Mentoring

The best way to choose a mentor

Mentoring Workshops can provide knowledge for business success

Seeking a mentor to help you start and grow your new mortgage broking business is one of the most important tasks you need to do.

The right mentor can achieve success quicker and more efficiently, and also help you avoid the pitfalls.

A mentor is also a mandatory requirement to enter the industry. But don’t choose a mentor just so you can meet that requirement.

And don’t choose a mentor because they are the least expensive. As someone once told me, there is a very good reason why they are inexpensive. It is never only about their mentoring fees. Look also at the value that they can bring to your business.

Behind every successful mentee is a successful mentor!

Here are some universal advice on what to look for and what to avoid when choosing a mentor for your mortgage broking business.

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Why you need a mentor

Achieve more with a mentor

Photo by Joe Roberts on Unsplash

Are you harnessing the power and wisdom of a mentor to build your mortgage broking business success?

Apart from the mandatory requirement – The Mortgage and Finance Association of Australia (MFAA) and the Finance Brokers Association of Australia (FBAA) require all new brokers to be mentored for the first 2 years upon entry to the industry. Here is another more important reason why you need a mentor for your mortgage business.

To build and grow a successful mortgage broking business you to grab every opportunity that you can get your hands on. A mentor can help you seize these opportunities.

“If I have seen further it is by standing on the shoulders of Giants.”

– Isaac Newton

You also need the right tools, insights and expertise – and here is why the right mentor can be invaluable to your business.

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What to look for in a mortgage broking mentor?

How to choose the right mentor for you?

Mortgage Broking can be one of the most financially and personally rewarding businesses there is. To achieve real and lasting success, you need the right tools and the right guidance.

As a new to industry mortgage broker, you must have a mentor.  This is a mandatory requirement that the  Mortgage and Finance Association of Australia (MFAA) and the Finance Brokers Association of Australia (FBAA) have put in place.   All new mortgage brokers must be mentored for the first 2 years of their career.

Don’t underestimate the amount of training, knowledge and expertise it takes to start a mortgage broking business and becoming successful.

The amount of information you will need to learn in the beginning can be overwhelming.  The analogy that you will be drinking from a fire hydrant is not too far fetched.

This means you need to be trained correctly by a mentor to help you succeed in your business.

But how do you go about selecting the right mentor for you?
What questions do you ask? And how does it work?

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We all work on probabilities

Marketing and fishing

 

Nothing is certain in life or in business.  Take lead generation for instance.

I consider marketing and lead generation a bit like fishing.

Once you work out what fish you want to catch (aka your target audience)., get the right bait and equipment, you are never guaranteed to catch anything.

But what you can do is maximise your chances of getting a bite.

Are you at the right spot? Is this the right season? Have we got the right bait?

Focus on your marketing strategy. Have you made sure that your marketing activities support the strategy? Have you allowed enough time for your campaign to work? Are you talking to the right people?

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How to market with a (almost) zero marketing budget

Marketing is a race without a finishing line

 

One of the biggest challenges that any new mortgage business will face is how to acquire customers.

This challenge is faced by more established businesses as well.

I would contend that marketing is a never-ending activity, and that all businesses must engage in, or they will not survive.

 

What is marketing?

Most mortgage broking businesses use marketing as a tool to acquire new customers.  Whilst this is certainly true for start-ups, more established businesses will need to continue to market to their existing customers – either to retain their custom or to have them become advocates for their services.

“Marketing is a race without a finishing line” – Philip Kotler

With the onset of new technologies and new competition in the finance and mortgage market, the businesses have to ensure that their marketing activities remain fresh and relevant to their audience.

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Adrian Willenberg: What made me want to become a mortgage broker

by Adrian Willenberg, Broker Intelligence – who was profiled by Australian Broker magazine for The Hot Seat.  This was the interview.

 

 

Who or what made you want to become a broker?

I wanted to be my own boss and wanted a job with flexibility, at that time my son Alex was only 12 months old.  I didn’t want to work in the corporate world again; slaving away working for someone else all day long was just not appealing anymore.   This job gave me plenty of time to spend with him when he was little.  I was always good with numbers and dealing with people, and the thought of earning an ongoing trail commission (which was all mine to keep!) was too good to pass up.

I spoke to various Mentors and decided to join Masters Broker Group.  The two directors (Andrew Tan and Mario Borg) were incredibly impressive.  In my eyes they were the two best mentors going around, they both have made millions and I wanted to be mentored by the best.

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The fundamentals of mortgage advice

Fundamentals of good mortgage advice

There has been a spate of regulatory news recently.  The main trend has been about non-compliance (ASIC vs Westpac), not meeting minimum standards, or about maintaining system stability (APRA APG223).

But despite all the fuss around compliance and rules, I believe that the focus should be about good fundamental advice being provided to our clients.

“I follow three rules: Do the right thing, do the best you can, and always show people you care” — Lou Holtz

And if you follow Lou Holtz’s advice, the issues around compliance and laws either become simple, or are non-issues.

The core issue in our industry it seems is that some mortgage brokers and mobile bankers provide poor, or sub-standard advice.  The focus is always on price and interest rates.  Just take a look at some websites (such as here or here as examples).

 

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A new year provides opportunity

A new year provides opportunity

As a new year is upon us, this gives us an opportunity to revisit, re-examine, and refocus priorities, and to review our mentoring programs and processes to see if we could improve.

Here at Masters Broker Group, we have taken a look at our business, and our priority for 2017 is still for our members.

The aim of our workshops, training and mentoring programs is to engage, educate and inspire brokers – with the right advice, tools, templates, systems, processes and know-how.

The purpose of this is to ensure that all our members become more productive, more profitable, and ultimately, create mortgage broking businesses that are sustainable in the long term.

In 2017, we will be focusing on

  • Marketing planning, business planning and goal setting
  • Sales processes
  • Customer Relationship Management best practice and systems
  • Industry practices and business practice management
  • Tools, processes and templates
  • Case studies and technical papers from industry experts

We want to continue to help grow their mortgage broking practice in a predictable way.

And by doing so, you will, in turn, help your customers achieve their dreams and goals.

Happy New Year!

How to set up a great finance/mortgage business

setting up a great business is like putting an IKEA wardrobe together

Last time I put together an IKEA wardrobe for my son’s room, it all went well. Until near the last bit, when I realised I had fitted one of the side panels incorrectly.

Only problem was I had to disassemble most of it, and start over again.  If only I had paid more attention to the instructions.

And building a great finance/mortgage business is like assembling a wardrobe.

If you want to offer a solid, reliable, efficient and profitable mortgage broking business, it is best to follow a strategy.

Unfortunately for most businesses like ours, we don’t get a set of instructions like those that come with an IKEA wardrobe – not even one with a cartoon man and line drawings.

So, we have to create our own strategy (and instructions).  Here are our building blocks for a great finance/mortgage business.

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Five tips for great client meetings

How to have great client meetings

Client meetings are critical in building rapport and establishing trust quickly.

It is also the chance for brokers to form a personal connection with clients, cementing the client relationship for the long term.

Sell on advice, not on price — Mario Borg

In spite of today’s digital world, the client meeting is still the best way for a broker to show genuine interest in their client’s personal finances, and to actually listen to what their client’s wants and needs are.

Here are five basic tips for creating great client meetings:

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