Only 15% of brokers believe enough is being done to attract new talent to the mortgage advice industry, according to a survey from Accord Mortgages. 

The survey found that 47% of brokers think that more work needs to be done to encourage new brokers into the field, while a further 38% were unsure.

Of those who don’t think enough is being done to attract new talent to the industry, 88% believe that this poses a risk to the industry’s ability to support homeowners in the future. 

When asked what motivated them to become mortgage brokers, just over two fifths (43%) said they get satisfaction from securing a property. 

A quarter (25%) said it offers them a good work/life balance, and 19% responded that the job specification appealed to them. 

However, just over a third (36%) admitted that they fell into a career as a broker.

The most popular suggestions to attract new talent included more work experience or shadowing in school and colleges, which was suggested by almost half of respondents (46%). 

Other recommendations included utilising government support for apprenticeships (44%) or partnering with colleges, job centres and career advisors (36%).

Trade associations taking a lead to encourage more advisors into roles was also suggested by almost a third of respondents (31%). 

Brokers were also asked about their views on diversity, with seven in ten (69%) feeling that there was sufficient gender diversity in the broker community, although only 25% believed that disabled individuals were represented adequately. 

In addition, more than a quarter (26%) admitted to feeling that the broker community was not diverse when it came to ethnicity.

Accord Mortgages managing director Jeremy Duncombe says: “Attracting new broker talent is key, so that the market can thrive and grow, benefitting from increased diversity and fresh ideas.”

“It’s also vital for future generations of home buyers and homeowners, who, as we’ve seen, gain so much from the value a broker can add to their mortgage and home-ownership journey. And the industry recognises this, with AMI and IMLA having set the wheels in motion to encourage, develop and retain new brokers.” 

“What’s also clear is that advisors need to be mindful of changing customer expectations, particularly in terms of inclusion and diversity. Thoughtful recruitment is vital to attract new talent who will represent an increasingly diverse customer base, and maintain relevance with your clients,” he adds.