Job satisfaction among finance and mortgage brokers is high with 71 per cent satisfied, according to a recent Finance Brokers Association of Australia’s (FBAA) Bi-Monthly Broker Poll.

However despite this, while almost all brokers surveyed (90 per cent) viewed broking as a long-term career when they started, over half (54 per cent) admit they have considered leaving the industry at least once in their career.

FBAA managing director Peter White AM said he was pleased that the vast majority loved their job, but wasn’t surprised that the top reason given for wanting to leave the profession was “aggressive lender practices” like clawbacks.

Work-related stress and financial strains were also high on the list.

“This feedback demonstrates the impact these issues have on brokers and their willingness to stay in the industry, and is the reason why the FBAA has been so vocal and continues to advocate for change,” Mr White said.

“It’s a long journey but we have started to see breakthroughs that some never thought we would see, which encourages us to continue the fight against practices that are unfair.”

The poll also revealed that younger brokers are feeling more stress impacts and less workplace support, listing better pay and conditions as the keys to incentivise them to stay.

According to the poll, 7 in 10 brokers who are satisfied plan to continue for five years or more, which Mr White said was a vindication of the FBAA’s focus on advocacy and professional development.

“Our message to members is to talk to us about how they can improve and succeed, as we exist to help brokers thrive in all aspects of their business and CPD,” he said.

Quotes from surveyed brokers who have considered quitting the industry:

“Clawbacks and ongoing demands of the job affecting mental health.” – Mortgage broker, 38, Female

Banks, especially Big 4, are pulling their support from brokers by establishing their online banking channels, giving customer extra rate discount if they reach through direct channel, openly discouraging customers to go to brokers etc.” – Finance broker, 46, Male

Aggregators have too much control and seem to only focus on the bigger groups that bring them in more money. ” – Mortgage broker, 45, Male