Dr Mark Sinclair

The success and feedback of students in Mentor Education Group’s (Mentor) inaugural Real Estate Agents Representative Course (Victoria) has reaffirmed the national RTO’s opinion that property will continue to attract career aspirants as well as professional financial advisory practitioners seeking to position themselves for the future beyond the Royal Commission and FASEA said Mentor founder and managing director Dr Mark Sinclair.

Commenting further, Dr Sinclair said Australians have always had a strong affinity with the property market and it’s a key driver of the nation’s economy – in fact the ‘pulse’ of the real estate sector provides a good indication of the country’s economic prosperity and prospects.

“Every Australian every day is influenced by property as a place of work, living, entertainment, etc and thus can relate to it”, said Dr Sinclair.

“It’s also an aspiration as a family home; creates wealth by direct investment or property fund; as part of an SMSF or superannuation strategy; and for seniors can improve their financial position in retirement by activating the value in the home”.

“Quite simply the importance and influence of property to create wealth or support lifestyle ambitions is immense.”

Mentor’s Real Estate Agents Representative Course (Victoria) was developed in partnership with industry stalwart and principal of MAB5 Property Network Mr Mario Bertone.

Mario Bertone said, “The growth of Australia’s property market in the major capital cities has provided an incentive for many individuals to consider a career change into real estate, or to establish a business in this sector one day”.

“This was reflected in the diversity of reasons and backgrounds of the students that undertook Mentor’s property learning program i.e. some were already employed in the real estate sector and were upskilling; others looking to advance their careers – whilst others were seeking a new profession, to enhance their knowledge, and the list goes on”.

Interestingly, the diversity of the students also included age, sex, professions, aspirations and multicultural background added Mario Bertone.

“For financial planners, accountants and brokers the course provides two unique benefits 1) as an opportunity to improve personal knowledge and appreciation of inner workings of the property sector; and 2) the enhanced knowledge and literacy provides essential conversation starters to assist clients to identify needs, issues and aspirations”, said Dr Sinclair.

The course leaders (including Mario Bertone), are industry experienced experts in their respective fields and this was especially welcomed and appreciated by the financial advisory participants.

Enrolments for Mentor’s November Real Estate Agents Representative Course (Victoria) are well underway and Mario Bertone is confident student numbers will surpass the first program.

Dr Sinclair confirmed that plans were well advanced to launch the Certificate IV in Property Services (Real Estate) Victoria in 2019 for those graduates seeking to upgrade their skills and become fully licensed agents or principal licensees.

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Dr Mark Sinclair

Recently Mentor Education Group (Mentor) celebrated a significant collaborative milestone with DomaCom Australia Ltd (DomaCom) with the accreditation of the 500th financial adviser under the online study program developed specifically for the DomaCom Fund – an ASIC registered Managed Investment Scheme (MIS) that allows investors to invest in one or more properties of choice via a syndicate like / fractional investment structure.

Commenting on the achievement, Mentor founder and managing director Dr Mark Sinclair said it was a ‘natural fit’ with DomaCom and an insight into the future of the industry and the advice sector beyond 2024, the Royal Commission and FASEA.

“The days of the stereotypical adviser being a one-dimensional risk, investment, SMSF or retirement specialist is rapidly disappearing and a broader skill set required to tap into an everchanging and evolving client environment”, said Dr Sinclair.

“As a provider of industry and business education solutions, Mentor keeps pace with these changes by providing a broad and relevant menu of academic and business improvement options”.

“For finance, accounting and broker practitioners it has meant access to courses in broking, aged care, real estate, accounting as well as HR, management, leadership, productivity improvement, etc.”

The online accreditation course that was developed specifically for the DomaCom Fund is yet another example of this new era in the provision of learning solutions and collaboration within financial services.

Responding on behalf of DomaCom, CEO Arthur Naoumidis said since its inception DomaCom has utilised advances in technology to develop equity market concepts such as SMAs and Multi-level Managed Investment Schemes to enable investors to enter the property market in a manner similar to investing in public companies.

“Today, the DomaCom Fund is on 43 APLs and by outsourcing accreditation to specialist education provider Mentor has resulted in 500 financial advisers accredited in just four years”.

DomaCom Fund accredited financial advisers have a point of difference and are able to engage in conversation with those clients interested in property exposure in their investments and superannuation.

In addition, accredited financial advisers can provide Gen Y and Millennials an opportunity to consider saving in a property sub-fund to enhance their property investment and /or marketplace aspirations.

DomaCom is also currently working towards an equity release product as part of the DomaCom offering for senior Australians.  An important component of the product’s launch will be the provision of an accreditation offering through Mentor.

In the long-term the Australian property market will continue to expand in response to Australia’s population growth and attraction to overseas investors.  Furthermore, it’s a sector that everyone from mums and dads to sophisticated investors can relate to i.e. as a home, workplace, investment, career, entertainment, etc.

Hence Mentor’s focus on property with study programs including the recently introduced Real Estate Agents Representative (Victoria) course, Diploma of Finance and Mortgage Broking Management, Financial Planning Aged & Disability Care Adviser, and other courses, programs and workshops.

Dr Sinclair concluded, “We see ourselves (Mentor) as the ‘go to’ organisation for financial service groups such as DomaCom and advisers seeking a learning solution to broaden and deepen industry knowledge, expertise and professionalism”.

“Our goal is to make financial advisers more robust and holistic providers of financial advisory services and in doing so, create a competitive point of difference and unique selling proposition that in turn enhances prospects for business success in the future”.

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Dr Mark Sinclair

In spite of the constant speculation and lobbying regarding the final FASEA requirements and the outcomes of the Royal Commission, a growing number of financial planning practice owners are ‘getting on with it’ and restructuring their businesses in readiness for the post 2024 era said Mentor Education Group founder and managing director Dr Mark Sinclair.

Commenting further, Dr Sinclair cited the ongoing uplift of planners amongst the ranks of enrolments in Mentor’s business and productivity programs, especially management, leadership and HR courses.  “Rather than expending energy resisting the forces of change that have engulfed the advice sector, there is a very solid and growing core of planners focussed on preparing their practices for the future”.

“Interestingly, planners are not alone in these academic pursuits with accountants, brokers, lawyers and real estate agents studying alongside them in these productivity improvement courses”.

Dr Sinclair continued, “Irrespective of FASEA’s announcement of the final makeup of the academic and ongoing professional development regime, there is little argument that advice practices will need to be far more client centric and efficient in order to thrive in the new environment”.

Thus, to be successful depends on two key factors.  First, innovation – adopting and applying new technologies, processes and management / HR practices.

Second, structural adjustment – whereby practice operational resources are shifted to the most productive sectors of the business in order to ensure exceptional client experiences are delivered with each client interaction without fail.

Hence the focus on productivity improvement and the key driver of advisory practice principals undertaking these study programs to improve their entrepreneurial proficiency and management skills.

“Repeated surveys have found that client centric businesses are far more profitable than those that are not.  Hence being a client centric business is the ‘Holy Grail’ of unlocking the potential and benefits for a financial advisory practice”, said Dr Sinclair.

“However, the reality is the shift towards becoming a truly client centric practice is both complex and time consuming”.

Far too often there is a disconnect between the vision and reality of all the elements required to deliver exceptional client experiences affirmed Dr Sinclair.  With the all-important keystone missing – the principal/owner buy in!

This is definitely not the case with the planner principals undertaking studies to improve their business, management and HR skills and expertise concluded Dr Sinclair.

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Dr Mark Sinclair

Mentor Education Group has responded to a growing number of calls from accountants, brokers and financial planners for a course in real estate as more professional advisory practices position themselves for the future as ‘one-stop-shop’ service providers, said Mentor founder and managing director Dr Mark Sinclair.

In addition, real estate has become a beacon for many individuals seeking a career change and opportunity to work in real estate, or one day to establish a business in this field.

Mentor’s Real Estate Agent’s Representative Course (Victoria) provides this insight and a career entry point.

Almost every personal and business financial services related activity is influenced by property, said Dr Sinclair.  “Whether it be a young couple aspiring to achieve their dream of owning the family home, SMSF’s seeking to invest or divest property holdings, to seniors seeking to downsize or activate the value in the home to improve their financial position in retirement.  The importance and influence of property to create wealth or support lifestyle ambitions is immense.”

“Hence the call by advice practitioners to enhance their knowledge in this field to better understand and incorporate their client’s property investments into holistic plans and asset allocation strategies”.

Dr Sinclair continued, “Then there is the property market that is currently undergoing a correction, but in the long-term continues to expand supported by population growth and links to Asia that has propelled the Australian economy to the upper end of developed nations globally.  This is fuelling the incentive for the next generation of agent representatives, auctioneers and property service employees to enter the industry”.

Mentor’s Property Services / Real Estate course was developed in partnership with industry stalwart and principal of MAB5 Property Network Mr Mario Bertone.  The course leaders (including Mario Bertone), are industry experienced experts in their respective fields and students will also benefit from their commitment to coaching and mentoring support.

The Mentor course and study program will be supplemented with workshops, career nights, networking opportunities and short courses that will be led by industry professionals with real life / industry experience and backgrounds – not theorists!

Commenting about the property sector, Mario Bertone said, “From the outside looking in, real estate / property appears easy, glamorous and an undertaking with immense financial rewards.  The reality is, it is highly regulated and practitioners must be qualified professionals in order to deal with property related matters”.

Mario Bertone continued, “Within the property sector there are many real estate career paths that include being the conduit between buyers and sellers; selling and leasing residential homes and units; commercial properties such as industrial, retail, hospitality, office complexes; and residential apartment development.

“In addition, there are opportunities in property management, property development, buyers’ advocacy, and many more if students in this course continue their studies”.

During the Mentor course, students will learn the essentials of property management and finances, property development, legislation, managing risk as well as marketing and client base management.

On successful completion of the course, graduates will meet the educational requirements to apply for accreditation as a Real Estate Agents Representative in the state of Victoria.

Enquiries are welcome and enrolments for the October 2018 intake of students are now open.

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Dr Mark Sinclair

While the Diploma of Financial Planning (DFP) will no-longer be the minimum educational requirement for financial planners in 2019, it will continue to be the qualification of choice for those looking to start their career as an associate adviser, paraplanner, client relationship manager and other non-advice roles said Mentor Education Group founder and principal Dr Mark Sinclair.

Commenting further Dr Sinclair said, “The DFP and Advanced Diploma of Financial Planning have both served the industry well (and will continue to do so) having evolved since inception to meet the needs of advisers, stakeholders and regulators”.

“Although the financial services sector is about to enter a new and very different era of compliance and professionalism, the Diploma and Advanced Diploma will still be needed and have very important roles to play”.

The qualification is essential for paraplanners and has provided a pathway for those seeking a career as a financial adviser.

Dr Sinclair continued, “To date, when conversations turn to study and qualifications, all focus and attention has been on the requirements for mature age advisers; the academic demands for new entrants; and ongoing accreditation regime following the release of FASEA’s framework”.

“The reality is that post 2024 will be the era of compliance and entry level qualifications, ongoing professional development and study won’t be restricted to / and the exclusive obligation of the adviser / principal alone”.

“The age of compliance will require the entire advisory practice to be on the same page as the authorised adviser in order to operate efficiently and effectively”.

Hence the ongoing need for the two qualifications beyond 2024 to be available to advisory practice operational staff as well as client relationship managers, paraplanners and prospective advisers seeking a preliminary insight into advice provision before undertaking the career in earnest.

No doubt many cynics will say the DFP for operational staff is overreach, expensive and inconvenient.  In reality it represents a prime opportunity to expand the knowledge base and appreciation of staff to the demands of advice delivery with both the individual and business the beneficiaries affirmed Dr Sinclair.

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Dr Mark Sinclair

Despite the constant negative predictions of an unprecedented exodus of mature age advice practitioners, their expertise and skills will be demanded to fulfil new and emerging roles as the industry transitions into the post FoFA, Royal Commission era said Mentor Education Group founder and principal Dr Mark Sinclair.

Commenting further Dr Sinclair said “Whatever the industry looks like after 2024, the need for transferable skills, knowledge and business / entrepreneurial attributes will be immense – especially for professional mentors and supervisors within advisory businesses”.

“The emergence of the financial planning professional coach and mentor discipline to facilitate business improvement as a career pathway is already well and truly underway.  Mentor can attest to this based on the number of enquiries and enrolments being received in Leadership, Management and Coaching qualifications”.

“Another coaching and mentor career opportunity to arise will be derived from FAESA’s Professional Year (PY) requirement for new entrants before they can provide personal financial planning advice to retail clients”.

The PY will encompass practical learning of four core technical competencies – technical; client care and practice; regulatory compliance and consumer protection, professionalism and ethics. A mandated supervisory and mentoring role will be required within each advice business to ensure evidence is collected in a logbook and attest to the completion of the PY.

This is already an established practice in the mortgage broking industry, where new entrants typically appoint an experienced mortgage broking mentor and meet with them monthly over a two-year period.

Mentor works closely with a number of professional mentors as mentoring is part of Mentor Education’s academic role and offering.

“The benefits being a fast-track pathway for the business with productivity, efficiency, advice provision excellence and more effective client engagement / service amongst the many outcomes”.

“However, it’s not a ‘revolving door’ discipline for those planners contemplating becoming a mentor i.e. retire and walk out the advisory practice on Friday and return on Monday as a coach, supervisor or mentor”.

“Industry, business knowledge, know-how and expertise need to be structured and delivered within a framework to facilitate the best outcomes for the client mentee and mentor/coach/supervisor”, said Dr Sinclair.

The benefit of academic learning is that it provides a coaching and mentoring framework that puts the hands-on experience into context with the theory and best practice delivery methodologies.

Dr Sinclair concluded, “An imperative for success and foundation for providing consumer confidence of coaching, supervisory and mentoring services will be the attainment of appropriate qualifications”.

“Although still relatively small in numbers, the number of mature age planners undertaking academic study in leadership, management, coaching and mentoring has begun”.

“I’m confident that the opportunity to commercialise decades of knowledge and SME business experience will attract advice practitioners in rapidly growing numbers in the years to come.”

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Dr Mark Sinclair

The accounting profession has reached a major crossroad and many accountants have not wasted time restructuring their businesses to ensure they are relevant and successful in the future said Institute of Public Accountants (IPA) Victorian Vice President and Australian Wealth Solutions (AWS) principal Sam Zervides.

Regrettably, a significantly greater number are refusing to acknowledge the issue and act in response to industry disruption that has been exasperated by technology, expiration of the SMSF exemption, FoFA and now the Royal Commission into the financial services industry.

Commenting further Sam Zervides said although there is a great deal of apprehension and inertia that always comes with change, the public accountant sector has no option but to respond and adapt.

“I believe the next 12 months in particular, will be a watershed year with immense pressure on accountants to act”, said Sam Zervides.

“Although many have commenced the transition and restructure of their businesses in readiness for the new era, far too many are refusing to even acknowledge the sun is setting on the practices of the past”.

Sam Zervides continued, “My greatest concern is that very good accountants with mature businesses are simply going to ‘miss the boat’.  Instead of a successful exit into retirement funded from the sale of their businesses – will have no option but to switch of the lights and close their doors”.

“However, it’s not all doom and gloom and I’m pleased to see accountants in increasing numbers (although still small in comparison) are acting by restructuring, adopting new technology and processes.  But most importantly, seeking strategic alliances and JVs with financial planning businesses and other professional advisory firms”

Adding his voice, Mentor Education Group founder and principal Dr Mark Sinclair affirmed that this year the leading RTO has observed a significant trend in the studies being undertaken by accountants.

“There is definitely an upward trend of accountants specifically enrolling in programs with an emphasis on building productivity and operational efficiency”, said Dr Sinclair.

“Most interesting of all has been the number of enquiries received and the enrolments in leadership and management streams”.

“Demand and interest in leadership and management courses are definitely on the rise and I’m confident will continue to do so”.

Dr Sinclair is adamant that as more accounting businesses restructure, establish client centric frameworks, enter strategic alliances / JVs and principals benefit from their studies, they will act as role models and beacons encouraging their peers to follow in their footsteps.

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Dr Mark Sinclair

Although the finance and mortgage broker sector has undergone many structural changes in past years (with more to come), it has also been the beneficiary of consumer disenchantment with the major institutions – especially their lending/client care and service practices said Mentor Education Group founder and principal Dr Mark Sinclair.

When the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is delivered in February 2019, it will herald a very new era and landscape for the entire sector continued Dr Sinclair.

“With respect to home loans, consumers in growing numbers are voting with their feet choosing brokers over the banks as the provider for lending options.  This upward trend in consumer sentiment can only be good news for the mortgage and finance broker sector and practitioners.

“This was reinforced by recent Mortgage & Finance Association of Australia (MFAA) data that revealed the proportion of loans written by the third-party channel had reached its highest figure ever at the end of March 2018”, said Dr Sinclair.

The market research compiled by CoreLogic research group Comparator revealed brokers had settled $46.1 B in home loans in the quarter ended March 2018.  This represented 55.3% of home loans and a 1.7% increase over the same quarter in March 2017.

Although ‘roboadvice’ style technology supported services are growing in popularity, consumers are reluctant to entrust large purchases and significant financial undertakings to an App or computer screen – they demand the reassurance of person-to-person engagement with an industry professional.

Hence the industry being a beacon for individuals seeking a career change or potential to establish an advisory based business with growth potential prospects.

Dr Sinclair continued, “The mortgage broking industry has not been immune from scrutiny and undergone immense change primarily in response to ASIC, NCCP, ACL and APRA requirements including the need for licensing of mortgage brokers.

“Against a background of more ‘speed bumps’ comprising further regulatory changes, tightening lending practices and consumer expectation challenges is the embedded home ownership Australian mindset – and this will continue to be the main driver for upward demand for mortgage brokers”.

“It’s a must for the industry and broker practitioners to be ready for the future”.

Last year Mentor Education launched the Diploma of Finance & Mortgage Broking Management (DFMBM) and over 160 students undertook the course in 2017.  2018 enrolments have exceeded the RTO’s expectations and are a good indication of the future health of the sector.

“It was inevitable that the broking sector would follow the financial planning industry and respond to industry and government pressure, market consolidation and heightened scrutiny in general”, said Dr Sinclair.

“Mentor has consulted extensively with the industry and professional associations to develop a course that is structured to address the needs of the sector.

“The content of the DFMBM has been structured to both assist current brokers as well as equipping and preparing the next generation with a solid footing, understanding and appreciation of a career in broking”.

An interesting observation gleaned by Mentor is the number of accountants that are replacing their previous SMSF offering with mortgage broking services.  From a business and client offering perspective it makes sense for accountants to become a ‘one-stop-shop’ in addition to their compliance, accounting and related services.

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Dr Mark Sinclair

Dūcere Global Business School (Dūcere) Founder & Executive Director Mathew Jacobson has announced an exciting partial scholarship opportunity for twelve Mentor Education past students (alumni) and financial service industry professionals to undertake their Master of Business Administration (MBA) in Innovation and Leadership.

Commenting further on the announcement Mathew Jacobson said he believed the partial scholarship opportunity to undertake the MBA starting in this October’s intake, will act as an incentive for many industry practitioners seeking a course that links formal tertiary education with real-world experience.

“Dūcere and the University of Canberra* have come together to produce this ground-breaking MBA, delivered nationally online and provides students with the opportunity to solve real business problems as part of their learning.”, said Mathew Jacobson.

“The MBA is integrated with Dūcere’s global faculty, comprised of hundreds of world leaders from Presidents and past Prime Ministers, to Nobel Prize winners; has no exams and embeds projects with organisations including NAB, KPMG, SEEK and the Federal Government amongst others”.

This unique MBA was acknowledged as a finalist in the 2017 Australian Financial Review Higher Education Awards for Industry Engagement.  The Australian newspaper said:

“The most unique MBA in the world…focusing on real industry problems”.

Dūcere works with some of the world’s largest and most dynamic organisations, delivering shared value through MBA projects.  Through access to dynamic groups of experienced industry professionals, working with the support of leading academics, Dūcere’s industry partners receive highly valuable IP that solves real strategic challenges, whilst giving students learnings beyond academic material.

Mathew Jacobson continued, “The MBA is a project – based curriculum in which students apply everything learnt to real-world situations and practical business challenges.  Being immersed in the MBA’s challenges and working within team environments and industry partners, students will develop important commercial skills they can apply and deliver in their professional and commercial endeavours”

Mentor Education founder and director Dr Mark Sinclair said, “We are passionate about the role we play and contribution to the next generation of financial service industry professionals.

“The sector is facing significant challenges and needs to retain its best practitioners.  We believe that this MBA, delivered by Ducere in partnership with the University of Canberra is a fantastic opportunity to not only learn and apply their significant expertise, but to be acknowledged accordingly with one of the highest academic designations”.

Partial MBA Scholarship opportunities and enquiries for the October 2018 intake and beyond are now open.  Mentor Alumni and financial service industry professionals should contact Trent Stone at Mentor Education by email trent@mentor.edu.au or call on 1800 915 112 for details.

Downloaded the brochure.

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Dr Mark Sinclair

4.2 million Australians are disabled and of these, 1.4 million are severely disabled and all require guidance to navigate often overwhelming and confusing scenarios and solutions. They are often housed in Aged & Residential Care facilities, and knowledge about creating optimal solutions for them is a vital part of the model. This situation is about to escalate with Australians aged over 65 expected to treble over coming three decades.

With the growth of Australia’s ageing and disabled population, the financial advice sector needs more advisers than ever with the capacity to provide comfort and reassurance through advice, care and investment solutions at those critical times when important decisions need to be made said Greg Roberts of Aged Care Specialists.

Commenting further Greg Roberts said with nearly 3.6 million people in Australia currently aged over 65, professional advice practitioners need to include aged care advice as part of a holistic offering that reflects the journey for their clients from wealth accumulation to retirement, or possible unforeseen disability.

“Senior Australians and individuals with disability all have one thing in common, the need for personalised advice as each situation is unique and requires a tailored outcome for their needs”, added Greg Roberts.

For seniors needing aged care and individuals with disability, the financial complexities and scenarios can literally be overwhelming with the need to consider income requirement, tax situation, nest egg protection and growth of overall wealth, risk management, estate planning, fee minimisation and, also, consideration around Centrelink situations etc.

When considering residential scenarios for example, the options range from staying in the current home, downsizing, to renting, to granny flats, to caravan parks and demountable homes, to living with families, to supported living, independent living and residential care. They all require personalised advice and support.

To assist advice practitioners, Aged Care Specialists with input from retirement and property specialists, lawyers, accountants, trustees and planners developed an advice, care and investment solution for advice practitioners.

“The role of the adviser is pivotal for providing peace of mind, trust, compliant advice and ongoing involvement to ensure objectives are achieved”.

Last year Mentor Education (Mentor) launched a training solution for financial planners, accountants and lawyers with the addition of the Aged and Disability Care Specialist Advisor

The offer has been well received by industry with students undertaking the study in the first intake of January 2018 confirmed Mentor Education founder and director Dr Mark Sinclair.

Student intake for 2018 reflects the industry’s response to this growing need said Dr Sinclair.

On successful completion of their studies, graduates will be designated as Aged & Disability Care Specialist Adviser and can offer long-term advice and investment solutions as part of their ongoing client services.

Both Aged Care Solutions and Mentor are adamant that Aged & Disabled advice solutions is a market opportunity in its own right and for those advisers that undertake study and accreditation, will be positioned us as market leaders.

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