With the introduction of the Mortgage Credit Directive just around the corner, most networks will or should be in the middle of training their appointed representatives (ARs) in just what it means for them. Two years ago, in the lead up to the Mortgage Market Review, this training was a big deal, different to business as usual, but things have moved on.
As new regulation has become business as usual, we should be able to react to and implement training in the same way. Training on all matters including regulation, products and processes should form part of our day-to-day lives. This has to be where ARs in a good network have a real edge over rivals.
New information as it happens should be collated, produced and delivered in an adviser facing way, be that email communication or face-to-face training. There is so much new information to digest on a regular basis that keeping one’s knowledge updated has to be a key priority for every successful mortgage and protection adviser. This should not just be regulation training but skills training with lenders, protection providers, compliance experts and of course sales experts to keep up to date on the very latest thinking and knowledge.
Life moves on far more quickly than it did even 10 or 20 years ago. Changes in technology, in regulation, changes in protection policies and mortgage criteria, you name it, the chances are something is being altered, even just in part.
It can be a full-time job just keeping up with the developments, but failing to keep abreast of these is not an option.
Even if something is not business critical, it will often be best practice. This means that if you are not up to date and one of your competitors is then they will quickly gain a competitive edge. Training therefore, must itself be business as usual.
