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Award-winning boutique aggregator eChoice has its eye on becoming the number one partner for brokers. The Adviser spoke to general manager of sales and distribution Paul Liccione on the launch of its latest recruitment program
What makes eChoice different to other aggregators?
We have created a business that goes beyond the more traditional aggregation model. eChoice provides a platform for the brokers and a conduit between them and lenders to facilitate communication, and manage clients, and all the other services around that to make a broker operation. We’ve gone above and beyond in that area. We’re not only a facilitator; we’re a business enabler, a genuine business partner and a business builder. With our technology, our knowledge and other business development tools, we’ll help each broker earn more money because they’re a partner with us.
How does eChoice bring on new brokers?
Via a couple of channels. One is for existing brokers looking to take the next step. Through our network of state managers and BDMs, we will contact people who might be sitting on $1 million or $2 million a month, or $4 or $5 million a month, and we talk to them about moving their business from $2 to $5 million or $5 to $10 million. We present a proposal that will help move them to the next level under a partnership scheme with us.
On the other side of the coin, we’re able to bring new entries through our broker training academy. They may have had no experience in finance whatsoever and through our four-week intensive training program, then another eight weeks of training, coaching and mentor assignment (including a week with a broker), we’re able to give them greater exposure to the realities of being a broker than anywhere else in the industry.
How does the eChoice broker academy differ to other recruitment programs?
Our broker academy isn’t about focusing on what a home loan is, it’s not about focusing on necessarily bringing lender after lender to discuss their products. Our four-week program is about the real world of running a business as a broker.
Ultimately, your success rides on every individual meeting. The critical part is walking away with a client who is going to tell their friends, family and colleagues about you. Our training academy is about teaching you how to build a business and of course, a big part of that is how you interact with your clients.
How successful has the recruitment program been in the past?
It’s been hugely successful. Some of the graduates are the young guns in the industry and writing $50 million a year and upwards, so we can’t be anything other than thrilled with that success. Now it’s about attracting more of those young, enthusiastic, new-to-industry people, because there’s no better platform to launch a successful broking career than what we’ve created. That’s something we’re really proud of. One focus is to make sure we remain the business that is in the best position to ensure [brokers’] success.
What is eChoice doing to increase awareness of mortgage broking?
There’s a real lack of youth in our industry and certainly the average age is closer to 50 than 30. As our industry becomes increasingly professional, we need to be promoting it and providing pathways.
Aside from traditional advertising and networking opportunities, we’re talking with RPOs (recruitment process outsourcing), TAFEs and universities because we need people who are educated, ambitious and looking to get ahead. We need to get in front of them to educate them on what we do, what we are and what opportunities lie within our industry.
What is eChoice’s key point of difference?
It’s our ability to take someone without experience and create and build them into a young gun. That’s a very key point of difference, but it’s not our only one. Post-training, that’s where our other business building tools are. Our brokers have access to our call centre; we also have ongoing marketing campaigns through our database. We have a bunch of tools that are about maintaining the momentum they gain from our training program. We don’t just let them go and hope for the best. They’re always part of our business, they remain a partner and we continue working with them, using all the tools we have, to build their business over one, five, 10 years and beyond.
From the very beginning we’re talking to them about successful building and different strategies because we want to make sure that when they get out of this business, whether it be in five or 25 years, they’ve done exactly what they’ve wanted to do.
eChoice won the best boutique aggregator of the year award at the Australian Broking Awards last year. How do you plan on retaining the title?
For us, the titles are nice and retaining a title or winning an award is always great, because you know other people are seeing the good work you’ve done and it’s a great way to spread the word. But our focus is not so much on retaining the award; we want to continually work on that partnership that we promote with our brokers.
eChoice was named Boutique Aggregator of the Year at the Australian Broking Awards 2014. How do you plan on retaining the title?
For us, the titles are nice and retaining a title or winning an award is always great, because you know other people are seeing the good work you've done and it's a great way to spread the word. But our focus is not so much on retaining the award; we want to continually work on that partnership that we promote with our brokers.
How can brokers benefit by signing up with eChoice?
Traditionally, and today, an aggregator is largely considered to be an expense. We’ve got a fantastic platform of CRM and post-settlement tools for our guys so we tick that box. We provide a conduit and have a good relationship with our lenders, which is really important for our broker network, so we tick that box. We’re not an expense, we’re a value-add. We’re more of an investment than an expense. We want you to get a return on your investment, so we’re an ROI proposition. We’re not an expense because of the additional partnership business building tools. You will make more money, bottom line, being with eChoice than any other aggregator. That’s our goal – making our brokers more profitable because they’re with us.
