While the banking royal commission was a challenging time for finance brokers, it helped the industry develop a united purpose, according to the managing director of the Finance Brokers Association of Australia (FBAA).

Peter White said the royal commission highlighted some of the major issues that will affect brokers into the future and believes the key to future success is to stand together with a common, industry-wide objective.

He said the recent FBAA National Industry Conference held on the Gold Coast, and other events like it, are vital to the sector’s health and believes the conference will be even more important on both professional and personal levels in the future.

“There is no doubt that while the industry collectively has worked hard to overcome recent challenges, different issues will arise and this is when a collaborative and unified approach is necessary.”

Reflecting on the recent FBAA conference – the first since the royal commission – he said the theme, “challenge the future”, was more relevant than ever before.

“The conference keeps our members and industry connected and removes the fragmentation of geography as brokers from all around Australia come together, but it also allows brokers to support each other and this cannot be underestimated in the current environment.”

He said the association intentionally took a holistic approach at the conference, because personal and business support go together.

“The address by mental health advocate Anthony Hart was possibly the most interactive and popular we’ve ever had, and this tells us what brokers need right now.

“Most brokers are small businesses and don’t have a large support network, and let’s remember that many have spent a lot of this year worried about their futures.”

Mr White said the importance of togetherness was highlighted at the association’s annual Awards of Supremacy, part of the conference’s gala dinner.

“Recipients were more emotional this year and it was clearly a big deal to be recognised for hard work and success.

“Standing with one another, championing one another – this is what our industry is about and I believe we must continue to build unity and a common focus.”