Former bank manager launches brokerage to offer clients personalised support
Broker in Focus is a dedicated series that highlights the unique journeys of mortgage brokers, providing them with a platform to share their experiences, insights, and expertise. Through compelling personal stories and professional reflections, each featured broker recounts the key moments that have shaped their careers, delves into the challenges and opportunities facing the industry today, and shares the valuable wisdom they have gained along the way.
MPA spoke with Andy Truong (pictured above), founder and managing director of Alliance Mortgage Group, whose dedication to personalised service and commitment to his clients’ long-term financial success have made him a standout in Australia’s mortgage broking industry.
Full name: Andy Truong
Job title: Founder and managing director
Company: Alliance Mortgage Group
Number of years in the industry: 17 years
Location: Chadstone, Victoria
How and when did you become a mortgage broker?
After dedicating 10 years to relationship banking and management with the Commonwealth Bank of Australia, I realised that I wanted to make a deeper impact on people’s financial journeys.
In August 2017, I launched my mortgage broking business to empower clients in a more personalised and transformative way. My goal is to offer clients more than just competitive loans — I wanted to be their trusted partner in helping them achieve their financial dreams. Driven by a belief that every client deserves thoughtful and personalised guidance, I’m committed to support their success with solution-focused advice that truly makes a meaningful difference in their journey.
In your opinion, what has been the most positive development in broking?
The introduction of the Best Interest Duty since 2020 (as defined in the Credit Act) has been a game-changer. This duty mandates brokers to act in consumers’ best interests and prioritise their needs when conflicts arise. This not only reinforces trust but also provides clients with added peace of mind, knowing their best interests are at the forefront of the broker’s advice.
What challenges do you see currently facing the industry, and what solutions would you propose?
Clawbacks. Brokers invest considerable time and resources in serving their clients, while adhering to the Best Interest Duty where applicable. However, if a client disposes of their loan within the first year, banks and lenders will reclaim the broker’s full commission. This can place an undue financial burden on brokers. I propose that banks and lenders, rather than applying a blanket clawback rule, assess the reasons behind loan disposals. For example, exemptions could be made to waive clawbacks in cases of property sales or financial settlements due to divorce.
Barrier to entry. Low entry barriers mean that many new brokers may lack the necessary experience to provide optimal guidance and comprehensive advice to clients. Requiring new brokers to have at least two years of lending experience in a financial institution could ensure that brokers are equipped to serve clients effectively.
Partnership challenges with banks and lenders. Banks and lenders sometimes face issues like processing delays, channel conflicts, and inefficient customer service. To address this, banks and lenders should enhance internal training and staffing to improve.
Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?
Hosting our recent in-person property investor seminar in Melbourne was an inspiring experience, allowing us to give back to our valued clients, business partners and community with valuable insights on property investment. Our diverse panel of industry leaders shared actionable insights on tax planning, property market trends and economic forecasts, empowering attendees on their investment journeys.
The vibrant turnout of 200 attendees and their overwhelmingly positive feedback reinforced our mission to be trusted partners in our clients’ financial success. We learned the importance of providing timely resources that equip clients with confidence to navigate the complexities of property investment.
On the other hand, post-COVID, cash rebates led many clients to switch between banks, causing a spike in clawbacks for many brokers, including us. This challenge underscored the need to continuously educate clients on the potential downsides of chasing cash rebates, like higher interest rates or negative credit impacts. We’re committed to providing guidance that helps clients prioritise long-term goals over short-term incentives.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
Firstly, I would highly recommend gaining diverse lending experience at banks or financial institutions first — this builds essential industry knowledge and networks. Secondly, attending business networking events also helps further expand your professional connections.
Maintaining strong relationships with banks and lenders’s BDM is also essential, as they offer mutual support. Finally, investing in a robust CRM will help foster your long-term business growth.
Broker in Focus is a weekly MPA feature spotlighting mortgage brokers from diverse firms and locations across Australia. Among those recently featured are Andrew Hadjidemetri of Australian Financial and Mortgage Solutions, John Minihan of Professional Finance Mortgage Broker, Daniel Bowler of Mortgage Choice, Scott Wills of Mortgage Choice, Camilla Lewis of Derwent Finance, Harrison Brown of Aussie, and Anthony Bloom of My Mortgage Partner.
Are you a mortgage broker interested in being featured? Email the author with your details.
