Home' MFAA Prosper : Credit Adviser May 2014 Contents INDUSTRY TRENDS
VOLUME 1 | ISSUE 1 | 2014
THE ESSENTIAL RESOURCE
out detailed training programs to boost knowledge. That's helping
credit advisers process loans more quickly, position themselves as
project managers for SMSF lending and increase referral networks.
Knowledge also drives time e ciencies. Genworth, for example,
conducts fraud awareness training that helps credit advisers become
aware of 'red flags' of potential fraud. This type of education can save
significant time and can help avoid potential reputational damage.
"If they recognise something early as being potentially fraudulent,
they can flick that stu -- they don't want to deal with that," says
Genworth Review and Investigations Manager Trevor LeRaye.
Another focus of productivity enhancement is technology
training, and a big challenge is to use software to its potential.
"There's a huge problem with credit advisers not using
[technology] to its full advantage," Brow n says. Vow is spending
more time on technology training, talking with suppliers and
setting up webinars. After taking part in training, many say they
didn't know the system could do 85 per cent of what it does. "But
that's an ongoing education process," Brow n adds. "It never stops."
The software issue highlights credit advisers' time constraints.
But many organisations are innovating and adapting to be more
flexible in how they deliver training.
"The days of deploying education and professional development
initiatives as only a face-to-face event have generally been
enhanced by a blended learning approach," Edge explains. "This
may include a number of components: elearning, video-on-demand,
simulations, webinars, workshops and/or self-paced material."
For example, Genworth's fraud training involves presentations
and an app for a phone or tablet.
Edge strongly believes that a lot of development will move to
just-in-time training, so credit advisers can refresh skills they
already have or quickly refresh a few hours prior to an appointment.
He says training is moving away from the traditional method of
turning up to a workshop for a day and then potentially not using
the material for the next three to six months.
The combination of a strong focus on outcomes and ROI from
education and training, plus innovative and flexible delivery, is
helping overcome brokers' time constraints, and driving tangible
results that make credit advisers faster, smarter and more
productive. Ultimately, it is making credit advisers more profitable.
"In our profession, personal and professional development are
a must to keep ahead of the pack," Edge says.
HOW TRAINING EQUALS SALES
To perform better, credit advisers need to sell better. Vow
Financial has sought to boost credit advisers' ability to
cross-sell its suite of products through a dedicated training
program that has generated significantly more referrals.
Vow offers umbrella services including Vow Wealth,
Vow Legal, Vow Leasing and the Vow Property panel and
"Vow Financial, as a wholesale aggregator, wants to
be the 'extra revenue engine room' supporting a credit
adviser's business with all services under one roof," says
Vow NSW BDM Tony Newcombe.
But Vow noticed that credit adviser referrals were
inconsistent. It was also challenging for brokers
to include different diversified services in a client
conversation. So Vow's Sydney chapter launched a
12-week development program via its regular territory
sales meetings to help credit advisers integrate and
effectively communicate extra products to clients. Part
of the program is a back-to-basics approach to break old
habits and work on an individual client interview.
According to Newcombe, the most effective
training is delivered in person. "Face-to-face is
important because it allows our broker partners
to share feedback and success alongside the
benefits they have seen in their business," he
says. The results have been outstanding.
"Credit advisers who were invited into the
Vow development program are now achieving
an improved and consistent referral strike rate of
three in five, which is up from one in five before the
program began," Newcombe says.
The program is now being rolled out in key
metropolitan areas in each state, and will run in
conjunction with the 80-plus events per annum under
the Vow Academy event program. To drive the roll-out
of the program, Newcombe has also been appointed as
the National Training Manager for 12 months.
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