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New Brokers Require Income Support

One has to also understand the industry better, in that one of the main reasons there is a high turnover of new entrants into this industry is more about the lack of leads and income.

Many new entrants have stars in their eyes when they hear the potential income they can earn but in reality they need to carry themselves financially for up to 6 months or more.

Perhaps if there was industry solution overall via solutions from within the industry or representation to Governments to have this professions noted and the need to provide income support system for the first 6 months of operation.

Many Aggregators, Licence holders may need to also strongly consider and understand that without income support that the new broker will struggle and high turnover rates will continue.

Allowing the many new entrants to “book up training” via Vet Fee Help etc also places many pressures on those that need to heavily fund themselves into their new chosen career. Yes once they reach the $50K amount of income then they must start to repay the study support loans but until such time that they reach that income figure and repay the loan it counts as a liability of their statement of position.

Some new incoming students are also wrongly advised in regards to structuring their income in such a way as to avoid the repayment of the study loans, which in itself could be described as unethical and unprofessional.

The industry is a mature industry in many ways but would be a lot better off if there was income support for at least the first 6 months and until that changes do not expect the high turnover numbers to cease.

So to rate education as a main factor for the high turnover of new entrants is in it self not correct but may be a smaller contributing factor in some cases. To generalise in nature about providers of education in no way does the education industry or it’s many ethical providers any good.

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