More brokers need to be attracted to mortgage industry, study suggests

Brokers don’t believe enough is currently being done to attract new recruits to the mortgage advice industry, a study from Accord Mortgages has indicated.

In a survey commissioned by the lender, just under half of those asked (47%) expressed this view, while another 38% said they were unsure.

Only one in seven (15%) brokers believed that enough was being done to encourage new brokers into the field.

Accord’s research, based on a study of 170 mortgage brokers, indicated that of those who don’t think enough is being done to attract new talent to the industry, 88% believe that this poses a risk to the industry’s ability to support homeowners in the future.

When asked what motivated them to become brokers, 43% revealed they get satisfaction from securing a property. A quarter (25%) of respondents said it offers them a good work life balance, while 19% said that the job specification appealed to them.

Just over a third (36%) did admit, however, that they fell into a career as a broker.

“Attracting new broker talent is key, so that the market can thrive and grow, benefitting from increased diversity and fresh ideas,” said Accord managing director, Jeremy Duncombe.

“It’s also vital for future generations of homebuyers and homeowners, who, as we’ve seen, gain so much from the value a broker can add to their mortgage and home-ownership journey. And the industry recognises this, with AMI and IMLA having set the wheels in motion to encourage, develop and retain new brokers.

“What’s also clear is that advisors need to be mindful of changing customer expectations, particularly in terms of inclusion and diversity. Thoughtful recruitment is vital to attract new talent who will represent an increasingly diverse customer base, and maintain relevance with your clients.”

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