Episodes
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Most brokers are what I call “variety store brokers”.
A bit like a $2 shop or department store.
You can walk inside and get pretty much anything.
Everything is ok, but nothing is special.
Access to resi, commercial, asset finance, SMSF, insurance and more.
Helping first home buyers, investors, PAYG, self-employed, and more.
Now to most brokers this sounds great, to be able to help everyone.
But there’s a problem (actually multiple problems and challenges with this).
In this episode of Mortgage Broker Acceleration, I outline these problems, how they affect every area of a mortgage business, and what brokers should do instead.
For those who are more advanced and/or want to become the one-stop-shop and do it properly, I share the 4 main points you need to be successful.Want to accelerate faster?
Visit Broker Ideas Group to access special resources and events designed exclusively for mortgage brokers.Go straight to the source and Let’s Talk about working together to grow your mortgage business easier and faster. -
If you don’t have 3-4 key referral partners each sending you at least one qualified referral every week, that results in at least $5m per month in settled loans… then you are doing referral partners wrong.
Visit Broker Ideas Group to access special resources and events designed exclusively for mortgage brokers.Go straight to the source and Let’s Talk about working together to grow your mortgage business easier and faster.
I’ve been helping brokers for over 16 years, and it’s a fact that most brokers don’t have true key referral partners… they just have a bunch of people in their network who they know.
Who they catch up with, go for coffee and lunch, and spend time in meetings with good intentions and promises… but no real action.
That real estate agent, accountant or financial planner who says they’d love to work together and send referrals… but hasn’t… and probably never will.
The bad news is that it’s not their fault… it’s yours.
You failed to win them over properly and drive the relationship forward.
The good news is you can fix it with existing partners, get them referring, or you can start fresh from scratch if your current referral partners don’t make the grade (they are not all created equal and you can 100% fire them).
In this episode of Mortgage Broker Acceleration, I tell you exactly what’s going on with your referral partners, why it’s happening, and how to think about fixing it. Instead of wasting time on coffee meetings, I’ll give you the 6 things you should do instead to build serious referral partnerships.
Want to accelerate faster? -
Missing episodes?
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At every mortgage industry event, you’ll hear discussions about building a team.
You’ll hear everyone talking about hiring a loan processor, outsourcing and offshoring, hiring a credit analyst (or parabroker), client services manager, perhaps a marketing person… and of course hiring loan writers or brokers.
That’s fine, but the problem is it’s one-dimensional… and results in slow growth and bottlenecks in a mortgage business.
I’ve been a solo operator as a broker and in business. I’ve also had a team of two dozen staff (in Australia and overseas), with a full stack that allowed me to step away from the business for 6-months with very little input.
I’ve worked with solo brokers, and brokers with teams of brokers / credit / admin / ops, etc. Most of them scratching their heads wondering why they are working so hard and not growing as quickly as they want, despite the team in place.
In this episode of Mortgage Broker Acceleration, I make you aware of the Supported Broker Trap and how to avoid or escape it. I reveal the 5 biggest Team Flaws I see in mortgage businesses, plus the “If This Then” secrets to improve your thinking on Team Design.Want to accelerate faster?
Visit Broker Ideas Group to access special resources and events designed exclusively for mortgage brokers.Go straight to the source and Let’s Talk about working together to grow your mortgage business easier and faster. -
We all want to get our clients amazing results.
The problem is, the biggest challenge in all of that, is often the clients themselves!
As a broker, you know that a client who takes action and follows through will get a better deal and save more money, buy that new home sooner, acquire an investment property, and so on.
i.e. they’ll get the result they want!
But… many clients still drag their heels, delay things, don’t get the docs back, forget things, don’t follow through… and ultimately fail to get the result they want.
Frustrating… and borderline ridiculous… right!!!
No, it’s just human nature.
Enter the solution… Client Hypnosis.
In this episode of Mortgage Broker Acceleration, I share what Client Hypnosis is and how it will help you and your clients get better and faster outcomes (with less stress and overwhelm, and without having to follow-up and hound your client a thousand times)… by doing the exact opposite to what most brokers are doing.Want to accelerate faster?
Visit Broker Ideas Group to access special resources and events designed exclusively for mortgage brokers.Go straight to the source and Let’s Talk about working together to grow your mortgage business easier and faster. -
If your mortgage business relies on the trail income to pay all expenses and be profitable… this is lazy and poor business practice.
In fact, you might have a cash haemorrhaging business and not be aware of it.
Unfortunately the financial literacy of many brokers is not up to scratch.
I’ve seen it.
The percentage of brokers who don’t know their numbers, key drivers, KPI’s, profit… is scary.
The percentage of brokers who run their business by taking revenue in, paying bills, and the rest is left for them… with no finger on the pulse of projections, cash, profit… essentially relying on their accountant and looking at a P&L once a quarter or year… is scary.
The amount of brokers, with teams, writing $5-15m per month, that don’t realise they aren’t really making any money (i.e. their business isn’t viable, or would be better off closing the doors and just collecting trail)... is scary.
In this episode of Mortgage Broker Acceleration, I talk about money maths. Covering the concept of a Trail Book Management business vs a New Loan Writing business, and why each must be standalone profitable. I share why volume and number of deals is an irrelevant method of keeping score and success (and the only two metrics that really matter). Finally, the 5 things you need to do to take control of your money and future.
UPDATE: Starting this month you may have already noticed something different about the podcast.
After over 200 episodes alongside the man, the myth, the legend… Mr Ash Playsted… after loads of insights, discussions and laughs… we’ve decided to go our separate ways in business and part ways as great friends.
I’m excited to continue the podcast solo… bringing you a new flavour… with the latest insights and strategies from my work with ambitious brokers and high performing mortgage businesses. I think you’ll enjoy it… and I know your business will thank you for it.
So, keep listening… and let’s get into it.
Enjoy.Want to accelerate faster?
Visit Broker Ideas Group to access special resources and events designed exclusively for mortgage brokers.Go straight to the source and Let’s Talk about working together to grow your mortgage business easier and faster. -
Every broker reading this, is losing deals, money and profit… guaranteed.
Why?
Because leads and clients are dropping off. They get stuck, stalled or ‘go cold’ during the process. Brokers often don’t even realise this is happening.
Poor conversions… think it’s normal.
Loads of AIP’s that don’t go anywhere or have to be reworked… think it’s normal.
Losing deals at the 11th hour to lender retention teams… think it’s normal.
Making matters worse, I see brokers actively trying to improve their process and system… thinking it’s improving and making a difference… but it’s actually making things worse!
The result is a lot of work being done and not getting paid.
Not cool.
In this episode of Mortgage Broker Acceleration, I talk through our Flow Maximisation tool, including the 12 Workflow Sins you need to avoid… to stop losing deals, doing work and not getting the reward for it.
UPDATE: Starting this month you may have noticed something different about the podcast.
After over 200 episodes alongside the man, the myth, the legend… Mr Ash Playsted… after loads of insights, discussions and laughs… we’ve decided to go our separate ways in business and part ways as great friends.
I’m excited to continue the podcast solo… bringing you a new flavour… with the latest insights and strategies from my work with ambitious brokers and high performing mortgage businesses. I think you’ll enjoy it… and I know your business will thank you for it.
So, keep listening… and let’s get into it.
Enjoy.Want to accelerate faster?
Visit Broker Ideas Group to access special resources and events designed exclusively for mortgage brokers.Go straight to the source and Let’s Talk about working together to grow your mortgage business easier and faster. -
Marketing is the one thing I get asked about the most… unfortunately.
I say unfortunately because it’s the #1 thing most brokers think will solve their problems, but it’s usually the last thing that actually will.
It’s the single biggest waste of time and money I see in the industry.
Time and money spent on websites, digital marketing, social media, content, newsletters, and the list goes on and on.
Marketing itself isn’t a waste of time and money. Far from it. It’s the way brokers (and mortgage business owners) approach it that’s wasteful and wrong.
In this episode of Mortgage Broker Acceleration, I share why all marketing is not created equal; there’s what makes you feel good, and there’s what works. If you’d prefer to stop wasting your time and money, I suggest you listen in.
UPDATE: Starting this month you’ll notice something different about the podcast.
After over 200 episodes alongside the man, the myth, the legend… Mr Ash Playsted… after loads of insights, discussions and laughs… we’ve decided to go our separate ways in business and part ways as great friends.
I’m excited to continue the podcast solo… bringing you a new flavour… with the latest insights and strategies from my work with ambitious brokers and high performing mortgage businesses. I think you’ll enjoy it… and I know your business will thank you for it.
So, keep listening… and let’s get into it.
Enjoy.Want to accelerate faster?
Visit Broker Ideas Group to access special resources and events designed exclusively for mortgage brokers.Go straight to the source and Let’s Talk about working together to grow your mortgage business easier and faster. -
If I only had 7 minutes to share the most important secrets to success as a mortgage broker and business owner… what would I say?
Well I gave myself the challenge.
Look back over my 20 years in this industry and the 200+ episodes of this podcast (over 70 hours of content!) and start the clock.
In this episode of Mortgage Broker Acceleration, I go through 7 key insights from reviewing everything and running it through my filter of working with ambitious and successful brokers right now.
UPDATE: Starting this month you’ll notice something different about the podcast.
After over 200 episodes alongside the man, the myth, the legend… Mr Ash Playsted… after loads of insights, discussions and laughs… we’ve decided to go our separate ways in business and part ways as great friends.
I’m excited to continue the podcast solo… bringing you a new flavour… with the latest insights and strategies from my work with ambitious brokers and high performing mortgage businesses. I think you’ll enjoy it… and I know your business will thank you for it.
So, keep listening… and let’s get into it.
Enjoy.Want to accelerate faster?
Visit Broker Ideas Group to access special resources and events designed exclusively for mortgage brokers.Go straight to the source and Let’s Talk about working together to grow your mortgage business easier and faster. -
Olympian’s don’t spend their lives training and preparing to win a Silver or Bronze.
Visit Broker Ideas Group to access special resources and events designed exclusively for mortgage brokers.Go straight to the source and Let’s Talk about working together to grow your mortgage business easier and faster.
They go for the maximum result.
They go for Gold.
Most mortgage business owners, on the other hand, spend their lives building and operating their businesses… without a specific result in mind.
They just want to help people and earn a living.
Very few actually think about the End Game… let alone maximising it (and bringing it forward).
Contrary to popular misguided opinions these days…
The whole point of business is to make money.
And that money drives the life you want.
Now you can certainly have a purpose driven business that delivers amazing outcomes for clients and makes a difference in the community, and you can have fun with your team along the way… but…
Your #1 priority should be driving towards a goal, an End Game, that “gold medal” result (which in business is passive income and asset value creation).
In this episode of Mortgage Broker Acceleration, we discuss this concept of defining your End Game and introduce key strategies in The Earnings Matrix and The Multiplier Matrix. Whether your ideal End Game is 1-year or 10-years away, you need to understand this now.
Want to accelerate faster? -
A lot of our clients are using acquisitions as a strategy in their mortgage businesses.
We help them think clearly, make the right decisions, and maximise the opportunities.
Many mergers and acquisitions are ill thought out, and leave a lot of money on the table due to incomplete strategies and under-resourced businesses.
There are two different types to consider:
Trail book acquisition - simply buying a client list and trail income.
Mortgage business acquisition - more complex involving purchase of a client list and trail income, but also systems, key staff, referral partnerships, branding, offices and so on.
Both can be used effectively, depending on the desired outcome.
Both require the right strategy and tactics to make them worthwhile.
If you don’t have a sound strategy (and reason) to acquire loan books and/or businesses, you can quickly have your head under water… physically stretched for time and also financially.
In this episode of Mortgage Broker Acceleration, we discuss the key factors to consider in this space.Want to accelerate faster?
Visit Broker Ideas Group to access special resources and events designed exclusively for mortgage brokers.Go straight to the source and Let’s Talk about working together to grow your mortgage business easier and faster. -
Do you want to get off the tools?
Work more ‘on’ your business rather than ‘in’ it?
I hear this like a broken record.
A throw away statement.
Often from brokers who have no intention or desire to do it.
Being a mortgage broker, helping clients and writing loans… is easy.
And most brokers love it.
Building and operating a mortgage business… is hard.
And most brokers hate it (or aren’t good at it).
I find it bizarre that most are trying to run away from the very thing they are good at and enjoy… and towards something that is tough, a completely different skill set, and something they will not enjoy.
So, instead of following the masses, the first question to ask is:
Why get off the tools? (a seemingly simple, but deep and complex question)
And then second, if the decision and goal is to remove yourself from writing loans, the question becomes:
How to get off the tools? (a simple solution, but deep and complex tactics)
In this episode of Mortgage Broker Acceleration, we discuss the concept and desire for getting off the tools properly, so you can ask yourself the right questions, make the right decisions, and then act with clarity and intent (and not do something you’ll regret!).Want to accelerate faster?
Visit Broker Ideas Group to access special resources and events designed exclusively for mortgage brokers.Go straight to the source and Let’s Talk about working together to grow your mortgage business easier and faster. -
Bigger is not always better; it’s what you do with it that counts.
Growing a bigger business and team.Writing more and more loans.Winning awards and following passion projects.Adding technology, complexity and moving parts.Digital marketing and social media.Often to the detriment of making a profit and/or creating value.
So they say.
This could be the most crass or cliche way to start an email ever.
But, there’s an appropriate analogy here for a mortgage business.
I assure you.
Because in business…
Bigger is not always better; it’s the profit and value creation that counts.
But unfortunately… most brokers focus on the wrong things:In fact.
Don’t know what a profitable mortgage business looks like.Don’t even know if their business is profitable or not.Don’t understand their end-game or purpose (income vs value).Don’t have the right model to suit their goals.Don’t look at their numbers or focus on making money.
A lot of brokers, even the “successful” ones (I put successful in quote marks because the industry rewards the wrong things, measuring success incorrectly):In this episode of Mortgage Broker Acceleration, we discuss the concept of having a profitable mortgage business model, and the dangers of being caught (or stuck) in the middle.
Visit Broker Ideas Group to access special resources and events designed exclusively for mortgage brokers.Go straight to the source and Let’s Talk about working together to grow your mortgage business easier and faster.
Want to accelerate faster? -
This week's episode of Mortgage Broker Acceleration is special.
Visit Broker Ideas Group to access special resources and events designed exclusively for mortgage brokers.Go straight to the source and Let’s Talk about working together to grow your mortgage business easier and faster.
I have a ninja business-building guest with me, taking the seat of Ash for the week.
This episode is for the serious mortgage business builders.
A behind the scenes look at how our business grew by 500% in the space of a couple of years, and simultaneously went from almost full reliance on me to virtually zero reliance on me.
This is not a one-off case study either.
We’ve helped a number of mortgage brokers achieve similar levels of success through our 10X advice and coaching program.
In this episode of Mortgage Broker Acceleration, meet the business system genius behind the growth of BIG, and learn smarter and easier ways to develop your business, build systems and lead a high-performance team.
Want to accelerate faster? -
I am giving you permission to work less and earn more.
Visit Broker Ideas Group to access special resources and events designed exclusively for mortgage brokers.Go straight to the source and Let’s Talk about working together to grow your mortgage business easier and faster.
Now let’s take a step back… because it’s not that simple.
I’ve worked with hundreds of brokers over the last 15 years.
Some who are just making ends meet, to those making seven-figures a year (in personal income, not settlement commissions / revenue).
You want to know the common thread, that is consistent among brokers, regardless of how much they earn?
They all keep working hard, full-time hours, Monday to Friday, 9-5… and more.
Many sit at the desk all day, even when there is no work to do, or they are completely unproductive.
And then there’s some, too many in fact, that think it’s ok (or expected) to work nights, weekends and holidays.
Let me tell you that both of these situations are B.S.
Don’t settle for it.
This episode of Mortgage Broker Acceleration runs deep on our society and mindset. Don’t skip it. We discuss the unconscious “need for 9-5”, linking being busy to being valuable, and how most brokers have an outdated belief system that is stopping them from working less and earning more.
Want to accelerate faster? -
There are levels of how hands-off you can go in business.
Visit Broker Ideas Group to access special resources and events designed exclusively for mortgage brokers.Go straight to the source and Let’s Talk about working together to grow your mortgage business easier and faster.
From zero, i.e. you are responsible for everything!
To completely, i.e. you are responsible for nothing.
Most brokers want to end up somewhere in between.
They love what they do.
But they want flexibility to have a life, travel and follow passion projects.
I’ve personally been at both ends of the spectrum. Having a business that was essentially “all me” and also a business that ran independently of me. Both have pros and cons for sure.
In this episode of Mortgage Broker Acceleration, we discuss the different levels of systemisation (we call it Go Hands-Off), how to think about them and progress through the ranks. Note this month is all about systems, but it runs deeper than that, which you’ll find out when you listen in.
Want to accelerate faster? -
Building systems, processes, workflows, automations and so on is a MUST in business.
Visit Broker Ideas Group to access special resources and events designed exclusively for mortgage brokers.Go straight to the source and Let’s Talk about working together to grow your mortgage business easier and faster.
I know that.
You know that.
Even the guy down the street… who is not in business… knows that.
Because without systems you have a mess… fly by the seat of your pants... business.
The problem I see working with brokers, is the definition of systems, and the extent and depth of their installation… is vague and half-baked.
Take an easy example.
Brokers with little-to-no systems, they know this and know they need to do something about it… which is a good thing. Because if they stop working, everything stops.
Here’s where it gets tricky and dangerous.
Brokers who do have a lot of systems in their business, think their systems are really good and are kicking goals, but in reality it’s primary school level at best. If they stop working, some things keep working because of a support team in place, but many things stop and break without them.
A lot of brokers have a basic system for the loan process, but have virtually no systems for lead generation, referrals, partnership nurture, marketing, admin, HR, team performance, client care, reporting, and so on.
In this episode of Mortgage Broker Acceleration, we discuss the purpose of systems and the various levels of ‘system achievement’ needed to go from solo broker to true business owner that is not required in any way.
Want to accelerate faster? -
As a mortgage broker and business owner, you can focus on two types of value.
Visit Broker Ideas Group to access special resources and events designed exclusively for mortgage brokers.Go straight to the source and Let’s Talk about working together to grow your mortgage business easier and faster.
Now Value and Future Value.
You also have the choice of how to invest your time (a finite resource) each day.
Most invest all their time on Now Value tasks; such as generating new business, writing loans, nurturing referral partners, client care, working with support team, and so on.
A focus on Now Value means you have a job, not a business. If you stop working, your business and income stops (or is greatly reduced). Now Value is about creating an income from your effort now and forever.
The fundamental purpose of business is to build Future Value, and I’m not talking about building your trail book, that’s very limited in thinking and one-dimensional.
Future Value is doing something today that will make tomorrow easier, or even better, something you no longer have to do. Future Value is about creating an income (and asset) that doesn’t require your effort in the future to generate it.
If you prioritise business building, and Future Value, you will result in income generation and asset creation that is independent of you and your time.
If you fail to prioritise business building, and keep chasing Now Value, you will be locked in having to trade your time and energy for money indefinitely.
In this episode of Mortgage Broker Acceleration, we discuss this in more detail and share why you should switch your focus to business building and Future Value, but doing it smart so you continue to generate a solid income (Now Value).
Want to accelerate faster? -
There are many common mistakes brokers make when building a team.
You can visit Broker Ideas Group to learn more about us, access special events and download useful resources designed exclusively for mortgage brokers.Want to work with James, Ash and the BIG team to grow your mortgage business faster? Our Growth Coach team can help you. Let's talk!
And it makes business hard, annoying, and frustrating.
In fact a lot of brokers end up thinking it’d be easier to just go solo and do everything themselves! But we all know that’s not a real business of course… that’s just a job.
So we need a team.
And if we do it right, it can be easy, fun and lucrative.
In this episode of Mortgage Broker Acceleration, we discuss the key mistakes to avoid when it comes to team building and team management. These are hidden mistakes brokers don’t even know about, so this is a guaranteed eye-opener.
Accelerate Faster -
What’s the one person all brokers should hire… but virtually none do?
You can visit Broker Ideas Group to learn more about us, access special events and download useful resources designed exclusively for mortgage brokers.Want to work with James, Ash and the BIG team to grow your mortgage business faster? Our Growth Coach team can help you. Let's talk!
Is it a loan processor? No.
Is it a parabroker? No.
Is it another broker? No.
Is it a CSM? No.
Is it a virtual assistant, or a marketing person, or an office manager?
No. No. No.
It’s actually not what you think, which is why almost nobody does this.
I’d argue that it’s impossible to have an efficient, high-performing team without ‘this person’.
In this episode of Mortgage Broker Acceleration, we discuss the trap most brokers fall into when hiring people, and share the smarter hiring strategy that will accelerate results.
Accelerate Faster -
Grow your mortgage business.
You can visit Broker Ideas Group to learn more about us, access special events and download useful resources designed exclusively for mortgage brokers.Want to work with James, Ash and the BIG team to grow your mortgage business faster? Our Growth Coach team can help you. Let's talk!
Build your mortgage business.
Scale your mortgage business.
You’ve gotta build a business!
…says who???
Forget what everyone else is saying, doing, or telling you to do.
The fact is…
You don’t have to do anything.
The forgotten (and crucial) question is…
Should you build a business or not?
And the answer isn’t always yes.
In this episode of Mortgage Broker Acceleration, we discuss the situations where brokers should build a business and where they should take a different approach to reach their financial and life goals. Building a business isn’t for everyone, and it’s not always the smartest and fastest path to success.
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