Personalised advice seen as key for brokers in ‘decade of unprecedented change’
A new white paper from the International Mortgage Brokers Federation (IMBF) has forecast that personalised human guidance will remain central to the mortgage broking profession as it navigates a period of considerable transformation.
The document, informed by discussions held in Dublin earlier this year, brings together perspectives from mortgage brokers across the United States, United Kingdom, Canada, Ireland, Australia, New Zealand, and several European countries.
Australia’s representation on the IMBF comes through the Finance Brokers Association of Australia (FBAA), which participates in global conversations on regulatory developments and industry trends. This platform allows regions to share experiences and assess how changes in one market may influence others.
According to Peter White (pictured above), managing director at FBAA and current chair of the IMBF, the white paper is underpinned by a positive outlook for the broking sector’s future. The report addresses the question of how brokers can maintain their relevance through to 2030 and beyond.
“The FBAA will be using this paper at board level, and it will enable us to not only compare our progress and priorities to associations on other jurisdictions across the world, but better understand where the industry is headed,” White said.
Although he acknowledged that the white paper refers to “advice” and that Australia operates under an “assistance not advice model”, White emphasised its ongoing significance for the domestic industry.
The white paper states: “Artificial intelligence, embedded finance, regulatory shifts, and changing consumer expectations are transforming how – and where – advice is provided.”
The report also identifies five key trends expected to shape the role of mortgage brokers by 2030:
- Professional guidance (referred to as “advice” internationally) distinguishes brokers. In an environment increasingly shaped by embedded finance, prioritising tailored and ethical guidance is considered fundamental.
- The relationship between technology and trust is crucial. Artificial intelligence is viewed as a tool to support, rather than replace, brokers, who are encouraged to blend digital capabilities with human judgement.
- Education requirements are evolving. Brokers will need to develop skills in technology, emotional intelligence, and business acumen, in addition to compliance knowledge.
- Diversity is seen as a driver of innovation. Gender diversity is described as vital for extending reach and maintaining relevance, and is increasingly expected by clients.
- Brokers are positioned as collaborators in innovation. Their insights are considered essential in shaping policy, platforms, and customer experiences.
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