Which option is right for you will depend on your past experiences, current situation and the future goals for your business. The following quick quiz may provide you with some insight as to which option may best suit you.
Simple select the response that you feel suits you and then use the table at the end to compile your results.
1. In the next 5 years:
| a) | I am thinking of retiring or existing the business. | 0 |
|---|---|---|
| b) | I would like to expand my practice and the services we offer. | 2 |
| c) | I currently provide advice and/or services that will be defined to be credit activities to my clients and would like to continue to offer this service. | 4 |
| d) | I don’t really provide any advice in this area and don’t plan to in the near future. | 6 |
2. My experience in this areas has been:
| a) | Little to none and I am not interested or I don’t have the time. I’d rather someone else do this sort of work. | 2 |
|---|---|---|
| b) | I’ve have previously referred my clients to a mortgage/finance broker, but have found the advice hasn’t always been in the best interests of my clients. | 4 |
| c) | Limited but I would like to offer credit advice and/or services myself, but I am worried that I will be pressured to sell products. | 6 |
| d) | That I have worked with mortgage/finance brokers in the past and would now like to start getting involved myself. | 4 |
3. To date:
| a) | I’ve already completed my Certificate IV in Finance Broking (or another relevant course). | 4 |
|---|---|---|
| b) | I haven’t undertaken any study in this area and don’t intend to. | 0 |
| c) | I haven’t undertaken any study in this area but would be prepared to do a minimum level of study if necessary. | 6 |
| d) | I haven’t undertaken any study in this area, but understand that I will need to especially if I wish to offer mortgage broking services. | 4 |
4. With respect to my clients:
| a) | I would prefer to concentrate on the services I am currently offering my clients and refer them externally for credit advice or services. | 0 |
|---|---|---|
| b) | I understand that they may want a practice that can offer a holistic service but credit is not something I personally want to be involved in. | 2 |
| c) | I would like some support for them and I am prepared to sacrifice some level of independence and control to get that support. | 4 |
| d) | I think being independent and in control is important for them and my business. | 6 |
5. In my practice, compliance with the new National Credit Act:
| a) | Doesn’t impose too many extra requirements that I don’t already do as part of running a good practice. | 6 |
|---|---|---|
| b) | Is a necessary part of being in practice in today’s environment, but I’d rather someone else takes responsibility. | 4 |
| c) | Is necessary, but takes me away from what I really want to do at work. | 2 |
The results
If you scored 24 – 30:
Option 1 – Apply for your own Australian credit licence (ACL)
Licensing may be a good option for you to explore for your practice.
If you scored 12 – 23:
Option 2 – Become an authorised credit representative
You appear to be interested in providing credit advice and/or services and becoming an authorised credit representative
If you scored 6 – 11:
Option 3 – Recruit an authorised credit representative
Recruiting a credit representative is an option you should consider.
If you scored 0 – 5:
Option 4 – Refer your consumer credit business
You are probably most suited to referring on any consumer credit business.