How to create a training plan to become more successful in finance

Every year, without fail, I hear of mortgage brokers scrambling at the end of the year to collect their Continuing Professional Development (CPD) hours – so they can renew their industry association memberships.  If you don’t get enough CPD hours, you may not be able to renew your memberships.  Sound familiar?

Apart from CPD being a compliance requirement, most good finance/mortgage brokers take the opportunity to really develop themselves and their businesses.

After all, if the law says that you must, then why not make the most of it?  Why not invest in yourself, learn more and extend your expertise.

You need a professional development plan.

Why do you need a professional development plan?

Most successful mortgage brokers view professional development as an investment in skills, knowledge and experience.  It adds value to our businesses.

And as a business owner, you need to look after your own professional interests.

Professional development is more than just keeping current with skills and knowledge.  It is also about furthering your expertise to meet the demands of tomorrow. When you further your expertise, your clients will recognise that you are serious about giving them high-quality advice and service.

“The type of person you are is usually reflected in your business. To improve your business, first improve yourself.” — Idowu Koyenikan

To develop your training plan, here are five basic steps.  These steps take you from discovering gaps in your professional skill sets through to setting business goals and tracking your progress to become better and more successful in your finance/mortgage broking business.

Not having a plan for your training needs is like going on a bush-walking trip without a map or GPS support – you’ll eventually get lost and starve!

Take stock and evaluate yourself

Take stock of your current skill set.  Be honest about your strengths and weaknesses.  Identify any gaps or areas for improvement.  I like to break my skills into these areas:

• Marketing (eg Public speaking at seminars, blog writing – to improve my writing skills)
• Sales (eg interview techniques, building rapport etc)
• Business processes (eg time management)
• Technical (eg How to use Mercury more efficiently, Digital marketing etc)

These gaps or skills may not relate to mortgage broking.  For instance, Mario Borg one year decided that he needed acting lessons, to improve his sales skills.  (Check out this youtube video – and look out for the guy with the umbrella at the beginning of the ad.)

Where do you need to be?

Once you have taken stock of where you are, set your direction.  What is success to you?  What will your business look like in 12 months time?  Or three years time?

Are the customers you have the same type of customers you want in the future?

The answers to these questions will be different for everyone.  Consult your mentors or speak to someone you trust about these questions.

This may involve learning more about tax planning, or financial planning principles – if you want to know more about investments for instance.  Or perhaps you may want to do an MBA?  These questions will help you decide what you need to do.

Set milestones or waypoints

Just like any good navigator, you need to measure how you are performing.  Once you have set you direction, decide if you need formal or informal education or training.

Informal education may include seminars, professional development days (which do not provide formal qualifications).  Formal training may include a Diploma in Finance/Mortgage Broking Management course.

When you know what you need, set up your waypoints so you can measure your development progress.

Measure your development

You need to record your achievements.  Not only is this a good idea to measure your progress, but it is also a compliance requirement.

The MFAA has a good online CPD register (you will need your MFAA membership login), and similarly, so does Mercury – for Connective brokers.

Most importantly, measuring your progress is also a good way to see how effective your training is.  Is it really giving you the skills and knowledge to become more successful at what you want to do?  How do you know?

Re-evaluate

Your professional development plan should be part of your business plan.  Like all good plans, your business plans need to be reviewed regularly.

Whether or not you are making progress, you need to check to see if you are heading in the right direction, both personally and professionally.

You may find that what you needed to do will no longer deliver the outcomes, or the market may have changed.  If that is the case, you may need to update your plans.

Your plan needs to be flexible enough to change with the times, your abilities and your goals.  By evolving professionally, you will give your finance/mortgage broking business the best chance of success.

Professional development is not just about meeting compliance requirements.  It is about self-improvement and can further your business and personal goals.

Viewed like this, it can be about your individual achievement, and also as the foundation of your business success – to deliver better advice and better service.

If you want to find out more about how to launch your new mortgage/finance broking business, Contact us at Masters Broker Group.