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Asian business culture is as much about the relationships as it is about the deals – something Robert Sheng Wu knows well
ROBERT SHENG WU is using his Chinese heritage to the best of his advantage. Born and raised in China, Mr Wu came to Australia in 2001, but he hasn’t severed ties with his home land yet – on the contrary. Mr Wu has found a cross-cultural niche between the two countries and it’s making waves in his broking business.
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After working as an accountant for two years, Mr Wu desired an occupation that was a little more ‘him’. “I wanted to go out and meet people, so I thought I’d try broking as one of my friends was in the industry,” he says.
Try he did, and after only two years in the industry, Mr Wu at Nova Loans is a Westpac Platinum broker boasting a $1.6 million residential deal as his biggest yet.
FROM EAST TO WEST
Mr Wu’s success didn’t just come about by rubbing a lucky coin – he recognised a niche and quickly found a way to capitalise on it.
“When I first got into broking, I focused on the local Chinese market because I felt there was a lot of migration from China to Australia. Most of my clients were business migrants looking to buy property here, or parents wanting to send their children to study in Australia.”
Most of his business now stems from referrals made by Westpac in China. “Once I started my broking [business] I asked Westpac in China to refer all their clients to me and it has resulted in a very successful movement.
“Now, nearly 60 per cent of my referrals are in China so I regularly fly back to visit them all.”
As the mortgage system greatly differs between China and Australia, Mr Wu feels his strength lies in assisting Chinese clients as they navigate their way through the complexities of the Australian mortgage system.
“Before those clients come and settle in Australia they need to understand the financial system here, especially as many don’t speak or read English,” he says.
Clients aiming to settle an overseas property purchase are required to place a huge amount of trust in their broker. Mr Wu’s Asian heritage helps him solidify that trust and his bi-lingual skills in Mandarin and English are an invaluable asset when building a rapport with clients.
It’s also to Mr Wu’s advantage that he understands the way the Chinese do business, and the way they like to invest.
“The Chinese typically then put a huge amount into the offset account once the loan is settled, so the LVR is normally only 30 to 40 per cent,” he says.
When it comes to purchasing other products such as insurance, the Asian market isn’t the place for it, says Mr Wu. “The Chinese prefer to save enough cash to compensate for any change in circumstances.”
This is partly the reason why Mr Wu won’t diversify into this area. “Insurance isn’t popular in the Chinese market, plus I don’t think I’m mature enough to diversify in there yet…I’ve only been in this industry two years.”
WHY WESTPAC
Opinions on Westpac’s broker service differ greatly in the broker community. However, Mr Wu explains that his choice to link with Westpac boils down to three main points: Simplified procedures, fast processing times and an exemplary attitude towards non-resident borrowers.
He says the priority for non-resident borrowers is getting their loan processed quickly. “If a non-resident acquires a property, Westpac can settle the loan that day.”
Furthermore, with Westpac’s branding in Asia, more and more Chinese are choosing to deal with Westpac in Australia as they feel more comfortable with a known brand.
Mr Wu identifies Craig Downing as his favourite Westpac BDM.
“He escalates and chases up deals while visiting our office on a weekly basis,” he says. “He also organises a lot of meetings and events so we can communicate with other brokers…on top of that he genuinely understands the Asian cultures.”
While Westpac has come under criticism for their requirement for clients to sign settlement documents at a branch, Mr Wu feels this serves as an advantage for his client.
“At the same time a client signs the documents, we can provide them with additional accounts and insurance… it’s important for them to stay in the same bank when it comes to their other lending needs,” Mr Wu says.
SOLID ADVICE
Mr Wu knows information is not only power, it’s an influencer – he puts his solid marketing skills down to holding seminars both in China and Australia.
“I also invite financial planners and accountants to come and offer my clients more advice,” he says.
While Mr Wu isn’t an old hand in broking just yet, his rapid rise to success qualifies him to pass on some words of wisdom. He feels that his success is due to having a deep knowledge and understanding of the strengths and weaknesses of each bank’s products.
Robert Wu is a shining example of one broker who took what he was born with and ran with it.
Using his mother tongue, his understanding of two vastly different financial systems and his accounting background, Mr Wu is clearly making waves in the East and West.
