A three-time AMA winner and industry veteran celebrating his 40th year in finance, Greg Wells isn’t slowing down yet.
Listening to one of Australia’s top veteran brokers reflecting on his journey as he reaches his 40th year in the industry is no doubt a privilege; even more so when this leader and pioneer is only looking forward, promoting the opportunities in broking to attract much-needed young talent.
Greg Wells is a multi-award-winning broker and managing partner of NSW brokerage Wells Partners/Mortgage Link Group. He started out in 1976 at just 15 years of age, when the financial services industry looked very different. His first job in what would become a long and decorated career was as a batch clerk at National Australia Bank in Liverpool, where he quickly scaled the ladder in business banking to become a bank manager by his mid-20s and a senior executive by 2000.
But after 25 years in banking, Wells decided the time was right to strike out on his own, establishing Wells Partners in 2001. From there he witnessed the exponential growth of the third party channel. “When I started in 2001 the market share for home loans was around 15%; today it’s 55%,” says Wells. “Commercial was virtual zero and today it’s probably around 30–35%.”
Accountant focus
In developing his commercial broking model, Wells specifically targeted accountancy businesses, and today they make up 75% of the group’s referral partnerships, of which they have 30.
“Most accountants today realise that it’s not just about doing tax returns; it’s about providing financial planning, finance and wealth management,” Wells says.
“It’s very much a holistic approach that links in what has always been, in my opinion, a key influencer,” he notes, speaking of accountants being privy to a client’s ‘inner sanctum’ of decision-making. “We then become that trusted adviser supporting the accountants where they now have a one-stop-shop approach – they are solving more problems of the client by way of bringing in finance, which is us.
“It’s a very good broadening aspect of their business and something that supports the linkage to a stickier client, because the more products and services you have out to a client the less likely they are to leave you.”
The group writes approximately $250m per year in loans, split equally in dollar value between commercial and residential. In terms of volume, it writes five times as many residential loans as commercial, but Wells explains that the commercial dollar figure is often about five times the size of the average home loan.
“So we’re spending more time on home loans than commercial, but because I’ve been at the beginning of commercial … that’s why we’re more known as a commercial broking group. But the fact is we’re doing it all.”
Wells says 75–80% of the group’s business is generated by its referral partners, including client referrals, and the remainder is repeat business from existing clients. Although the majority of its referral partners are accountants, the brokerage also partners with other professionals, including conveyancing lawyers, solicitors, buyers’ agents in real estate, and financial planners.
“Your referral partners can come in all shapes and forms,” Wells says. “A referrer can be simply a loan that you do and you exceed someone’s expectations and they’re happily out there endorsing you – everyone wants to talk about a good experience.”
Industry under review
With an extensive banking career prior to becoming a broker, Wells has seen both sides of the coin but says the growth of the third party is a clear indication that customers are embracing the broker model. “I’m much happier, in fact, having a broker hat on than a banker hat, because I feel that we are an advocate for the client in providing that choice – we’re filling a gap in the market.”
Commenting on ASIC’s remuneration review, Wells says regulation brings quality and has improved the quality of brokers overall. But he would like to see more discussion between banks and brokers in moving key people from the first party to the third party as the latter increases its market share.
With an ageing demographic, Wells says the industry needs to bring in young talent but also to further promote broking to women. “We need to encourage females into the industry and get a balance in there, and some businesses have done splendidly,” he says, pointing out that the majority of decision-makers in the home loan process are women.
“So it’s a natural fit for our market to have females coming through and taking up roles as finance brokers and moving into senior roles to endorse females. A lot of colleagues I speak to endorse that.”
In Wells’ own team of nine staff, four are women, and he doesn’t just talk about change, he makes sure to act on it too; for example he gave a $10,000 donation of the prize money he received for a broking award to a local university and its business students.
Young talent
Wells’ donation went towards supporting young students whose studies complement the industry, while at the same time promoting the option of a career in the third party channel rather than starting out in banking.
Wells Partners/Mortgage Link Group has four directors and it was the youngest of them and a prior top graduate of the university, Domenic Corigliano, who suggested donating the money to the university.
“We thought it was a natural fit to support Western Sydney University and the local people,” says Wells, as they now have three offices between Liverpool, Parramatta and Oran Park.
He is also offering the award recipients the opportunity to take up work experience with the group in the coming year. “They can come in, spend a couple of weeks with us to get a feel for the business and the operation and what types of opportunities are there,” Wells explains. “To be able to use technology and [understand] the complexity in respect to loan conditions, policies that are everchanging and covering commercial as well – there’s a lot to learn.”
Wells’ proactivity in promoting broking as a career option to young graduates is a great example to other brokers who may want to get involved in bringing fresh talent into the industry.
On recruiting new brokers, Wells says it’s all about the right mindset. “You really want to have a very open conversation about what they’re looking for; what their goals are short-term and long-term,” he says. “It is about getting to know the staff member, getting to know what drives them and what motivates them.
“It’s mind space. If you’ve got someone thinking about your business when they’re at home cooking a barbecue, then you tend to have someone engaged. And I’m looking for those types of people.
“The industry is doing really well, and having that commercial flavour for 15 years has put us in a very strong position because we understand diversification very well and we’ve got great capacity to be an expert in all lending, not just one area.”
Wise advice
After 40 years in the industry, how does Wells keep the passion for what he does, which is evident as he reminisces on his career?
“It’s about having a spring in your step – loving what you do. And that’s why you do something for 40 years,” he says.
“You clutch the air when you get a loan approved or get a good outcome – it’s that excitement.”
There’s no sign that he would have chosen to be anything else, but if he had, he says he would have been a professional basketballer, and he still plays competitively today. “Sport was one area that I’m participating in a team – it’s a different aspect to a team in a business, but it’s still the same aspect that I’m part of a team.
“I suppose as you get older your time is your most important asset, so you come to realise that. You’d like to have the body that you had when you were a 25-year-old playing a lot more basketball and recovering a lot quicker, but you love to have the mind that you’ve got today and the experience – so I still think it’s important therefore to share these experiences and wisdom of years of experience and of exposure to circumstances.”
He says some people will listen and some won’t, but he isn’t one to sweat the small stuff and has a great family surrounding him as well. “Five children keep me very occupied in terms of trying to assist them in reaching their potential,” he says. And this is also what he finds most rewarding as a broker – assisting others in reach their potential.
“Unless you believe in reincarnation, you only get one shot at this [life], and I’d like to think you sit back in years to come on your jetty having a beer and saying, wow, that’s been a great journey and I’m really happy about what I’ve done – but more so what I have done in terms of influencing other people to achieve their goals and have a great life.”
Wells says his parents were his biggest influence and taught him great values, which have shone bright throughout his career. “That’s my DNA. It’s all about values, core beliefs. They gave me belief you can go out and do it,” he says.
“Whilst I can’t share [with them] a lot of the success in the last 10 years, they were very proud, and I look back on that and that’s put me in very good stead.”
Greg Wells is a multi-award-winning broker and managing partner of NSW brokerage Wells Partners/Mortgage Link Group. He started out in 1976 at just 15 years of age, when the financial services industry looked very different. His first job in what would become a long and decorated career was as a batch clerk at National Australia Bank in Liverpool, where he quickly scaled the ladder in business banking to become a bank manager by his mid-20s and a senior executive by 2000.
But after 25 years in banking, Wells decided the time was right to strike out on his own, establishing Wells Partners in 2001. From there he witnessed the exponential growth of the third party channel. “When I started in 2001 the market share for home loans was around 15%; today it’s 55%,” says Wells. “Commercial was virtual zero and today it’s probably around 30–35%.”
Accountant focus
In developing his commercial broking model, Wells specifically targeted accountancy businesses, and today they make up 75% of the group’s referral partnerships, of which they have 30.
“Most accountants today realise that it’s not just about doing tax returns; it’s about providing financial planning, finance and wealth management,” Wells says.
“It’s very much a holistic approach that links in what has always been, in my opinion, a key influencer,” he notes, speaking of accountants being privy to a client’s ‘inner sanctum’ of decision-making. “We then become that trusted adviser supporting the accountants where they now have a one-stop-shop approach – they are solving more problems of the client by way of bringing in finance, which is us.
“It’s a very good broadening aspect of their business and something that supports the linkage to a stickier client, because the more products and services you have out to a client the less likely they are to leave you.”
The group writes approximately $250m per year in loans, split equally in dollar value between commercial and residential. In terms of volume, it writes five times as many residential loans as commercial, but Wells explains that the commercial dollar figure is often about five times the size of the average home loan.
“It’s about having a spring in your step – loving what you do. And that’s why you do something for 40 years”
“So we’re spending more time on home loans than commercial, but because I’ve been at the beginning of commercial … that’s why we’re more known as a commercial broking group. But the fact is we’re doing it all.”
Wells says 75–80% of the group’s business is generated by its referral partners, including client referrals, and the remainder is repeat business from existing clients. Although the majority of its referral partners are accountants, the brokerage also partners with other professionals, including conveyancing lawyers, solicitors, buyers’ agents in real estate, and financial planners.
“Your referral partners can come in all shapes and forms,” Wells says. “A referrer can be simply a loan that you do and you exceed someone’s expectations and they’re happily out there endorsing you – everyone wants to talk about a good experience.”
Industry under review
With an extensive banking career prior to becoming a broker, Wells has seen both sides of the coin but says the growth of the third party is a clear indication that customers are embracing the broker model. “I’m much happier, in fact, having a broker hat on than a banker hat, because I feel that we are an advocate for the client in providing that choice – we’re filling a gap in the market.”
Commenting on ASIC’s remuneration review, Wells says regulation brings quality and has improved the quality of brokers overall. But he would like to see more discussion between banks and brokers in moving key people from the first party to the third party as the latter increases its market share.
With an ageing demographic, Wells says the industry needs to bring in young talent but also to further promote broking to women. “We need to encourage females into the industry and get a balance in there, and some businesses have done splendidly,” he says, pointing out that the majority of decision-makers in the home loan process are women.
“So it’s a natural fit for our market to have females coming through and taking up roles as finance brokers and moving into senior roles to endorse females. A lot of colleagues I speak to endorse that.”
In Wells’ own team of nine staff, four are women, and he doesn’t just talk about change, he makes sure to act on it too; for example he gave a $10,000 donation of the prize money he received for a broking award to a local university and its business students.
Young talentWells’ donation went towards supporting young students whose studies complement the industry, while at the same time promoting the option of a career in the third party channel rather than starting out in banking.
Wells Partners/Mortgage Link Group has four directors and it was the youngest of them and a prior top graduate of the university, Domenic Corigliano, who suggested donating the money to the university.
“We thought it was a natural fit to support Western Sydney University and the local people,” says Wells, as they now have three offices between Liverpool, Parramatta and Oran Park.
He is also offering the award recipients the opportunity to take up work experience with the group in the coming year. “They can come in, spend a couple of weeks with us to get a feel for the business and the operation and what types of opportunities are there,” Wells explains. “To be able to use technology and [understand] the complexity in respect to loan conditions, policies that are everchanging and covering commercial as well – there’s a lot to learn.”
Wells’ proactivity in promoting broking as a career option to young graduates is a great example to other brokers who may want to get involved in bringing fresh talent into the industry.
On recruiting new brokers, Wells says it’s all about the right mindset. “You really want to have a very open conversation about what they’re looking for; what their goals are short-term and long-term,” he says. “It is about getting to know the staff member, getting to know what drives them and what motivates them.
“It’s mind space. If you’ve got someone thinking about your business when they’re at home cooking a barbecue, then you tend to have someone engaged. And I’m looking for those types of people.
“The industry is doing really well, and having that commercial flavour for 15 years has put us in a very strong position because we understand diversification very well and we’ve got great capacity to be an expert in all lending, not just one area.”
“It’s mind space. If you’ve got someone thinking about your business when they’re at home cooking a barbecue, then you tend to have someone engaged”
Wise advice
After 40 years in the industry, how does Wells keep the passion for what he does, which is evident as he reminisces on his career?
“It’s about having a spring in your step – loving what you do. And that’s why you do something for 40 years,” he says.
“You clutch the air when you get a loan approved or get a good outcome – it’s that excitement.”
There’s no sign that he would have chosen to be anything else, but if he had, he says he would have been a professional basketballer, and he still plays competitively today. “Sport was one area that I’m participating in a team – it’s a different aspect to a team in a business, but it’s still the same aspect that I’m part of a team.
“I suppose as you get older your time is your most important asset, so you come to realise that. You’d like to have the body that you had when you were a 25-year-old playing a lot more basketball and recovering a lot quicker, but you love to have the mind that you’ve got today and the experience – so I still think it’s important therefore to share these experiences and wisdom of years of experience and of exposure to circumstances.”
He says some people will listen and some won’t, but he isn’t one to sweat the small stuff and has a great family surrounding him as well. “Five children keep me very occupied in terms of trying to assist them in reaching their potential,” he says. And this is also what he finds most rewarding as a broker – assisting others in reach their potential.
“Unless you believe in reincarnation, you only get one shot at this [life], and I’d like to think you sit back in years to come on your jetty having a beer and saying, wow, that’s been a great journey and I’m really happy about what I’ve done – but more so what I have done in terms of influencing other people to achieve their goals and have a great life.”
Wells says his parents were his biggest influence and taught him great values, which have shone bright throughout his career. “That’s my DNA. It’s all about values, core beliefs. They gave me belief you can go out and do it,” he says.
“Whilst I can’t share [with them] a lot of the success in the last 10 years, they were very proud, and I look back on that and that’s put me in very good stead.”
