Another milestone for broker education and professional standards reached
Six months into running his own brokerage, Mark Guglielmino (pictured) has become the first broker to complete the Financial Analysis elective of the Mortgage Finance Professional Australia (MFPA) designation.
Released earlier this year, the the MFPA includes the MFP Program – the first university-level broker qualification jointly developed by the Mortgage and Finance Association of Australia (MFAA) and RMIT Online.
The Financial Analysis elective dives into profit and loss statements, balance sheets and cash flow reports, all through the lens of a mortgage brokerage.
“It really helps you to understand what's the best next step for you and how to analyse data to improve your business position,” said Guglielmino of the elective.
“It's one thing to do a financial analysis course purely focused on financials and company structures, but to have specific coursework that was tailored to a mortgage brokerage, I think is invaluable for a broker transitioning from being a mortgage broker to becoming a business owner,” he said.
Congratulating Guglielmino on completing the MFPA, MFAA chief executive Anja Pannek said he “should be proud of his achievement, and we look forward to more MFAA-accredited brokers taking on this rewarding challenge”.
The MFPA was launched in July as a means of raising the broking industry’s standards of professionalisation, something Pannek has been vocal about addressing.
“Over the last 30, 40 years, as broking has grown up, it has become a really integral part to the financial lives of Australians. As regulations evolved and the industry has evolved, we too need to evolve in terms of where standards can go,” Pannek said in a recent discussion with MPA.
“We felt it very important to be able to deliver to our members the opportunity to differentiate themselves and to achieve a professional designation that is above and beyond what is currently available in the industry,” she added.
The MFPA is only available to experienced brokers five years or more into their careers. Guglielmino, who runs Capra Financial Group out of Melbourne, Victoria, has been in the broking industry for 14 years.
“When you take off your expert mortgage broker hat and you put your student hat back on, you can view things in a different light that will help you improve your business, improve the way that you deal with clients and referral partners,” Guglielmino said.
“It’s been a privilege to be the first MFAA broker to complete the Financial Analysis elective, show my dedication to further education, and stand out in a competitive industry.”
