Lending background not so important, says Mortgage Choice

Only 32 per cent of new Mortgage Choice franchisees in 2009 had a lending background.

“There is no particular skill set needed to own a financial services franchise,” said senior corporate affairs manager, Kristy Sheppard, adding that Mortgage Choice considered that having sales and customer services experience was more important than having a lending background.

Mortgage Choice’s Franchise Recruitment Index revealed that of the franchise owners who started up in 2009, 47 per cent moved directly across from a role that was unrelated to banking or finance. Previous statistics show that 91 per cent of franchisees who joined in 2005 and 2006 were not from banking or finance.

Sheppard said a lack of financial services experience was not a disincentive for new franchisees, because Mortgage Choice was confident in the relevant skills taught during the induction course and the ongoing professional development program.

Franchisees have varied career backgrounds and include lawyers, pharmacists, real estate agents, nurses, a Civil Aviation Safety Authority employee, a financial planner, an owner of a landscaping business and a music industry employee.