Young mortgage brokers want mentors

Canada’s youngest mortgage brokers—those entering the industry fresh from university or college—are demanding that the industry offer formal mentorship programs and in-depth job training, says a survey of students from the Real Estate and Mortgage Institute of Canada.

“I sought out a brokerage that would continue my training through a mentorship program,” says one graduate. “I had no problems when it came to choosing the right product, but I didn’t know how to find and interact with clients.”

He adds, “Very few brokerages offer practical training in a concrete, structured way.”

Read: Veterans’ advice for young advisors

Some brokerages do provide basic training support, but Joseph White, REMIC president, admits it’s not standard practice; most brokerages focus instead on hard-skills training to ensure the industry has technically proficient practitioners.

There is a growing need to incorporate soft skills and mentoring training for “young entrants in this industry who want to know how to manage and grow their business, and incorporate technology, for instance,” he adds.

Cain Daniel, director of education and training, says, “It’s important that we support the industry’s next generation; not only for the health of the mortgage industry over the long term, but for health of the real estate industry and the economy.”

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.