The Finance Brokers Association of Australia is riding high these days after a promotion for new students proved hugely successful in driving member growth. Now, FBAA is eyeing where to go next.
Getting students interested in becoming a financial broker doesn’t sound like the easiest thing in the world, but an Australian trade group has somehow figured out a way.
The Finance Brokers Association of Australia (FBAA), one of the country’s most prominent financial groups, has seen a big jump in student memberships in the past year, thanks to a combination of an attractive membership opp, a scholarship program, and strong video-driven marketing. Since last November, the association has gained 1,000 new student members.
The secret, says FBAA CEO Peter White, is that the organization’s videos—which were produced by the youth organization Student Edge—show that becoming a finance broker is a relatable career path.
“Digital media is the way to reach the younger generation. Our videos are cool and professional and delivered by brokers in their mid- to late twenties,” White noted in comments to The Adviser. “We touched a nerve with them about just how exciting a career it can be.”
As part of its effort, the association also tied in a scholarship with Australis College. The winners of the scholarship, which offered two full years of schooling, were announced in May.
All that, on top of a free membership option for students, and suddenly the approach becomes an attractive one for those looking to dip their toes into the industry.
It’s a solid showing for the association, especially considering The Adviser highlighted as recently as October that the industry has a bit of a graying problem.
“Our sector is aging, and we certainly need a source of fresh blood to come into the industry. It’s one of the issues that we’ve been looking at pretty seriously over the past couple of years,” noted Phil Naylor, CEO of the Mortgage and Finance Association of Australia.