monash faculty and associates,” Professor Russell said. “So, whether you’re looking to scale your broker business, self-employed or new to broking, our programs will develop the skills needed, by you, your staff or your business.”
Kate McIntyre is an online writer for Mortgage Professional Australia. She has a wealth of experience as a storyteller and journalist for a range of leading media outlets, particularly in real estate, property investing and finance. She loves uncovering the heart behind every story and aims to inspire others through the artful simplicity of well-written words.
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