New to industry entrants with less than two years finance/lending knowledge will require a mentor. Mentoring is the relationship between a mentor and a mentee providing structure, systems, processes, clearly defined and measurable outcomes and support for the first two years. Mentoring is a requirement of the industry bodies and lender partners will also require confirmation of the arrangement.
Role of a Mentee
The role of a mentee is to engage with the mentor over the first two years of their finance broking career. A mentee must undergo a mentoring program, in which they should take the opportunity to take notes, have conversations and ask questions. Mentees and Mentors need to document the outcomes of their discussions and meetings.
Role of a Mentor
A mentor needs to have at least four years finance broking experience under their belt. They are required to be approved through their industry body (MFAA/FBAA), lender partners and Connective.
A mentor must observe that the mentee can demonstrate competence and sign off on their evidence. Their role would include conducting file reviews and having discussions with the mentee around responsible lending obligations, the Best Interests Duty and NCCP requirements. This also extends to building sound compliance processes, business development and the fundamentals of becoming a good broker. The mentor must be completely satisfied that the mentee is fully compliant as per the NCCP, BID and responsible lending obligations.
On a quarterly basis both the mentor and the mentee are required to complete an attestation. This attestation attests to an ongoing relationship focused on the professional development of the mentee.
A mentor can act as a mentor for more than one new member and if at any stage either party is unhappy with the mentoring relationship, they can end their agreement. The onus is on the mentee to arrange a new ‘approved’ mentor under a new mentoring agreement as soon as possible.
How do I become a mentor?
To be a mentor through Connective you are required to have 4 years relevant experience and be able to meet the requirements of your relevant industry body and Connective. When the potential mentee becomes a member of Connective they will have to put you down in their applications as you being their nominated mentor. At this stage we will ensure you have the relevant experience and meet our requirements. Both the mentee and mentor will enter the Connective mentor agreement outlining the requirements for both parties
Contact firstname.lastname@example.org if you have questions relating to Mentoring.