Beware of Broker Mentorship Programs
Mentor programs are critical to ensuring educated, informed and ethical brokers continue to join our industry.
As is the case with a lot of services in our industry choices are abundant, however not all mentor programs are the same.
Just last month I fielded an enquiry from an existing business that had 10 brokers all under a mentor program. Interested to understand how that worked I asked for an explanation of the program and was alarmed the find out the following:
- The aggregator BDM has signed on as the mentor
- All responsibilities of mentoring brokers fell to more senior brokers within the business
- The nominated mentor has never spoken to the aggregator BDM about the mentor program
- The nominated mentor has never mentored any of the brokers
All this came free or was included in current aggregator costs. Astonished that this agreement existed I asked the usual question, “How do you know if the brokers are being taught correctly?”
They responded, “We just assume they are.”
I responded, “What happens if a new broker is breached or is found to have been involved in misconduct?”
They answered, “That’s the BDM / Mentor issue, nothing to do with us.”
With our industry constantly being the subject of increased scrutiny, the current monitoring of existing mentor programs is clearly insufficient. Mentoring new brokers is a very big responsibility, give the first 2 years is when a broker will develop almost all of their habits and skills.
Looking after, properly training and providing a clear and concise pathway to independence is crucial. Additionally, providing a cost-effective, yet thorough mentor program is paramount.
As an industry, if we allow mentors to just pop up and establish businesses, or in this case tick a box, we have dramatically increased our risk. Surely both of the governing bodies have a department that monitors mentor programs and program costs.
Vision Aggregation runs a successful, cost-effective, meticulous mentor program, and not once in the last 5 years have we ever been audited or contacted to discuss our program.
To ensure the quality of our new brokers, don’t we first need to ensure the quality of mentor programs?
Absolutely no doubt!