The Adviser’s New Broker Academy for 2024 hit the road again this year, travelling to Melbourne, Brisbane, and Sydney to help set up the new generation of mortgage and finance brokers up for success.
The free, day-long conference was packed full of insights into the broking world, delving deep into best practice for lead generation, digital marketing, business strategies, technology, and diversification.
Sessions were led by industry leaders and allowed prospective and established brokers to hear firsthand from some of Australia’s most successful brokerages and step into the broking industry well prepared for the journey ahead.
The free event had fantastic turnouts across all three cities, with brokers from all states traveling to the New Broker Academy to hear from the panellists and industry leaders on the benefits of a career in broking and how new brokers can set up and manage business goals in the early stages of their business and beyond.
The benefits of a broking career
Peter White AM, managing director of the Finance Brokers Association of Australasia (FBAA), kicked the conference off with an overview on the benefits of starting a broking career, showing prospective brokers what it takes to become a broker and how the industry is structured.
White said that it was perfect timing for newcomers to consider a career in the industry, given that record numbers of borrowers are turning to brokers for help.
He said: “The industry has matured tremendously since the 1990s when it started.
“It’s a trusted environment and there’s great confidence among borrowers in the professionalism of brokers.
“Consumers want to use a broker because it gives them greater choice.”
Building a business
During the course of the day, brokers heard from a range of leading and elite brokers about how they built their businesses, the challenges they faced as a new broker and how they overcame them, and how their respective models (whether independent or branded) helped them get to where they are.
Representatives from Mortgage Choice, YBR, and Liberty Network Services detailed how they support brokers on their journey and the benefits of aligning with a reputable brand, with brokers from the groups unpacking their journeys. Sub-aggregator Finweb also revealed how it provides brokers looking for additional support with the community and tools they need.
Outside of the branded broker models, independent brokers also took to the stage. In Sydney, Azura Financial co-founder Tom Hawley revealed how the company was building for growth and supporting brokers in building their businesses within Azura (see page 18 for more).
And Ben Kingsley, managing director and founder of Empower Wealth, delivered a keynote session on how he built his brokerage from a small broking business to a major financial services group specialising in property investment.
The founder of one of the Top 25 Brokerages in Australia said that brokers should focus on their target market and set up tailored referral partnerships to build their businesses.
“You need to focus strategically on your target market and how you can call their attention to your skills and services,” he said.
“This could be through building referral partnerships with businesses that operate in this space, including real estate agents or tax accountants. You could also get involved in sporting or other community groups to network with lots of people. They can learn more about who you are and the services you offer.”
Kingsley cautioned new brokers that they may not see significant growth in their loan books in their first year of business. However, he said that if brokers implemented “scalable systems” when setting up their processes, it would facilitate continued growth in a broker’s business.
He said that businesses must have “robust” operating procedures and have regular contact with their clients to be considered successful.
Generating leads through Google
Darrell Weekes, marketing specialist and founder of Purple Thread Marketing, took the stage at the New Broker Academy 2024 to show brokers the power of a Google Business Profile to generate leads.
“Almost nine out of 10 potential clients who get referred to a broker or some other professional will deliberately Google that person before they call them,” Weekes told broker delegates.
525 brokers attended the event in three states
“If you don’t exist on the Internet and don’t have listings and reviews on Google, then you may not be a real business in the minds of a lot of people. Google measures how many listings or mentions you’ve got to help them index you.”
While the marketing coach emphasised the importance of a strong online presence with a plethora of reviews from customers, he said that referral partnerships are the only way to produce results quickly.
Weekes recommended that brokers get in touch with contacts in their immediate sphere who can suggest a referral partnership for them.
He said that once a broker is introduced to a potential client from a referral partnership, they can then utilise their strong online presence to bolster client confidence in the quality of service that the broker will provide.
Setting up a referral network
Leaders of buyer’s agency InvestorKit, including founder Arjun Paliwal and head of growth James Kerr, joined the New Broker Academy to unpack tried-and-tested techniques in forming strong referral relationships with other professionals, such as accountants, planners, real estate agents, and buyer’s agents.
Paliwal said that brokers should approach potential referral partners by highlighting the strengths and unique skills that they can offer to their clients. The director said that brokers who differentiate themselves from the herd are more likely to build strong referral relationships.
“In a growth industry like broking where there is tough competition, your point of difference doesn’t need to be how long you’ve been in the industry or that you’ve written $1 billion worth of loans,” he said.
“Instead, you could outline how you enjoy working with clients in specific professions like medicine or nursing and highlight your experience and successful outcomes. You may be a passionate property investor who enjoys crunching the numbers so you could tell them that you’d love to speak with investors.”
Paliwal cautioned brokers to not change referral partners if they had not generated as many leads as they expected because they may be like a “flower that’s about to blossom”, saying it may take time for leads to manifest.
He said that some referral partners may not have been able to send through clients quickly because they were working out how to integrate the broker into their systems or are still working out how the relationship would be beneficial to them.
If brokers don’t keep in regular contact with their referral partnerships and start shopping around for other referral partnerships, then a broker may lose out on potential leads, the director said.
Paliwal recommended that brokers view their referral partners as a “chain of value” that could refer the broker to new referral partners at any time.
Diversification was also a key topic of conversation at the New Broker Academy, with Bizcap and Resimac Asset Finance representatives highlighting how business and asset finance loan writing can not only provide brokers with a valuable revenue source when mortgage lending is soft but also provide an easy way for brokers to deliver more solutions for their clients.
The New Broker Academy 2024 was an informative experience for new and prospective brokers and a fantastic opportunity for brokers and industry professionals to connect. The event was truly a success, with brokers saying that the sessions were helpful for them to understand how to streamline their business processes and set them up for success.
Thank you to our speakers and partners who joined our New Broker Academy 2024.
