The next generation of mortgage-broking talent

Guns 2011

Youngwww.brokernews.com.au

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W e can all remember the nerves we felt when starting our first job or, for the

more adventurous among us, the trepidation experienced at the thought of the challenges that lay ahead. Countless hours are spent learning the ropes, getting used to the jargon and learning the intricacies of a new profession.

Against this backdrop of the unknown, it can be difficult enough keeping one’s head above water – let alone bringing in significant amounts of business. The brokers highlighted in this year’s ‘Young Guns’ rundown had no such qualms: they have hit the ground running.

Their impressive entrance into the market has been such that their franchisors, aggregators and peers have seen fit to nominate

them for inclusion in this prestigious hall of fame. As with any industry, it is important that those who depart are replaced with fresh blood. Hopefully the increased professionalism brought about by licensing will enhance the desirability of mortgage broking as a career.

If these ‘Young Guns’ continue their stellar start, then the advisors featured here could well become stars of the mortgage broking industry – not to mention the MPA Top 100 Brokers list – for years to come.

Our congratulations go to the rookies who made this year’s cut. But before we hear from them, we first have a short word from our exclusive ‘Young Guns’ supporters, Commonwealth Bank of Australia.

Embarking on a new career is never easy, but the intermediaries featured here have taken it in their stride. Barney McCarthy profiles the mortgage broking community’s hottest new talent

New kids on the block

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The sustainability of the mortgage broking industry will be impacted by the quality of its brokers and, in particular, the quality of those in the early days of building a mortgage broking career.

The National Consumer Credit Protection Regulation has reinforced the need for vigilance in understanding customer needs and their financial position.

MPA has been recognising the rising stars in our industry for the past few years. This year Commonwealth Bank is proud to be associated with the ‘Young Guns’ feature.

To be recognised as a ‘Young Gun’ is to be acknowledged nationally as talent on the rise; a future leader or influencer. Each of our ‘Young Guns’ has a story to tell and advice to give, which may help many readers to be more successful in their own businesses.

Commonwealth Bank is committed to

continuing the momentum of the mortgage broking industry and encourages brokers to be professional in every way. Professionalism is a commitment to ongoing education and ethical behaviour, leading the way in customer service and constantly raising the bar in the industry.

Our ‘Young Guns’ exhibit such professionalism and we congratulate those who are featured in these pages.

We hope these achievers inspire others in the industry to continue to strive to be the best in what they do.

Kathy CummingsExecutive general manager,

third party and mobile banking

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Terry AzzopardiCompany: SmartlineLocation: Caroline Springs, Vic

Terry Azzopardi hasn’t yet clocked up two years as a mortgage broker, but is already landing awards left, right and centre. Having been named as Smartline’s ‘Rookie of the Year’ in 2010, he followed that up by scooping the ‘Quality Young Gun of the Year – Franchise’ award at the Australian Mortgage Awards. But while he may be new to broking, Azzopardi isn’t wet behind the ears, having notched up 22 years with NAB before making the switch. “I started with NAB straight from school and held almost every role there, from mail boy to regional manager,” he explains.

“It was a good company to work for, but there comes a time in big organisations where you feel like you’re just a number. While I wanted to do something new, I knew that I loved lending and the opportunity it provides to put smiles on people’s faces. I saw becoming a mortgage broker as an opportunity to do that – with the added bonus of being able to do my own thing and move away from the distractions that come from working in a large corporation.”

Azzopardi says mortgage broking has opened his eyes to the world after suffering tunnel vision during his final days at the bank. Having regularly put in 12 or 13-hour days at NAB, he has now adopted a more relaxed approach, which includes spending more time with his family.

But this doesn’t mean he is taking his foot off the pedal, as his accolades prove. Azzopardi attributes his ability to hit the ground running to the large referral network he built up while at NAB. “I was lucky in that I had a good database, with some customers I had known for more than 20 years who were loyal to me personally, rather than the bank,” he explains. “I actually receive more referrals now from existing clients, family

and friends because I am seen as independent and not tied to one lender. I’m getting clients now that I couldn’t get before, because they didn’t necessarily want to bank with NAB.”

Despite the knowledge he gathered while working for a lender, Azzopardi still encounters occasional difficulties when dealing with banks and says, if anything, it makes it worse because he knows what holds applications up. “In my previous role I just did everything myself, whereas now I am more reliant on other people,” he says. “Friction can be reduced by eliminating things prior to application and advising the client what to bring with them.”

Being methodical is all in a day’s work for Azzopardi and he says being meticulous is the best advice he has received. “Be thorough with applications, especially with compliance,” he says. “The best chance an application has of going through is if it is done right initially.” Having written $25m in his first full financial year, he is targeting in excess of $30m in 2010–11 and has words of encouragement for those thinking of following his career path. “You might think there is a risk, but if you have the passion then take a punt. Everything in life has some risk, but once you make the decision, you won’t look back.”

“ I actually receive more referrals now from existing clients, family and friends because I am seen as independent and not tied to one lender ”

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Kim NarayanCompany: Mortgage ChoiceLocation: Glendenning, NSW

Customer service expertise is often mentioned as one of the most important attributes a broker can have. Mortgage Choice’s Kim Narayan spent years honing her interpersonal skills in a rather different industry. Having left school at 16, Narayan started working in the food trade, completing a retail management course and holding management positions at a number of familiar institutions, including KFC, Hungry Jacks and supermarket chain ALDI.

Working on the front line, she was able to garner a significant insight into keeping customers happy in a fast-paced environment. “The fast-food industry was the best grounding for me and I picked up invaluable, transferable people skills,” she says.

Having always had an interest in finance and a passion for property, Narayan admits the leap into broking “fell into her lap”. Having embarked on a career as an intermediary only a few years ago, she purchased her own franchise towards the end of 2009 and has gone from strength to strength. She handled $20m worth of mortgages in the final nine months of 2010 and is targeting $3m a month into 2011, as well as planning to work “on the business and not in the business”. Narayan is fond of mottos and catchphrases – perhaps a side-effect from her retail days – and is often found passing on nuggets of wisdom to her fellow franchisees.

“Pretty much every broker offers products from the same range of banks. The way to

differentiate yourself is to offer great customer service,” she advises.

Narayan says she has managed to achieve a satisfactory work-life balance since becoming an advisor, but says long hours are still sometimes inevitable to achieve your potential. However, the variety that comes with the job helps to keep Narayan fresh and focused. “As a broker, you deal with customers from all walks of life who all have different objectives,” she says. “Every customer is a new challenge.”

Despite relishing her new career, Narayan is cautious in her recommendations to potential brokers. “It is important to have cash flow when starting a new business and initially you have to be prepared to work hard for minimal reward.”

‘‘ The fast-food industry was the best grounding for me and I picked up invaluable, transferable people skills ”

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Cameron WilesCompany: Smartmove Home LoansLocation: Neutral Bay, NSW

Cameron Wiles has wasted no time in making an impression in the mortgage broking community since making his move two-and-a-half years ago, and the plaudits came thick and fast at the Australian Mortgage Awards. As well as being part of the office named ‘Large Brokerage of the Year’, he also received personal recognition in the form of scooping the independent ‘Young Gun of the Year’ award, alongside the ‘Quality Australian Rookie of the Year’ accolade.

To top off this impressive set of achievements, Wiles debuted in the prestigious MPA Top 100 Brokers list at number 75 – no mean feat for a newcomer. Yet despite wanting to improve on this prolific year, during which he wrote just shy of $45m worth of mortgages, Wiles has a simple target for 2011, namely a clean bill of health. He fractured his skull in 2010 while playing soccer – and completing his recovery is his top priority.

On graduating from university with a Bachelor of Business majoring in management, Wiles wasn’t too sure about what profession to pursue, apart from knowing he wanted to work in finance. “I worked for a major bank in their branch and while I hadn’t actually been involved in lending myself, I thought it was something I might be good at,” he says. “I spent some time with an advisor, spent some time studying financial planning, and a former colleague at the bank gave me the confidence to really follow that career path.” Wiles relishes the variety provided by broking and the opportunities it affords. “You see a little bit of everything and you develop an insight into other peoples’ professions, which is really interesting,” he adds.

Wiles cites the best advice he has ever received as a simple, selfless statement. “If you put your client’s wishes first, success will follow,” he says. “We rely on word-of-mouth referrals, so it’s important to always do the right thing.”

He has a simple but effective message to pass onto would-be brokers. “Anyone can be a broker, but to be a good one you have to have a broad understanding of the whole property sphere, from accounting through to real estate and the legal side of things,” he says. “Having a better understanding of all the stakeholders will help you stand out in the crowd.”

“ Having a better understanding of all the stakeholders will help you stand out in the crowd ”

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“ My only regret is that I didn’t make the switch [to becoming a broker] sooner ”

“ As a broker, you have freedom and are in charge of your own destiny ”

Matthew RoseCompany: AussieLocation: Adelaide, SA

In his role as a mobile broker, Matthew Rose is used to making people’s home ownership dreams come true. While he has only been an intermediary since joining Aussie two-and-a-half years ago, he is not new to helping people fulfil their aspirations – his previous role was as a services manager at Mazzucchelli’s Jewellers.

It was the success of an acquaintance that prompted his career change. “I was after a change in lifestyle and I had a friend who was a successful broker,” Rose explains. “Being a broker offers me great flexibility, particularly as I am a mobile broker. My only regret is that I didn’t make the switch sooner.”

Rose cites the ever-changing bank policies as one of the main frustrations in his role and says lender staff are often reluctant to take individual responsibility, claiming the big banks are often the most culpable. Despite this, he has made a storming start to his broking career, writing more than $44m of loans in 2010 and targeting in excess of $50m in 2011.

The best advice Rose recalls receiving is that success comes directly from your attitude. It is a message similar to this that he wishes to pass on to prospective advisors. “Honesty and integrity are the two biggest parts of being a broker,” he says. “It is paramount to make customers feel special.”

Euan BrownCompany: Loan MarketLocation: Toowong, Qld

Euan Brown is the latest in a long line of brokers to come from a banking background. Upon moving to Australia from the UK eight years ago, Brown initially intended to become a financial planner, but he eventually ended up heading down the mortgage route, after completing the MFAA requirements.

He finally became a mortgage intermediary 18 months ago, claiming that “being a small cog in a big wheel wasn’t doing it for me”.

“As a broker, you have freedom and are in charge of your own destiny,” he says. “You also have the autonomy of putting a deal together from a variety of lenders and not just from one product suite.” Brown admits he “bangs heads” with the banks, but balances this by admitting that

disappointment is less likely once brokers familiarise themselves with individual banks’ policies.

He claims that much of his first six months as a broker was spent simply getting set up and learning the ropes. “I’m not sure I realised how much of a slog it would be or the blood, sweat and tears involved,” he concedes.

Brown operates out of a real estate office and says he has developed a good relationship with the principal, being able to learn from how he carries himself, while admitting the benefit of having someone “banging your drum”. Having written $29m worth of business in his first full year, he is targeting $40m and $50m in his next two campaigns, but admits this may be tempered somewhat by the effect of the Queensland floods.

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Warren DworcanCompany: Rate Detective Home LoansLocation: Osborne Park, WA

Warren Dworcan has only been a broker for two years but has already set up his own brokerage. Having started his career at House & Home Loans, Dworcan went on to set up Rate Detective Home Loans and has posted some impressive statistics already. The $45.2m he handled in 2009–10 made him Australia’s 71st best broker, according to our authoritative Top 100 Brokers list. He was also shortlisted for the ‘Independent Young Gun’ award at the Australian Mortgage Awards.

Prior to becoming a broker, Dworcan studied law for four years, before deciding it wasn’t what he wanted to do with his life. A stint as a fund manager followed before becoming a first-home buyer himself, which gave him some inspiration. “When I bought my first property, I saw how it all worked and realised what a broker could do,” he says.

“ Fixing your follow-up and looking after your database is half the game ”

Damian MansfieldCompany: LJ Hooker Financial ServicesLocation: Hobart, Tas

Another ex-banker in this year’s list, Tasmanian advisor Damian Mansfield jumped to the other side of the fence after becoming frustrated with a lack of direction from his former employers. Now he is free to map his own future, Mansfield is revelling in his new-found freedom.

“Helping people realise their home ownership dreams and the flexibility are the things I enjoy most about mortgage broking,” he says. “I still work a lot, but things are more adaptable and I am able to fit in things like picking the kids up from school more easily.”

Mansfield says that while the irregular nature of enquiries means he is sometimes free to deal with other priorities, it also means that at other, busier periods, it is difficult to leave the office at all. Another pet peeve of Mansfield’s is when loans that should be approved are refused for no discernible reason. Despite these challenges,

he says mortgage broking is a good industry for anyone willing to work and provides him with enough income to make a good living.

Looking at the year ahead, Mansfield doesn’t set himself any specific volume targets, but instead plans to continue growing his business and intends to expand his team of three brokers and one administration employee. He is keen to attract new business, but won’t overlook what he describes as the most important part of being a broker – keeping existing clients happy.

“Managing your portfolio is imperative,” he warns. “Fixing your follow-up and looking after your database is half the game.”

“Since then I have found it an enjoyable industry to be involved in and it is rewarding saving people money and helping facilitate their dreams. Some people don’t think home ownership is achievable, so it is nice to make a difference.”

Dworcan echoes the words of our other featured brokers by claiming that in doing the best for the client, personal success will follow. He is also a firm believer in performing consistently. “It is important to work hard no matter what the economic climate is,” he says. With lofty ambitions to significantly improve on the level of business he wrote in the last financial year, Dworcan won’t be letting up any time soon.

“ It is important to work hard no matter what the economic climate is ”

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Leah BusbyCompany: Blackfish FinanceLocation: Adelaide, SA

Self-confessed ‘people person’ Leah Busby was AFG’s nomination for inclusion in our ‘Young Guns’ parade this year, and it’s not hard to see why. The new company she founded, Blackfish Finance, regularly tops the aggregator’s regional results tables – not bad going for an institution that has only been up and running for 18 months. “It seemed more advantageous to start our own business and I relished the challenge of it,” she says.

Having settled $20m during her first year in business, Busby hopes to exceed $40m in 2011. She says she isn’t volume-focused and is more concerned with the business growing naturally, with plans to expand the team, maintain high customer service and increase Blackfish Finance branding via social media and frequent touch-points.

She admits that mortgage broking can sometimes cause more stress than it should, but concedes she thrives in the fast-paced environment and says hard work brings its rewards. When it comes to words of wisdom, Busby’s mantra is straightforward but effective. “It’s important to be yourself and trust your instincts. It all boils down to treating others how you would like to be treated yourself.”

She also emphasised the importance of keeping in touch with all parties on every transaction. “It is paramount to communicate with the client, lender agent and conveyancer so you all know what is going on,” she adds. “When it comes to doing your research for solutions, you can never do too much.”

“ It all boils down to treating others how you would like to be treated yourself ”

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Alex NocharCompany: Oxygen Home LoansLocation: Neutral Bay, NSW

Alex Nochar is another broker who hasn’t passed the two-year milestone but is already making waves. Having featured in our ‘Rising Stars’ issue last year, Nochar’s second-year performance again saw his name put forward for recognition by Oxygen Home Loans. He has been awfully quick out of the blocks too, writing more than $55m in 2010 and aiming to exceed $60m in 2011.

Unlike his many contemporaries who started broking after serving apprenticeships at a bank, Nochar developed his skills by running finance departments in the motor trade. While some of this experience was relevant for his new occupation, his overall mindset has changed. “Selling cars is all about margins and making a profit,” he admits. “The mortgage arena is much more ethical and, if anything, is quite the

“ This job is all about people and it is important to keep meeting and connecting with them ”

opposite to what I was doing – you want to help people save money.”

A contact made through the sale of an Aston Martin soon developed into the opportunity to become an intermediary and Nochar hasn’t looked back. “This job is all about people and it is important to keep meeting and connecting with them,” he says. Yet he is still getting used to lenders continually adapting their policies. “You have to stay on top of all the changes as lenders have a tendency to move the goalposts,” he says.

He is grateful for Oxygen’s handling of compliance issues and says licensing can only be a good thing for the industry. It is this support that Nochar says is vital for new brokers. “I would advise any rookie broker to join a group as it can be hard to start off with no referrals,” he says. “You need someone to give you those leads.”

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YOUNG GUNSYannick IekoCompany: Super FinanceLocation: Melbourne, Vic

Yannick Ieko is chatty. “I talk to anyone and everyone,” he explains. “Whenever I get on a plane I talk to the person next to me and you usually find you share something useful.” Such loquaciousness stands Ieko in good stead given his chosen vocation and he says meeting people and helping them with their dreams is the thing he enjoys most about mortgage broking.

Indeed it is this personable nature that lead to Ieko being named Rising Star Winner at Vow Financial’s national conference in October. The criteria for the award requires the winning candidate to have lots of energy and talent, be assertive and confident, knowing the industry or attempting to learn very quickly and on their way to becoming very successful – all of which Ieko has a handle on.

Having completed a Bachelor of Business before working as a BDM for an accountant, Ieko describes his first forays into mortgage broking as a coincidence. After a tough beginning, he says his perseverance is now paying off nicely. “If you put clients first, the rest will happen naturally,” he says. “Networking is amazingly powerful and

Mike WegenerCompany: Club Financial ServicesLocation: Norwood, SA

Mike Wegener didn’t have to look too far to find someone to act as his mentor as he began his broking career – his brother David owned the Club Financial Services franchise in Norwood. And it’s no ordinary franchise either, as it was named “Small Brokerage of the Year’ at the Australian Mortgage Awards in 2010.

Having completed a Bachelor of Commerce and Business degree, Wegener had originally planned to become an accountant, but changed his mind after tagging along to a conference with his brother. “He took me to a property investment seminar and I was bowled over by it,” he remembers. “Now, I’ll handle any cases, but I mainly do property investment deals – and they offer great opportunities for repeat business as clients grow their portfolios.”

After writing $15m in his first full year, Wegener is looking to almost double that by aiming for $25m next time around. He loves

“ If you put clients first, the rest will happen naturally ”

“ It’s important to speak to your clients and I’m always on the phone to them getting them fired up ”

soon helps you establish and grow your company.” Having written $15m last year, Ieko has since merged his Super Finance business with a friend’s company and hopes the joint organisation can write closer to $50m in 2011.

Ieko has few bugbears, but a fledgling broker’s profile wouldn’t be complete without a grumble about the banks. “I sometimes feel like we aren’t on the same page,” he says. “We’re here to help the clients, but sometimes it seems as if the banks are only concerned with themselves.”

the personal side of broking and building his relationships with customers. “It’s important to speak to your clients and I’m always on the phone to them, getting them fired up. It can be about anything … ” As with many of our Young Guns, Wegener cites “illogical” bank policies as his main source of frustration, but you get the impression it doesn’t keep the chirpy newcomer down for long.

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“ He advised me to switch off from bank mode and to start over again, thinking as a broker would ”

Peter McFallCompany: Kalgoorlie-Boulder Finance BrokersLocation: Kalgoorlie, WA

Peter McFall completes our roundup of hotshot rookies and was nominated by his aggregator, PLAN. After working for a bank for two decades McFall struck out on his own two-and-a-half years ago, acquiring a brokerage in a country town in Western Australia. The previous owner of Kalgoorlie-Boulder Finance Brokers had some sage advice for him. “He explained how working in a bank and being a broker are completely different things,” McFall recounts. “He advised me to switch off from bank mode and to start over again, thinking as a broker would.”

McFall’s transition to broking was motivated by a number of factors. “Due to my location, I had reached a glass ceiling in terms of how far I was going to progress with the bank,” he says. “I was also frustrated I couldn’t offer customers better service by being able to choose from a variety of lenders.” Having kicked down these doors, McFall says he revels in helping people achieve their dreams, particularly first homebuyers.

Despite his new-found freedom, he still admits to a certain frustration that brokers don’t have the final say in transactions, and concedes their hands are tied in certain situations.

McFall and his team wrote $50m of mortgages last year and having lost one loan writer, he says the target will be around the same level this year. He also has some sensible advice for potential brokers, something that appears obvious but is often overlooked.

“Finding the right location for business is imperative, and there may already be enough brokers in town,” he says. “You must do your marketing and research.”

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