New education programme aims to help brokers raise standards

WORDS BY ANDREEA DULGHERU

White Rose Finance Group’s broker education scheme has recently been accredited by the London Institute of Banking and Finance. Managing director John Kent discusses its evolution and plans to target experienced and prospective introducers

When it comes to education in the specialist finance sector, it’s fair to say there is plenty of space for more. In a bid to build skills in this market, White Rose Finance Group’s new Brokerplan Academy training programme secured accreditation by the London Institute of Banking and Finance (LIBF) at the end of December last year.

The initiative started back in 2014, when White Rose Finance set up the Brokerplan proposition as a principal accredited by the FCA, which could recruit brokers who wanted to operate under the network as appointed representatives (ARs).

Initially, the firm attracted people with little to no experience of working in the specialist finance sector, but who aspired to become brokers. Over the years, the proposition started to appeal to more experienced intermediaries looking to expand their knowledge—offering an opportunity John and the team recognised. In 2020, they officially launched the Brokerplan Academy training programme to meet this demand.

“We know that the more we help people with education, the more successful they are, and the better the outcomes are for the clients,” John says.

The programme is open to all intermediaries who want to become an AR of White Rose Finance. As the overall package has some bespoke elements, there are a range of prices depending on the applicant’s experience and therefore the level of support they need.

Modules: online and in person

The programme comprises 15-20 hours of modular training conducted via its online Brokerplan Academy Learning Hub. Applicants are offered a series of educational webinars on various topics, including regulation and compliance. At the end of each module, brokers must complete a short quiz to ensure they understand the subject and can move on to the next.

Once the module training has been completed, brokers attend 2-3 days of interactive, in-person training at White Rose Finance’s North Yorkshire office. This aims to educate them on how to present cases to lenders, enhance their networking skills and build their client and lender relationships. In addition, students are taught how to use White Rose Finance’s interactive lender directory to find the best finance provider for their cases and learn how to place deals via its lender hub.

Once the official training has been completed, the Brokerplan network will continue to offer brokers individual support as and when needed, as well as conduct assessment reviews on a quarterly basis. During the review, the broker is given feedback on various points, including the number of submitted and completed deals, the successes and challenges they have encountered, as well as any additional support or training needs. Support is generally provided for one year, but can be extended for as long as the brokers stay within the network. When White Rose Finance believes the broker is ready to handle cases on their own—without assistance from those within the principal brokerage—the firm will sign off the student as a commercial competent adviser, while remaining an AR of the network.

Dynamic structure and content

The network reached its current format after multiple changes, which were inspired by feedback from the brokers taking the course. “We recognised that we had good content, but didn’t deliver it the right way,” says John. “So, we employed a professional trainer 18 months ago—Andy Boycott—who turned it into a training programme that is far more interactive, with online modules to go alongside the original classroom training in order to deliver the content in a much more interactive way.”

The evolution of the training programme doesn’t stop here. As the specialist finance market is ever-changing— particularly in the last couple of years, which were plagued by the Covid pandemic, multiple changes in political leadership and what John calls “the whole craziness” with the mini-Budget—he tells me that the network continues to update its material on a regular basis, centred on the changes in the market, to ensure the training is as accurate as possible and supports brokers navigating the tumultuous waters.

“It’s an ongoing assessment and evolution, and it’s Andy’s job to make sure it’s current and up to date,” John adds.

Since its official launch, 62 people have been assigned to the Brokerplan Academy training programme (this does include a number of existing partners who opted for refresher or additional training), 12 of which have been signed off to go direct to lender, while the remainder were validated to operate as brokers under CCAS supervision.

“The feedback from applicants has been incredibly positive, with many saying it gives them not only a foundation from a compliance perspective, but also confidence they understand the products and know how to approach people. In turn, this positive feedback gives us confidence to continue to develop it,” states John.

And it’s not just the attendees who have recognised the quality of the training, but also the LIBF which, coincidentally, discovered the Brokerplan Academy while both organisations were working together on FIBA and ASTL’s new Certified Practitioner in Specialist Property Finance (CPSP) qualification.

“I got to know John Somerville [LIBF’s head of financial services], who became interested in our training programme,” recalls John. “When I asked him if there would be a way for us to get accredited, he explained the process and what we needed to have in place—and it turned out that we had most of it already. I was delighted to hear that.”

While the programme will be enhanced further in the coming months and years in partnership with the LIBF, receiving the accreditation at the end of 2022 was a significant milestone for White Rose Finance. “It gives us confidence that what we’ve been doing is the right thing. It’s been a fantastic journey.”

Masterclasses for the next level

Among the changes that the network is working on adding to it is a series of masterclasses for brokers who want to concentrate on a specific sub-sector of specialist finance, building on existing module topics.

“It’s very much about taking it to the next level to allow people to become experts,” explains John. While the actual format is not yet set in stone, the network is considering running the masterclasses online, possibly as group webinars, depending on broker feedback.

On top of that, John shares his desire to become an accredited trainer for the CPSP qualification, and incorporate it into the Brokerplan Academy programme as a mandatory element for brokers who sign up for the Academy.

With big plans for the training programme and the imminent launch of the CPSP, John is confident that such education will continue to improve the specialist finance sector. “Things have changed—people now have to look at how to educate themselves to operate in the right way, and these education programmes will help brokers raise the standards in the sector, which has got to be a good thing for everybody.”

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