A new scheme, with government funding, is helping Flight Centre travel agents become financial advisers.

In a deal between between Travel Managers Group (TMG), online financial information service Ratebroker, and the Ministry of Social Development (MSD) travel brokers are being enoucraged to become financial advisers.

The partnership will allow the travel brokers to be employed through Ratebroker, and provide them with access to a fully-funded comprehensive training and mentoring programme. The retrained brokers will be able to offer clients life and health insurance, mortgage protection and income insurance protection, in addition to their usual travel offerings.

Clients will only be able to receive financial advice from brokers who have completed the required training and mentoring programme. Each participant will receive a one-year fixed term contract and an opportunity to work across both industries on an on-going basis, with financial certifications and registrations behind them.

MSD funding will be used to help with the cost of the initial 12 weeks training, registration and certification. 

TMG general manager Cath McLeod says “Our highly skilled travel brokers hold fantastic client relationships that are built on trust. They’re in tune with what’s happening in clients' lives, and they’re already a part of major life events like weddings and relocations, so pivoting to insurance is a natural progression.

“The partnership was created to expand the portfolios and earning potential of travel specialists, at a time when international travel is at a record low” she said.

“Seventy three percent of our brokers are women, statistically some of the hardest hit by unemployment during COVID, and it’s important for us to keep them working”. 

“Clients...will soon be able to receive advice on a range of insurance services under one roof, from a trusted and familiar face.”

Ministry Social Development Director of Industry Partnership,  Amanda Nicolle, said the government department "is pleased to be able to support these travel brokers to retrain so they can expand their knowledge and continue to use their customer service skills."

“The partnership gives participants the certainty of being employed with a one-year fixed term contract, which is important given the impact Covid-19 has had on international travel and their income as travel brokers.”

Ratebroker founder and chief executive Matthew Grant said the partnership will be delivered through Ratebroker’s financial advice business Foundation Advice Limited.

“This will allow us to offer advice from the top of the North Island to the bottom of the South Island,” Grant said. “The training and 12-month mentoring programme allows participants to earn a full-time wage while they train, which we believe is unique in the industry at such a scale."

“We are particularly excited by the number of potential women participants for the programme as the financial advice industry is currently significantly skewed towards men and we are strong believers in diversity, inclusion and respect being the bedrock of any successful business.”