[JSL23]

I don't se e anyone having a problem with any of the above, but for me personally, I'd say training is paramount to success. I have been doing this just over a year now and my first 3 months was spent with a Lender who offered zero training and then micromanaged you to death. I hired a rep a few months ago with almost 6 months of experience under her belt at a well known shop who did not even know what a freaking factor rate was!!! Even worse, if you told her we were getting 10 points on a $50,000 deal and she was getting 35% of that she would have no idea what her commission was because she didn't know the basic math.........or the product........or how to pitch it!! I cared enough to absorb as much as I could those first 3 months before I got out of that place. I am still learning, anyone who thinks they know EVERYTHING usually knows less than most.

A lot of Broker shops and Lender/Broker shops simply do not care enough to offer training, its that simple. They don't want to provide (God forbid) paid training and expect people who have never done this to close deals from day one. They bring you in for a (non) interview, basically close you about what an amazing opportunity they have, give you a start date and then sit you down with a few pages of UCC leads, without teaching a damn thing. I have heard this from several people and it continues to be an issue. There should be a full week of training for new reps and continued training(say one day every quarter) for experienced reps to go over technique, new products, Underwriting guidelines, etc. It all starts from there.

[J.Celifarco]

I don't se e anyone having a problem with any of the above, but for me personally, I'd say training is paramount to success. I have been doing this just over a year now and my first 3 months was spent with a Lender who offered zero training and then micromanaged you to death. I hired a rep a few months ago with almost 6 months of experience under her belt at a well known shop who did not even know what a freaking factor rate was!!! Even worse, if you told her we were getting 10 points on a $50,000 deal and she was getting 35% of that she would have no idea what her commission was because she didn't know the basic math.........or the product........or how to pitch it!! I cared enough to absorb as much as I could those first 3 months before I got out of that place. I am still learning, anyone who thinks they know EVERYTHING usually knows less than most.

A lot of Broker shops and Lender/Broker shops simply do not care enough to offer training, its that simple. They don't want to provide (God forbid) paid training and expect people who have never done this to close deals from day one. They bring you in for a (non) interview, basically close you about what an amazing opportunity they have, give you a start date and then sit you down with a few pages of UCC leads, without teaching a damn thing. I have heard this from several people and it continues to be an issue. There should be a full week of training for new reps and continued training(say one day every quarter) for experienced reps to go over technique, new products, Underwriting guidelines, etc. It all starts from there.

Have to agree with you here.. The amount of people I see on this forum and in this industry with a lack of knowledge of what we do and how we do it is scary. Training is a problem for a lot of people but for them to be trained they need to work at a company where someone has the knowledge to train them. With a lot of these new banks and ISO's that are popping up, I feel many of them don't have a single person with any real knowledge on the industry, the products we sell, or the proper way to go about selling them.. I could be wrong but seeing the questions asked on this forum and some of the statements made I think Im right

[Chambo]

Have to agree with you here.. The amount of people I see on this forum and in this industry with a lack of knowledge of what we do and how we do it is scary. Training is a problem for a lot of people but for them to be trained they need to work at a company where someone has the knowledge to train them. With a lot of these new banks and ISO's that are popping up, I feel many of them don't have a single person with any real knowledge on the industry, the products we sell, or the proper way to go about selling them.. I could be wrong but seeing the questions asked on this forum and some of the statements made I think Im right

No Johnny, you're right. These new places, the senior guys have 6 months' experience

[anonymous]

No Johnny, you're right. These new places, the senior guys have 6 months' experience

Lack of experience is inevitable with new ISOs emerging every day. I run a firm and only have 7 months experience under my belt. With that being said, I've spent countless hours researching, sifting through lenders, and learning every possible aspect of the business. We have also been fortunate enough to have some of the larger lenders send a team to provide our floor with additional training (specific to their product/UW guidelines).

All of our brokers have gone through extensive (paid) training and the vast majority of them have a background in finance. We even have our "Senior Brokers" on a base salary. I feel as though we run a great shop and truly evaluate/analyze every option for a merchant and convey that information in a clear/concise manner. Long story short: there are a number of factors that are more concerning than a limited amount of time in this space.