Putting broker potential at the centre, new aggregator aims to ensure no one is left behind
This article was produced in partnership with Hai Money
As any sailor knows, a crew needs a worthy ship to put in an optimal performance – and the same goes for mortgage brokers.
There is nothing more frustrating than having talent go to waste because brokers aren’t given the right tools to excel. This problem is one that new boutique aggregator Hai Money aims to fix.
“Hai Money’s goal is to help brokers who lack support with an opportunity to live up to their potential,” the firm’s Head of Growth and Strategy, Bruce Li, told Mortgage Professional Australia recently.
Hai Money, a name that derives from the concept of ‘money sea’, officially launched on June 7 aboard the superyacht Masteka 2, setting out from King Street Wharf before cruising around Darling Harbour, Rose Bay, and the Taronga Zoo area.
Over 60 people attended – including representatives from Finsure, the Mortgage & Financial Association of Australia (MFAA), and the Finance Brokers Association of Australia (FBAA). More than half were from broker firms, and all enjoyed a grand seafood buffet, drinks and entertainment provided by a DJ.
While it was calm waters for partygoers in the opulent surroundings of the Masteka 2, that isn’t always the case when brokers navigate the financial seas. Indeed, brokers can sometimes feel like they have been set adrift or marooned.
This is one reason why Li places so much emphasis on supporting brokers.
“Hai Money puts brokers at the centre of focus, aiming to provide support in various ways to ensure no one is left behind in this ever-changing market or feel that they’re a mere number among thousands when dealing with an aggregator,” he said.
As an aggregator, Hai Money is a vessel capable of charting a wide range of conditions and courses.
“We have a diversified lender panel with over 100 lenders and service providers; from first-tier and second-tier banks to non-bank lenders, brokers can target any niche and find tailored solutions for their clients through our diversified lenders and channels.”
Emphasis on supporting new and diverse broker groups
Hai Money is particularly interested in helping brokers new to industry and those from a diversity of backgrounds.
“The company is prioritising offering extensive support for the new generation of brokers,” said Li.
It is doing this by providing educational resources and tools, extensive support through its BDMs, and also through a specially curated mentor program dubbed Hai Mentor School.
“[The] school lays the foundation for brokers to build their business, giving them access to coaching led by industry veterans,” said Li.
Scholarship opportunities are also available to reduce the financial burden for new-to-industry brokers entering the market.
The staff at Hai Money represent a much broader range of cultures, languages, and skills than the average financial services company. All members of Hai Money can speak two or more languages, with one talented BDM capable of speaking five languages – Persian, Turkish, Cantonese, Mandarin, and English.
As Australian society continues to diversify, being able to discuss the details around how mortgages work in Turkish or Mandarin, for example, is a key advantage.
“This isn’t all. With knowing the languages comes understanding the culture and values of people from those backgrounds. By understanding their culture, we become well-versed with their experiences, empathising with their pain points and needs,” says Li.
This is supported by industry research. The MFAA’s annual diversity and inclusion survey shows that 65.1% of respondents agree that businesses that support greater diversity and inclusion will have a business advantage in regard to customers, employee engagements and referral partners.
In this regard, Hai Money walks the walk on inclusion because they are so diverse themselves.
“Our deep understanding of our brokers’ cultures allows us to support them significantly,” said Li.
The combination of broking expertise and cultural understanding means that the feeling of navigating the ocean solo diminishes and changes into an experience more like being part of a crew.
“Ensuring that our brokers feel heard and understood is our top priority.”
Technical advantages in charting a course
Charting a course in the financial seas these days requires a modern approach – just as sailors today use satnav and the state-of-the-art weather forecasting equipment, so brokers need the latest insight and tools to wade through the shoals of information that can founder effective financial advice.
Hai Money’s broker portal offers a wide range of broker support and administration services, helping them to save time and focus more on relationships with their clients.
“There is so much information out on the Internet and it’s often difficult to distinguish between what’s important and what’s not. As such, our broker portal breaks down the important educational content in an easy-to-understand structure and provides the latest policy updates so that brokers can stay up to date with important compliance and industry requirements,” said Li.
Hai Money also has an Infynity CRM that is exclusively provided by Finsure to help streamline workflow and automate time-consuming tasks. Other tools include Quickli and Middle, which improve the client experience, boost digital capabilities, and empower brokers to expand their business.
Hai Money understands that the tech side of broking needs to continually evolve and is always looking at tools to improve the broker experience. One major upcoming project is a payment tool designed to streamline commission management for head brokers and sort out the split for sub-brokers’ commission.
“This system will allow brokers to securely access and download comprehensive monthly commission receipts, detailing their earnings by lender and borrower. We aim to save our brokers time with accurate, automated calculations and timely payments,” said Li.
Having an innate sense of trust in a ship to get though a squall and arrive safely is important for any sailor. Like the Masteka 2, Hai Money instils confidence in all those who sail with her due to the skill of the crew, their knowledge of the industry and their ability to easily navigate a diversity of economic conditions and cultures.
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Hai Money, derived from the concept of the 'Money Sea', is a sub-aggregator of Finsure. Hai Money puts brokers at the centre of focus, aiming to provide support in various ways to ensure no one is left behind in this ever-changing market. Its mission is to ‘set you up, build your brand, and sail you to success’. Hai Money recognises the value and potential that brokers hold, meaning that they won’t get treated like a mere number among thousands as part of the aggregator experience.
