Brokers reporting workload and finance pressures as top stressors

The monthly broker poll for October 2024 released in collaboration with the Finance Brokers Association of Australia (FBAA) and CoreData has revealed that brokers are seeking support in managing workloads, with 40 per cent feeling burdened by their workload.

The objective of the research aims to provide an “ongoing read” on the market, while allowing the FBAA to gauge the needs of brokers in order to inform its advocacy work.

A sample of 100 FBAA brokers were surveyed between 21 and 28 October.

Along with workload burdens, 33 per cent of respondents, particularly younger brokers (under 50) cited financial pressures as a top stressor. Younger brokers tended to be more stressed by these two factors when compared to older brokers (52 per cent versus 29 per cent for workload and 44 per cent versus 23 per cent for financial pressures).

Workload stresses were more pronounced among finance brokers than mortgage brokers (47 per cent compared to 36 per cent), while government policies were more of an issue for mortgage brokers than finance brokers at 26 per cent versus 18 per cent, respectively.

Overall, however, reported impacts of stress on physical and mental health decreased from September to October, down from 56 per cent to 44 per cent.

The report found that most brokers are seeking support regarding policy advocacy, health, and collaboration with other professionals.

On policy advocacy, the report said: “Brokers are increasingly becoming an essential service for those seeking finance – yet we are still treated with disdain by banks, some media, and consumer advocacy groups who seek to represent those least responsible for their own behaviour in our community.”

“The clawback debate is an ongoing one and lenders with their inconsistent outcomes tarnish our reputations at times with little or no consequence. If a broker was to embarrass a lender we would be cancelled – yet when a lender embarrasses a broker – we have to just cop it sweet”

In terms of the level of support, the research said that there was no difference in the level of support felt by younger and older brokers, despite younger brokers reporting that they are more affected by stress.

Finance brokers felt more supported (58 per cent) in the industry than mortgage brokers, who recorded the lowest level of support since June 2024 at 38 per cent.

[RELATED: Minister and industry hold ‘groundbreaking’ clawback meeting]

Adrian Suljanovic is a journalist at Broker Daily with more than two years experience reporting on all facets of the third party distribution channel.

Adrian has written for a range of business and finance titles including IFA, Investor Daily and Lawyer’s Weekly before joining the mortgages team in 2022.

He graduated from the University of Wollongong in 2021 gaining a Bachelor of Communication & Media with a major in Digital & Social Media.

E-mail Adrian at: This email address is being protected from spambots. You need JavaScript enabled to view it.