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Complete Diploma to avoid ‘dumb questions’

By: admin|

Brokers who are unsure if they should complete the Diploma of Financial Services via a recognition of
prior learning (RPL) process would be better to complete the full Diploma course “no matter how many years’ experience they may have”.

AAMC Training Group managing director Jeff Mazzini told Australian BrokerNews that the current move towards a minimum Diploma level of qualification was a “great opportunity for brokers to up-skill and should not be taken lightly”.

“Clients have become smarter these days, so AAMC maintains the philosophy that it is better to be prepared when you conduct face-to-face client interviews and to be in a strong position to understand the client’s real needs. The first client contact allows
an educated broker to exhibit professionalism and makes the client feel at ease,” Mazzini said.

Mazzini said the Diploma will assist brokers in dealing with an obtaining positive outcomes from lenders, as
well as helping to avoid brokers appearing ill-informed.

“Years of doing the job role in finance does not in many cases teach you how to assess risk in your business or how a lender assesses risk. Neither does it teach you how to effectively read financials and ratio analyses,” Mazzini said.

“Lenders do not like to have to chase a broker seeking more information or explanation, and the way to
get a lender to approve a loan is to think like a lender by presenting a loan application in the correct format enabling them to make informed decisions. A broker’s goal should be for the first contact back from a lender to say, the loan is approved and therefore it is a win for all parties.”

Mazzini said this can only be achieved by understanding the client’s business and issues along with risks
associated from the client’s and the lender’s point of view. This involves understanding business financials, which Mazzini said should be a focus. “Many accountants I speak with say that there are finance brokers that ring them up to and ask dumb questions in regards to the financials.”

Mazzini said brokers should not automatically seek to complete the Diploma via the RPL process.”If you
are unsure, do not waste your money, time and effort on the RPL process no matter how many years experience you may have.

 

Source Ben Abbott –  MPA


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