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A new business buying initiative will not be for retiring brokers who want a quick fix, according to the award-winning broker behind the plan.
1st Street Home Loans director Jeremy Fisher has revealed that his successful brokerage will be offering what he believes to be a value-adding service to the industry. Working with his brother, Mr Fisher has devised an initiative that will see the company buying broker businesses.
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According to Mr Fisher, the business exchange would occur over a 12-month period during which a 1st Street Home Loans broker would work with the departing broker and their existing clients.
Speaking with The Adviser, Mr Fisher said the company would not be for brokers who want to offload their business quickly; rather, it was to be a viable alternative for those business owners who want to exit the industry knowing their clients will be looked after.
“This is really for people who are exiting the industry and want to see their business survive,” he said. “A lot of these guys have been in the industry 10, 20, 30 years and they have strong relationships with their clients. They don’t want to leave them high and dry.
“This isn’t a quick fix. It’s not what we want, and it’s not what investors want.”
According to Mr Fisher, the business venture will comprise a five- to ten-year plan.
“This isn’t a get rich quick scheme for us, I believe we are offering something that isn’t really out there,” he said.
“We don’t want to just buy anything; we will be doing our due diligence and looking for businesses with a good CRM system and who have regular touch points with clients.”
