Episodes
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With a penchant for speaking the truth, thereâs a reason Jamie Holroyd has built a trusted reputation as an advisor and confidant to his clients.
This would have to be the most candid interview I have done in terms of a guest speaking freely about the constraints or challenges that impede their ability to deliver the service, results and experience that clients have come to expect from the 3rd party channel.
As a broker, when you listen to this interview, I have no doubt you will resonate with Jamieâs concerns and frustrations.
It is important to recognise and appreciate the depth of experience Jamie brings to this interview courtesy of an expedited career in banking where he assumed significant responsibilities at a young age before choosing to back himself in and pursue his own endeavour.
When you hear Jamie speak, you wonât be surprised as to why his firm is both successful and sought out by a variety of clients who seek guidance for business strategy, debt structuring and growth decisions.
I hope you enjoy this interview as much as I did having Jamie Holroyd as a guest.
If you would like to reach out to Jamie, the best place to start would by his company website.
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Unlike most of our guests, Andrew Stevens is a well known and respected supplier to the industry rather than a broker from within the industry.
Andrew has established Online Broker Think Tank, which is both a broker-specific Facebook group as well as a brand thatâs become synonymous with providing value and insights to brokers.
By way of prior experience, Andrew did write loans many years ago, and moreover has a wide range of life experiences that hold him in great stead to provide guidance, support and assistance to other brokers who are looking to run a more profitable, rewarding, and impactful broking practice.
In our conversation we discuss some of the beliefs, behaviours and qualities that are more regularly exhibited by higher performing brokers and provide some strategic and tactical insights for you to take and apply in your breaking practice.
Originally, this podcast was recorded on zoom as a live interview with several dozen guests in attendance, and for that reason, the structure sounds a little different to what youâre accustomed.
All the same, I hope you find it either insightful, educational or inspiring.
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Episodes manquant?
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When youâve assessed and approved over a billion dollars in lending within the banks, it is more than just a good apprenticeship to set you up for a life in broking, itâs the foundations to a rewarding career.
In this interview with Charles Zerafa, he takes up through a career assessing commercial transactions before making the switch to broking and becoming the trusted advisor to a portfolio of high quality clients who lean on his expertise to help them fund their and facilitate their business growth objectives.
Charles outlines how the benefits of being a broker enable him to offer a level of depth and value to his clients in terms of how he could represent and facilitate their funding needs.
And, like many a good broker, he talks about how his service has earned him introduction to the personal networks of clients that never availed themselves whilst he was in commercial banking.
If you would like to connect or chat with Charles, a great place to start would be his LinkedIn profile.
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Itâs seldom you come across a person who has started a movement, though thatâs exactly what Philip Robison has done.
As the the founder of Saving Brothers and a property professional, Philip is driven by the desire to impact people for the better.
Not just in their hip pocket, but equally if not more so to look after oneâs health and wellbeing - and with the scars and war stories heâs gathered, Philip is empathetic, compassionate and insightful.
In our interview, we talk about the highs and lows of his journey, his love for regional property and how people can live their best life.
If youâd like to reach Philip, send him at email to [email protected]
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As we all know, time is arguably the most precious commodity for every mortgage broker.
In this podcast with gun loan administrator turned business owner, Mandy Love, we look at the importance of having the right people in the right seats to help deliver an efficient, referable and repeatable service to grow a broking practice.
Having personally seen Mandy make a significant contribution to the growth of one of our broking clients, she is all too familiar with how to help brokers ensure their focus is on income producing activities that contribute to their financial and quality of life goals and getting everything else off their plate.
It's with this mantra in mind Mandy mustered the courage to pursue her dream of opening a loan processing service so she can positively impact more brokers and see them grow their practice by delivering better and quicker client outcomes.
Mandy discusses common challenges inherent with many brokers and how to address them to actually enjoy the success and prosperity they are working hard for.
If youâd like to reach out to Mandy, visit Mandyâs LinkedIn profile or go to:
Website: landmarkloansupport.com.au
Email: [email protected]
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From police officer to high performing mortgage broker mortgage, Travis Carruthers is on a mission to impact more brokers, consumers and staff for the better.
Most brokers who settle in excess of $100M per annum are usually looking to grow either their back end to pump through more volumes, or build out the broking team so they can grow with and through others.
For Travis, itâs a combination of both, in addition to running a sub aggregation group and providing a consulting service where he implements a version of his own processes into other broking practices.
With a passion for seeing people do better, Travis aims to provide exemplary client service standards and cultivate a team in culture where his staff are expected to come up with ideas and innovations that contribute towards the ongoing growth and optimization of the business.
Arguably not an easy thing to do, which is perhaps the exact reason why Travis is doing it because as he says he gets bored staying in his comfort zone and wants to be comfortable with remaining uncomfortable.
If youâd like to connect with Travis, you can reach him:
· Via Travisâ LinkedIn profile
· Through VMBS, his mortgage broking service, or;
· VTEK Solutions, his consultancy service for brokers -
To do more deals, you need to have more clients in your practice. Improving client retention is the easiest and most cost-efficient way to make this happen.
Many brokers spend a lot of energy and money on new client acquisition. The idea behind this mentality is simple: You can grow your mortgage broking practice faster if you have more clients.
However, some brokers deprioritise how to retain their current clients.
Why?
Partly because ânew moneyâ is more appealing than existing money. A new client expects a quick response. An existing client might patiently wait for weeks or longer for the broker to come back to them.
Itâs not ideal, but sometimes, when youâve got conflicting priorities and limited resources, youâve got to pick your battles, right?
Equally, if you believe your book will experience run-off, thereâs a constant focus on replenishing whatâs being lost at the other end.
This mentality can get exhausting and limit your practiceâs growth.
Having a clearly defined client-retention strategy can minimise run-off and support your goal of growing your book & your trail income.
So, it pays to take a closer look at your churn rate and figure out how to reduce it.
To find ways to get this done, I had a chat with Adam Grocke. Adam is the CEO of Sherlok, an online platform that helps businesses retain more clients. And in this article, Iâll share with you the insights he has when it comes to retaining more clients.
Letâs kick things off by addressing the elephant in the room.
Why Do Mortgage Brokers Lose Clients?Several years ago, Adam discovered that the larger his book became, the loans that had been on his book longer had a higher propensity to churn.
He investigated the matter and he found two major reasons why this was happening.Based on his personal experience, client care programs such as birthday cards, anniversary messages, etc, were no longer effective in retaining clients. They werenât as potent as they used to be.
And the primary catalyst for churn was that after several years, some clients become dissatisfied with a lack of ongoing service and felt they could get a better rate but wouldnât necessarily return to the same broker.
As they say, out of sight, out of mind.
Retain Clients With Structure & Strategy
So, they start researching their options, invariably ask a friend or family member for a recommendation to a broker, and once they refinance, the loan drops off the original brokerâs book. And just like that, theyâre gone.For Adam, client retention starts with being proactive. This means retaining and growing your book (and asset value) by having a plan.
For full disclosure, Adam is the founder of Sherlok, which is a broker-specific software solution designed to help brokers proactively support clients in terms of repricing and retention. I recently interviewed Adam as a guest on our podcast, which you can check out here.
In the meantime, Iâm going go to suggest some structural and strategic actions you can take to support your clients ongoing.The benefit being that instead of being reactive, constantly putting out fires or doing âunplanned maintenanceâ, the idea being that you have a more collaborative & predictable relationship with clients ongoing.
Think forward: When delivering your advice or loan recommendations, let the client know that a function of the service is the ongoing access to you and your support Book the task. If youâve put them on a fixed rate, set a task 90 days before expiry to reach out to them. Most CRMâs will have the feature available Reprice. Some brokers will proactively reprice their clients and offer the good news after theyâve delivered the result. If you plan to do this, tools like Sherlok are fit for purpose Reach out. Despite opinions to the contrary, most people welcome a proactive call designed to look after their wellbeing. Not all calls will result in a refinance, and occasionally, might result in ârunning some numbersâ, though compared to losing the client off the book, arguably, it;s a worthwhile component of delivering value that reminds them of why they choose to re-engage your help. As your book matures, invariably, the role of repricing and even reaching out may be delegated to a client service manager or a firm with specialist phone skills.We know that over the next 3 years, $500 billion worth of home loans will be expiring from the ultra-low fixed rates - which presents both a risk and an opportunity.
The more structure you introduce into your service deliver - from the initial consultation to the ongoing relationship, the easier it will be for clients to return to you, to remark about your service and invariable, earn more referrals.
Itâs Time to Stop Losing ClientsVirtually all brokers invest effort into attracting new clients into their practice. Thatâs because getting new clients brings an upfront and grows the trail.
When combined with a clear, purposeful and effective retention strategy, you will invariably see your book grow and increase your asset value in the process.
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Having interviewed over 160 podcast guests and had extraordinary conversations with many incredible people, itâs a big call to say this is the most important podcast Iâve done, particularly since it has nothing to do with broking.
It does however have everything to do with how and why we perform and function in the world the way we do through our unconscious biases.
It was spurred on by some friends of mine, females, who have had vastly different experiences of people whom Iâd refer to as âgood blokesâ.
And knowing my friends were having these experiences, the more important I felt it was to unveil why we, like people, have unconscious biases that influence our behaviours, decisions and actions.
On occasions, these biases contribute to our growth and well-being, and at times, can dimmish our capacity to be the best version of ourselves.
To help piece things together and provide some perspective around this, I asked a friend of mine and one of Australiaâs leading authorities on unconscious bias, Wendy Lundgaard to share her knowledge and insights.
Iâll be the first to raise my hand and thereâs still a long way journey ahead of me in terms of building more awareness around my biases, and I hope this conversation provides you with further insights to assist you in your professional and personal well-being.
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Operating a broking practice can be challenging, especially if youâre just starting out. Itâs even more so if you used to work as an employee in one. Transitioning from employee to owner can be tricky⊠but not impossible.
Keith Caine joins me for this episode of The Successful Adviser. He moved from England after the 2008 recession to build a life in Australia. He joined Mortgage Choice and worked his way up. But today, he runs the firm.
Keith shares his story of how he started from scratch and went on to become one of the top brokers in Australia. Itâs an inspiring journey with lots of insights for all mortgage brokers.
The key questions:
How can mortgage broking business owners deal with imposter syndrome? (16:00) How can you transition from employee to owner of a mortgage broking business? (18:31) What is the highest form of leadership? (22:52) How can you engage better with staff and create a high-performing work environment? (25:30)What youâll discover:
The inspiring story of how Keith kick-started his mortgage broking career in Australia (4:19) The primary motivation of most employees (12:07) The mentality Keith used to smoothen his transition from being someoneâs colleague to being their boss (14:06) The objectives Keith focused on that sustained the growth of his mortgage broking business(20:40) -
The sole operator mentality can only take mortgage brokers so far. At some point, brokers will need to delegate key responsibilities to their team members. This will allow them to focus on the strategic and operational decisions and actions that keep their broking practices moving forward.
Marissa Schulze, the director of Rise High Financial Solutions, joins me for this episode of The Successful Adviser. She and I discuss common growing pains and how she grew from a practice of one to a thriving practice of more than 30 team members. Tune in to discover how to maintain a cohesive working culture and how to maintain a great client experience as your practice expands.
The Key Questions:
Why do many mortgage brokers hesitate to hire more staff? (9:17) How do you know when you should hire an additional team member? (11:13) How do you maintain a great company culture while growing your team? (20:30) How can you maintain a great client experience after leaving the trenches? (26:03)What Youâll Discover:
How Marissa achieves work-life balance as a mother of two (7:29) Hiring employees vs. subcontractors (12:51) Marissaâs approach to team-building exercises and events (23:04) The importance of trust in broker-client relationships (29:23) -
Thereâs been a subtle paradigm shift in the mortgage broking industry in recent years. More and more brokers are embracing the idea of being a broker AND a business owner. Itâs no longer about being a one-man-band. Instead, itâs all about structure and substance â building a team and growing a business.
Anthony Landahl of Equilibria Finance sat down with me for this episode of The Successful Adviser.
We discussed how brokers can best equip themselves and their businesses for this ongoing transition. Brand-building, hiring, systemising⊠There are many practical insights for the industry leaders of tomorrow.
The Key Questions:
Why is it crucial to define your businessâ value proposition? (7:52) How can you think of your business as an asset? (14:32) What is the key to growing a mortgage broking business? (19:23) Whatâs the best way to incorporate automation tools? (21:18)What Youâll Discover:
How Anthony capitalised on his business management background as a broker (2:17) The roadblocks Anthony faced in getting his mortgage broking business off the ground (6:37) The ongoing paradigm shift within the mortgage broking industry (15:53) How Equilibria Financeâs systems and processes evolved over time (18:11) -
Should you earn 90% commission as an independent broker or base salary + 40% as a PAYG broker? The numbers might suggest that the answer is obvious.
However, just like loans, there are different scenarios and different wants and needs that might influence what is the right structure for each person.
Being an employed broker can be a fantastic opportunity to build a long-term career, build confidence, and be well paid by doing the technical aspects of the role that most brokers seem to enjoy.
Craig Vaughan, the co-founder of BrokerEngine, joins me for this episode of The Successful Adviser. We discuss nuances of the skills that brokers need to succeed and we explore how to find the right balance between personal aspiration and professional capacity.
The Key Questions:
Should you try to convert friends and family into clients? (9:02) How do you identify your niche? (9:54) How can brokers prioritise effectively? (20:43) How do brokers find the right balance between being a broker and a business owner? (25:02)What Youâll Discover:
The cost-benefit analysis of being an employed broker vs. an independent broker (7:27) How Craig got into software development for mortgage brokers (12:18) The challenges Craig faced in hiring and managing other brokers (23:37) Craigâs two software recommendations for brokers (26:54) -
When it comes to the attributes of successful brokers, often, it can be easy to focus solely on those most visible, like great process, capable staff, high-quality client base, etc.
A less obvious, yet powerful aspect that influences consistent and ongoing success is how we see the opportunities around us. Is there an abundance, or are they scarce?
Over the years, I have noticed some brokers develop a scarcity mindset. Perhaps this is influenced by the number of brokers and seeing them as competition, and it might also be influenced by recent challenges. Whatever the reasons, it is not a sustainable way to operate as a mortgage broking business owner.
In this episode of The Successful Adviser, I sit down with Michael Arbon of Keylend. We discuss what we can all learn from the most high-performing brokers out there. Tune in to learn about various critical mindset shifts and practical strategies. These insights will help you create a more productive, efficient, and rewarding mortgage broking business.
The Key Questions:
Should brokers discuss interest rates with clients right away? (5:54) How should brokers say no to potential clients who donât fit the criteria? (14:42) How can a broker take over a retiring brokerâs clients? (20:32) Whatâs the difference in mindset between average and high-performing brokers? (27:26)What Youâll Discover:
The similarities between being a mortgage broker, a banker, and a fitness coach (4:31) Two ways to consolidate relationships with your clients (8:26) How to add a personal touch to your communication with clients (10:03) Michaelâs formative learning experience (24:53) -
There are many nice, polite, pleasant, and well-meaning brokers out there. But sometimes their communication style often doesnât result in the number of conversions, income or lifestyle they want to achieve.
Instead, because of their generous nature, they can be weighed down by carrying other peopleâs stress and occasionally have clients or staff walk all over them, which causes them to work harder, but not necessarily have more to show for it.
In this episode of The Successful Adviser, I sit down with Sofie Chapman, a veteran finance and mortgage broker based out of Adelaide. We discuss how brokers can reassess their communication strategies in high-stakes situations.
After all, mastering the art of effective communication will help every broker seize the outcomes theyâre after.
The Key Questions:
Do ânice brokersâ achieve the results they want? (7:25) Whatâs the difference between communicating effectively vs. authentically? (9:35) How can brokers ensure that their communication is crystal-clear? (10:38) Does being stubborn in the right contexts pay off? (24:46)What Youâll Discover:
The importance of projecting confidence (9:10) A tip on working with first-time buyers (11:35) A tip on communicating with clients when things arenât smooth-sailing (26:35) Why having a continuous improvement strategy is so important (28:29)You can listen to this episode right here.
To your continued success,
James.
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At age 20, when most young adults are figuring out what they want to do with life, Kim Davie became a property owner.
With an avid interest in property investing, Kim turned her back on corporate in search of a more rewarding and flexible role, and naturally, broking became that profession.
With an abundance of life and professional skills to support her vocation, 6 years on, Kim is relishing the decision.
Like many respected brokers, her business is based on trust, relationships and service, which in and of itself, has been a catalyst for growth.
Though, as is always the way, Kim has experienced learnings disguised as mistakes that have helped her become clearer on her business model and how to find the balance between work and life.
Over the past year, Kim has introduced new tools, staff and structure to provide workflow efficiencies, save on travel time and enhance service levels.
These days, not only is Kim nearing capacity and in search of her next team member, she has earned the trust of lender BDMâs who refer their own family for Kim to look after.
If you would like to continue the conversation, you can reach Kim via email.
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When it comes to a brokerâs subconscious or unconscious beliefs, the issue isnât whether these beliefs are right or wrong. Itâs their real-world impact that ultimately matters. Are those beliefs serving that brokerâs personal and professional goals? Or are they getting in the way of their key objectives?
In this episode of The Successful Adviser, I talk with Jane Slack-Smith, the founder of Your Property Success. And we discuss how brokers can identify and iron out the kinks in their belief system, build a more rewarding business and have a bigger impact on more people.
Tune in to discover how brokers can work through their limiting beliefs and sustain new versions of themselves.
The Key Questions:
What can brokers take away from marketing research on consumer behaviour? (3:29) Is collaboration just as important as competition? (4:57) Can you get rid of your beliefs? (11:27) What can a mindset of abundance achieve for your business? (16:22)What Youâll Discover:
The subconscious and unconscious factors that influence property-buying decisions (4:53) The differences between cynics, dreamers, gamblers, and achievers (8:13) The key to sustainable progress and continuous improvement (14:27) Why many people build their businesses with a negative vision (15:02)You can listen to this episode right here.
To your continued success,
James.
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In this interview with Julie Bishop, I took a slightly different tact.
Yes, Julie and I could have just talked about all the great things going on in her business, which she co-owns with two other brokers.
But instead, we looked at some of the challenges and opportunities Julie has worked through to transition from a successful career in banking to establishing a highly referred broking business.
Some of the discussion points included:
When to pull the trigger on hiring staff Structuring and profit-sharing of a jointly owned business (in Julieâs case, with Aaron and Mike) Importance of vision and mission to the business and decision making The need to take time to work âon' the business, not just in itIf you want to continue the conversation with Julie, you can email her or call her mobile, 0477 899 922.
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Like practically all well-established brokers, it comes as no surprise that Belinda Caesarâs core marketing strategy is elevating her clients into raving fans so they can spread the good word.
Having founded her business in Melbourne, Belinda has since moved to Cairns to enjoy a very different lifestyle, which was evidenced by the 90% local humidity on the day of our interview.
Alas, I digress, as more impressive is Belindaâs intent to over-service her clients, through education, connections to her professional network and ongoing communication to ensure clients are supported as part of a comprehensive customer-journey support model introduced into her business.
As always, we cover a few topics including how Belinda manages her time and the gifts that her clients give her to express their gratitude for the great work she does.
Impressively, Belinda has a mindset of abundance around sharing her knowledge as well as being lifelong learning so she can continue to grow herself and in doing so, continue to grow her business.
If you would like to connect with Belinda, visit her website, go to the contact page and drop her a note or send her an email.
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Quite literally, one of Australiaâs first ever brokers, over the past 30+ years Marco Meloni has seen it all.
That said, it comes as little surprise that his secrets to success arenât really secrets at all.
Be responsive, give great advice, deliver results and care for your clients. These are just some of the insights Marco shared during our interview.
Moreover, we also touch on how Marco, who is entering the twilight of his career can plan a gradual exit from his business in a way that makes it easier for their book to be taken over, clients to be looked after, and of course, appropriately remunerated on the asset and reputation he has built.
As always, I hope this interview educates and inspires you to continue on your journey.
And, if you would like to connect with Marco, he has generously offered his open-door policy for anyone in his neck of the woods (Leederville, WA), or you can ring the office on 08 9201 0999 and tee up a chat.
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Bianca Patterson exhibits all the hallmarks youâd expect of a high performing broker.
Strong conviction in her value proposition Willingness to invest in people and resources Places high value on her time Is clear on the people she wants to work withAnd it comes as no surprise that over the past 10 years, her brokerage has been growing based almost entirely on referrals from highly satisfied clients.
Right now, Bianca has arrived at what most of us would define as âsuccessful in business and is thinking about the next chapter of her business, her life.
Specifically, with a great flow of lead, clients and revenue, Bianca is thinking about how to slowly replace herself so she can retire by age 40 and have her team take on even more of the day-to-day responsibilities.
That doesnât mean sheâll give it all up.
Retirement is about giving herself choice and options as to how and where she spends her time.
And why?
So she can realise the next level of her own personal journey - and expand her impact on society.
I think you will enjoy this episode immensely.
If you want to connect with her, you can reach her on LinkedIn.
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