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An elite broker is about to start reaping the rewards of his succession plan, with his new loan writer about to settle her first deal.
Loan Market Canberra franchisee Sumer Singh, who is one of the group’s ‘elite’ performers, introduced a succession plan last November when he hired his daughter, Serena.
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Serena, who was then aged 20, started as a loan processor, before moving into broking about two months ago. Her first settlements will be on September 9 and 12, he told The Adviser.
Mr Singh, 56, said he regretted not introducing the succession plan earlier, because it had “dramatically transformed” the business he has owned since 2004.
Recruiting a successor forced him to look at the business with fresh eyes, while it also gave him more credibility with clients and referral partners, he said.
Mr Singh said he expected to work for another 15 years, but that many people had falsely assumed that a person of his age would be contemplating retirement.
“Most of our clients are professional investors and their attitude is they expect you to be there for the journey of their investment, which can be up to 10 years,” he said.
Mr Singh said the succession plan had also ended the “constant source of annoyance” that came from not knowing what would happen to the business once he did retire.
“It dramatically transformed the attitude and motivation of the business. Instead of seeing the end of the line, we now see a much more distant horizon,” he said.
The Loan Market Broker Academy, which trained Serena Singh, teaches inductees about the importance of succession planning, according to academy manager Zarko Jokic.
“As part of our recruitment, we make sure people look at this [broking] as a long-term plan,” he told The Adviser.
“Without succession planning, our elite writers will not have viable businesses. You can only run at that pace on your own for so long.”
[Related: Four tips for recruiting the next generation]
