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Mortgage Broking is booming, and Credit Advice from Mortgage Brokers is accessible to every Australian. This means opportunity to grow! For Financial Services Professionals, the skills already honed in Financial Services are instantly transferable. So, what stops a Financial Services professional from taking the leap into Mortgage Broking? I am convinced that mindset, not skill set, prevents many talented financial services professionals from transitioning from their PAYG safety net to running their own Mortgage Broking business.
How many times have you seen a job advertisement promising:
🤸♀️flexible working hours
💰 uncapped earning potential
🕹higher motivation and morale
These roles are usually commission-based roles, with a high level of risk as to whether the promises pan out. Financial Services Professionals may rightly regard these "high-risk, high-reward roles" with skepticism. They know, perhaps better than anyone else, the value of time in the market. They understand the commitment it takes to become well-versed in their craft and build a quality client-base, alongside the commitment to achieving the necessary qualifications and the ongoing commitment to continual professional development. Time, as they say, is money.
So, if you could lessen the risk, and shorten the timeframe to success, would you be interested in running your own Mortgage Broking business?
I had the opportunity to discuss this exact question with one of the Pivotal brokers in our team this week, a twenty-year Financial Services Professional who is now 5 years into his self-employed Mortgage Broking career, and cannot imagine ever going back to working for someone else. It may be hard to believe this person came in with no lending experience despite his high financial services exposure! I asked him if he felt concerned about the lack of experience at the time, and his response was that the lack of knowledge was a key driver for his success. He had enough common sense to understand what he didn’t know could hurt him, and he fully committed to accelerating his knowledge as quickly as possible, not only through attending Pivotal’ s dedicated in-house Pivotal Broker Academy and formal Mentor Program, but more importantly, by forging relationships with the other 17 strong brokers in the team who acted as informal mentees daily. This team supported his development, not only with knowledge transfer but also a sense of belonging. Five years later, he reflected on how belonging with a team turned out to play a larger part in his success than he initially anticipated. It spurred him to continue on in the face of adversity and to sustain his energy when the initial excitement of ‘being his own boss’ confronted the reality of what that actually meant. Five years in, he has been kicking goals he could not even see when he first started, with the team still spurring him on, and celebrating his successes with him. In Australia, we are sometimes at the mercy of “tall poppy syndrome”. It takes work to move beyond that paradigm and consistently support and celebrate the successes of others. As one well-known African Proverb states: “If you want to go fast, go alone. If you want to go far, go with others.”
There is one small addition I would add to the proverb and that is “choose the others wisely”.
If you are thinking about making a move into mortgage broking, reach out to discover just how far you might be able to go with
a quality team with a proven track record on your side!
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