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For aspiring mortgage brokers, breaking into the industry can be a daunting task. With a plethora of regulations to understand, various avenues to explore, and the need for sufficient capital, it’s no easy feat. As such, the New Broker Academy 2023 – run with the support of principal partner NextGen – travelled to three states to empower new brokers to start their broking career on the right foot
The Adviser’s New Broker Academy 2023 roadshow, run with the support of principal partner and technology provider NextGen, took centre stage in Brisbane, Sydney, and Melbourne in June, attracting a record turnout of more than 800 delegates.
The roadshow provided essential tools and techniques to jump-start careers in the booming mortgage broker market.
As borrowers grapple with rising interest rates and economic uncertainties, mortgage brokers are witnessing unprecedented demand, with around 70 per cent of Australian borrowers seeking the services of a mortgage broker and lenders seeing an increased flow of home loans coming from the third-party channel.
This growing demand, coupled with fierce competition, technological advancements, and a plethora of lending products to choose from, makes the New Broker Academy an essential resource for newcomers looking to succeed in the industry.
Fuelled with energy and enthusiasm, more than 200 delegates arrived in Brisbane on Thursday (15 June), followed by 300 guests to the Crown in Melbourne on 20 June and more than 300 to the Montage in Sydney on Thursday (22 June).
By bringing together new and elite brokers, aggregators, industry leaders, technology service providers, and mentors, the event provided valuable insights to avoid common pitfalls, build a sustainable business model, and maintain a healthy work/life balance to prevent burnout.
The informative sessions also provided new and emerging brokers with top tips on solid sales fundamentals, marketing techniques, and a guide to securing strong referral partnerships, while enabling brokers to connect with their peers and other industry professionals.
Gathering of minds and expertise
A significant takeaway from the roadshow was the vital role played by broker associations and aggregators in supporting the success of mortgage brokers.
The managing director of the Finance Brokers Association of Australia (FBAA), Peter White AM, highlighted the advantages of being part of a broker association, which provides education, training, and governmental lobbying efforts on the brokers’ behalf.
Adding to the discussion were two leading aggregators Yellow Brick Road and Mortgage Choice, who shared their services and franchise models, including the associated costs and remuneration structures (fees versus commission split) and different models available to suit brokers’ requirements.
Principal partner NextGen, whose lodgement platform ApplyOnline currently covers around 97 per cent of application flows in the broker channel and across Australia, also took to the stage to deliver an eye-opening session on how open banking and technology can revolutionise the broker experience, too.
Reflecting on this year’s New Broker Academy, NextGen head of broker partnerships Renee Blethyn emphasised the privileged position mortgage brokers have in guiding consumers through their financial journeys.
“[Being a mortgage broker] is actually a privileged position that you’re in to be able to help and guide consumers because they will often share with you more information than they share with family, friends, those that are closest in their life. That was articulated … by every single speaker,” she said.
Tips from those who have done it
Delegates also heard from industry specialists who unveiled their recipes for success and practical advice.
When Billion Dollar Broker founder Ross Le Quesne asked delegates ‘what they were missing, or needed?’ The responses varied between: referrals, leads, and ‘confidence’.
Thus, drawing from his experience as the head of one of Australia’s most prolific franchises and now a successful broker coach, Mr Le Quesne unveiled the secrets to achieving success by providing tangible targets for new brokers to focus on to grow their business and exude confidence.
The guidance from Mr Le Quesne aimed to empower emerging brokers with the self-assurance necessary to excel in a challenging market.
Marketing specialist and founder at Purple Thread Marketing, Darrell Weekes, stressed the power of effective marketing and a strong online presence to attract clients, offering cost-effective tips for brokers.
Alongside delivering a simple marketing plan, Mr Weekes provided crucial advice on ensuring Google business profiles were optimised and the significance of requesting reviews from clients at the beginning of the loan application process.
These strategies provided new brokers with actionable steps to create a powerful brand presence and reach potential clients effectively.
Given the challenges in finding new clients and, particularly those worth having, the art and importance of referrals were driven home by Meighan Wells, founder of Property Pursuit Advisors and co-founder of Home Buyer Academy.
Ms Wells explored how to identify opportunities, the common mistakes, and how to avoid them and how to win and maintain the best referral partners. Throughout her presentation, the recurring theme of ‘connection’ resonated, emphasising the significance of building meaningful relationships both within and outside the broker industry.
To help brokers navigate the dos and don’ts of setting up for success, delegates were treated to a panel discussion with elite mortgage brokers who shared their experiences and insights from navigating their first three years in the industry.
Local brokers shared the importance of having a substantial savings buffer, particularly given the fact that it can take months for a broker to settle their first loan and receive their first commission payment.
The New Broker Academy roadshow proved to be a transformative experience for new and prospective brokers. The event not only equipped attendees with the necessary strategies, skills, and knowledge to thrive as mortgage brokers but also fostered a sense of camaraderie and connection among industry professionals.
Armed with confidence, effective marketing tactics, and the art of referrals, these emerging brokers are now poised to make their mark in the thriving mortgage broker industry.
Thank you to our partners
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