MPA speaks to Andrew Psalt and discovers why the future of mortgage broking is in good hands
Andrew PsaltiYellow Brick Road, Cronulla, NSW
Why did you move into mortgage broking?
Finance has always been my preferred profession, and my time at ANZ was enjoyable both professionally and personally. But I really enjoyed the amount of time I spent working in the construction/facility management sector where I got to interact with clients, business owners and contractors on a daily basis, assisting them drive to success.
So when the opportunity came to combine both my finance skills and my newly honed client service skills and run my own business, it was an opportunity I just couldn’t pass up. Assisting everyday Australians grow wealth or empowering them with knowledge was the key driver.
What are the biggest lessons you’ve learnt on the job so far?
The value of a relationship. As a branch, our mandate is to make sure that we have exceeded the client’s expectations every time that they interact with any team member for any reason. This way the client will hopefully be happy with our service and recommend us to their social and professional circle.
What has been your biggest challenge?
Balancing all the different quirks and requirements that every lender has. It can be a challenge, but we have a documented process differentiating all the major players in the market. Being self-employed comes with its challenges, but every day in business is a new milestone. I now ensure we focus on a good work-life balance.
What are the key strengths a person needs to make a go of mortgage broking?
Empathy, understanding and good communication skills are paramount in this industry. We constantly place ourselves in the shoes of our clients when we dummy-run a new process – and ask ourselves that if we were not from a finance background, would we understand what is going on? If not, we change our tack.
What advice would you offer to others who are considering moving into mortgage broking?
If you live for a fast-paced job and you enjoy interaction with customers and helping people from every walk of life achieve their dream, whether their first home or just a plan for future investments, this is a rewarding job. Yes, it can be stressful at times, but when that approval from the bank is confirmed or when you receive glowing testimonials from clients or referrals from happy clients, it makes it all worthwhile.
How do you go about generating leads and turning them into satisfied customers?
My business partner and I have segregated the business into two parts: sales and operations. Sam’s role is business development and it’s his job to keep the pipeline full and maintain the relationship through the wealth creation process. If the client comes to us for advice, he will set the appointment so the client can meet with Carl; and, conversely, if the client would like finance, the meeting is set with me as the main driver. But at all times wealth creation is the hero. It can start as easy as a budget.
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