Edition #5: Invest in Growth: Training and Development for Your Brokerage Team

Welcome back to the Broker Focus newsletter from Auctus Coaching. In case you missed the last edition (all about recruiting the right team) you can catch up here.?

If you enjoyed it and are back for more, thank you and do let us know if you’d like us to cover anything else in these newsletters, we’d love to hear from you.

Time to read: 3 mins

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This edition is all about your team’s growth through training and development. In last month’s newsletter we talked about the importance of having the right people on board and how to have your processes in a good place before bringing more people into the mix.

But what about when they’re onboard??

Ongoing education not only enhances individual performance but also drives the overall success of your brokerage.?

We know you know this. And yet, we still hear from a lot of brokers who have to be convinced on the ongoing benefits of equipping their team with the necessary skills and knowledge.

We hear things like:

“But now they’re on board, won’t they just figure it out themselves?”

“I don’t have time to train them.”

“I keep repeating the same thing over and over; maybe they’re not a good fit.”

“I’ll just get the other brokers to show them their way of doing a loan application and they can see what works best for them.”

“I haven’t processed loans myself for years so I have no idea how to help them.”

The list goes on…

The major problem here is that many brokers (wrongly) assume that once you have a team in place, things will just figure themselves out, or the other team members will show them the ropes. Unless you can be 100% sure that everyone is following the same process, all the time, then you’re likely going to run into issues, such as:

• Decreasing quality levels
• Slower processing times
• Poor and inconsistent customer service
• Errors (which we all know cause lost time and money!)

Instead of taking the short term view of ‘just getting the right people in the door’, we invite you to play the long(er) game of investing time, effort and resources to ensuring you have the right people in place, but that they also have the appropriate skills and ongoing training to manage and succeed in their role.

High attrition costs you more in the short and long term, so that alone should be enough to convince you that training is the way to become a better broker business.

And, the good news is that with Auctus to support you, this is not a path you have to walk alone.

Here are 4 major ways training and development can greatly boost your brokerage?

Investing in ongoing training and development for your brokerage team brings many benefits, including:

• Enhanced Skills: Continuous learning ensures your team stays up-to-date with industry trends and best practices - and that they are all on the same page.
• Increased Productivity: Well-trained employees are more efficient and effective in their roles, which ultimately means happier customers and better outcomes.
• Higher Employee Retention: Providing growth opportunities increases job satisfaction and reduces attrition; no one wants to be in a perpetual hiring cycle.
• Improved Client Satisfaction: A knowledgeable and skilled team delivers better service, leading to happier clients; this in itself pays dividends in the long run because your brand relies on this excellent service.
• Competitive Advantage: A well-trained team sets your brokerage apart from the competition - happy customers will always refer you to their network, but only if they have experienced a well functioning team during their engagement with you.

Action step: Consider the above five points in relation to your brokerage right now. Are you and your team hitting the mark or falling short? What needs to change first?

The next step is then to ensure you have a robust training program in place to support all team members - from newly qualified brokers to experienced credit assessors.

What does an effective broker training program look like?

Here are some key elements of successful broker training programs, such as Auctus Academy:?

1. Role-Specific Training: Tailored programs for each role within your brokerage (e.g brokers, credit analyst, loan processors, post settlement officers, etc.). Ideally delivered in a variety of formats to support individual learner’s needs; online courses, face to face, practical and hands on sessions etc.
2. Continuous Learning Opportunities: Provide ongoing education rather than one-time sessions to reinforce learning. Embedding a culture of learning is how the best brokers thrive; they know their team members have different needs throughout their career and will support them in as many ways as they can.
3. Practical Application: Ensure training includes practical exercises and real-world scenarios. This is key for brokers to learn through mentorship and joint case and client management so they can learn through real time scenarios and ask questions to check their understanding.
4. Feedback and Assessment: Regularly assess training effectiveness and gather feedback to make improvements. Empower your team to drive their own learning and support them in acquiring extra knowledge and skills as they go. This might also extend beyond traditional training and could also involve things like business writing skills, language skills and leadership or mentorship programs.

When you look at your current training and support services, are there gaps in what you currently offer and what you know could greatly benefit your team?

Finally, once you’ve identified your training gaps and put in place a program to support your team, it’s time to track and measure the progress, and course correct as needed. Even the most robust brokerages and training programs benefit from an annual review of their in-house training and support programs, simply because things change so rapidly in the world of technology that you also need to adapt to ensure you remain top of your game (and your team does too!)

Tracking and measuring the impact of your training programs is essential to ensure they are effective and aligned with your business goals.?

Here’s how to incorporate KPIs into your training strategy:

• Define Clear KPIs: Establish specific, measurable, achievable, relevant, and time-bound (SMART) goals for your training programs. Empower your team to also drive their own learning and be accountable.
• Monitor Progress: Use training management systems to track participation, completion rates, and assessment scores.
• Evaluate Impact: Measure improvements in performance metrics such as productivity, accuracy and client satisfaction before and after training.
• Gather Feedback: Regularly collect feedback from participants to refine and improve training content and delivery.
• Report Results: Share progress reports with your team to highlight successes and identify areas for further development.

Pro tip: Building a culture of continuous learning within your brokerage is next-level business strategy and you can embed this in a few ways:

1. Lead by Example: Show your commitment to learning by participating in training programs and encouraging your team to do the same. Do something together too as a team bonding exercise, such as mental health first aid or communication skills.
2. Set Clear Expectations: Make learning and development a core part of your team’s responsibilities. Talk about it when interviewing new staff and have it as a regular part of team meetings.
3. Provide Resources: Offer access to industry publications, online courses, workshops, and other learning resources. Have employees suggest what would also support them in their role and encourage them along the way.
4. Encourage Knowledge Sharing: Foster a collaborative environment where team members share insights and best practices.
5. Recognise and Reward Learning: Acknowledge and reward employees who actively pursue learning opportunities and apply new skills.

If all this feels like a lot, then don’t worry. At Auctus Coaching, we offer a range of training services and resources designed to support your team’s growth, from customised training programs delivered online or in-house to digital courses through our custom built learning platform - created just for brokers.

Investing in your team’s growth through training and development is essential for the long-term success of your brokerage. By implementing effective training programs, tracking progress with KPIs, and fostering a culture of continuous learning, you can enhance team performance, improve client satisfaction, and stay ahead of the competition.

Ready to invest in your team’s growth? Contact us today to learn more about how Auctus Coaching’s training services can help your brokerage thrive.