What's it like to be a Finance Broker?
Financial Brokers act on behalf of their clients to find and organise loans, arrange insurance and offer advice on financial market transactions.
Tasks and duties
- Gathering information on market conditions, commodity prices and trends and discuss these with clients, taking into account their individual financial circumstances.
- Liaising with clients to determine their requirements and recommend loans and insurance coverage that meets their needs.
- Maintaining relationships with banks, insurance companies and lenders to organise loads, finance and insurance for clients.
- Preparing and lodging relevant documentation.
Financial Brokers are “go-betweens” who typically liaise with banks and credit unions on a client’s behalf to arrange home loans, life cover, income protection, commercial finance, business financial planning, car loans, insurance and investments.
Financial Brokers tend to work for banks, building societies, financial planning organisations and many work for themselves.
What can I earn as a Finance Broker?
How to become a Finance Broker
- Undertake a qualification in financial broking, such as a Certificate IV in Finance and Mortgage Broking (FNS40815), Diploma of Finance and Mortgage Broking Management (CNS50315), or a Bachelor of Business (Financial Planning).
- If wanting to practise as a Mortgage Broker, you must have an Australian Credit Licence (ACL), obtained through the Australian Securities and Investments Commission (ASIC). Also consider joining an industry association, such as the Finance Brokers Association of Australia (FBAA).
- Financial Brokers with experience may wish to specialise and become a Commodities Trader, Financial Market Broker or Investment Banker.