Former bank manager establishes mortgage broking business after a 30-year career at ANZ
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 to Scott Wills (pictured above), who after a long-distinguished career at one of Australia’s largest banks, decided to make a significant career shift a decade ago.
Full name: Scott Wills
Job title: Mortgage broker
Company: Mortgage Choice
Number of years in the industry: 10
Location: Hawkesbury and surrounds
How and when did you become a mortgage broker?
I became a mortgage broker a decade ago after working with one of the big four banks, ANZ, where I was a district manager. After leaving the bank, I took 18 months off work to focus on my two girls before establishing my mortgage broking business.
I have built a successful business through Smartline Personal Mortgage Brokers and have continued to grow my business for the past decade. The business grew despite the challenges I and my family faced within the local Wisemans Ferry community with fires, flood, COVID and more floods.
As an active firefighter with the NSW Rural Fire Service, times were busy.
A recent REA’s merge of Smartline and Mortgage Choice saw a rebranding of my franchise under the Mortgage Choice banner. My determination through these challenges has allowed for good growth. It has led to the business being able to onboard my first full-time employee, my daughter, Emma. I have used the past eight months to teach Emma the ropes of broking as well as what it takes to run and grow a successful business.
In your opinion, what has been the most positive development in broking?
Over the past decade, many broker-related tasks have become easier. We now live in a world with information at our fingertips, the information we have at hand enables us to help our clients instantly. We’re able to find the information we need to assist with their every need almost instantaneously.
Using programs such as Quickli allows us to give clients an idea of their financial position while we’re on the phone to them and then move forward quickly to the additional research stage. This allows us to be confident in our discussions with our clients and ensures we’re always meeting our client’s needs.
What challenges do you see currently facing the industry, and what solutions would you propose?
With the development in technology comes increased challenges. For example, having a reliance on technology means we are limited in our abilities should we experience an internet or system outages.
Another grave challenge brokers are soon to be facing is how improved technology will be too big an opportunity for banks to slash costs by developing online faceless lending processes to cut brokers out of the process. This is a short-sighted approach in my view as the lending process is far more human-centric than many give it credit for and the lack of the human touch will be a decisive broker difference into the future.
One of the main challenges is brokers keeping relevant, with different lenders deciding to take market share. Lenders are aiming to protect their profitability by increasing the appeal of self-applications. For example, the MFAA recently revealed 74.1% of all loans were written by brokers. It will be interesting to see if this number is affected by large lenders deciding to go at it alone.
In my opinion, brokers are all the same. We have access to all of the same information, rates, products, fees, et cetera. However, to be successful, you need to have a point of difference. This is the relationship you build with your customers, by taking the extra mile to meet their needs and have the ability that is better than other brokers to understand what your customers are really asking for. Often, our clients don’t even know themselves and seek guidance from an expert. Over the past decade, we’ve spent minimal on paid advertising, but it is through creating a point of difference between myself and the client that has allowed for the growth of my business via word of mouth and referrals.
Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?
The hardest part about becoming a broker is starting. The most challenging time is the first few months or even years. Even though I had a vast experience and knowledge of the finance industry, the hardest part was learning how to start and grow your business while working within the business. Working on the business versus working in the business is a constant balancing act and a skill that needs mastering.
The first few months are tricky as you get used to being able to maintain your income, adjust to the idea of delayed payments, and grow your business while learning something new and unknown.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
The best piece of advice I can give is to work smarter, not harder. Have faith in your abilities and constantly look at your business from your customers perspective, which is key to highlighting areas you need to improve in. Stick to it and never let an opportunity pass, regardless of how small it is because even smaller fish lead to bigger things.
Never stop learning. Every day, keep growing your knowledge to benefit your clients.
Broker in Focus is a weekly MPA feature spotlighting mortgage brokers from diverse firms and locations across Australia. Among those recently featured are Camilla Lewis of Derwent Finance, Harrison Brown of Aussie, Anthony Bloom of My Mortgage Partner, Daniel Valente of WE Mortgage Solutions, and Brett Sutton of Two Red Shoes Mortgage Brokers.
Are you a mortgage broker interested in being featured? Email the author with your details.
