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MFAA Prosper : Mortgage and Finance Brief 14
10 Mortgage & Finance brief New national business name register A national business name registration ser v ice, administered by ASIC, is set to commence in the middle of this year. Business owners will be able to lodge one online application for a name to get national registr ation, s av ing time and money. They won’t have to register in more than one state or territory to protect a business name if they tr ade outside thei r home location. Fur ther more, star t-up businesses can lodge a joint on line application for an Australian Business Number (ABN) and national business name registration. This ser v ice will include a link to a trademarks search. MFAA News At the turn of the year, our office made a resolution to get fit. We enlisted the services of a personal trainer to put us through our paces twice a week before work. A keen group of eight started with enthusiasm, and quickly started to see the benefits. Fast-forward three months, and that group is now five. The initial enthusiasm has waned somewhat. Three of the group have reverted to type and opted for an extra hour in bed. Excuses are easier to find after a few weeks. It’s very hard to form new habits; but those of us who want to achieve our goals will, so long as it’s in a sust ainable framework. It’s the same when taking on anything new. In mortgage broking, for a good few years the habit’s been to offer just mortgages. Now you really need to do more than that. I spent a fascinating couple of hours with James Symond last month, and he was very vociferous on this matter. His mantra was simple. “If you want to survive, sell mortgages. If you want to thrive, diversify.” For ever y broker, of fe r i ng new product s and becoming a ‘trusted adviser’, rather than a one-off facilitator, is the huge opportunity. It’s a game changer. But only those who are fully committed to it, those who are prepared to stick with it and embrace a new way of working will reap the rewa rds. The rest will be left behind, left in bed while the others are training. And in six, 12-months’ time, guess who’s going to be fighting fit, and guess who’s going to be wishing they’d done something earlier? The people who a re the adopter s and achieve rs were awarded at a fantastic evening in Sydney last month at the MFAA Excellence Awards. It’s a good bet the people who are now embracing diversification will be the ones celebrating next year, too. editor’s coMMeNt Martin Wanless, Editor New AcL disclosure requirements As per the NCCP Act requirements, a l l ACL holder s must now show thei r licence numbers in full on all prescribed documents. All prescr ibed documents, which include cr ed it guides, quotes, proposal disclosur e docu ment s a nd pr inted adver tisement s, must comply with the new rules. Any breach can incur a substantial civil penalty. For more information, turn to page 57 or v isit the MFAA website’s Member Cent re. diploma deadline for new members New members with less than two years’ broking experience will have up to 12 months from their date of joining the MFAA to complete the diploma requirement. However, such an individual must be mentored by an MFAA Certified MentorTM or take part in an equivalent program by an MFAA- recognised aggregator/ broking group in that time. All new entrants will be required to complete the Certificate IV FNS40804 / FNS40811 and the MFAA Initial Compliance Pack. thinkstock
Mortgage and Finance Brief 13
Mortgage and Finance Brief 15