At a time when repeated government intervention has left much of the industry's blood running cold, Verico appears well-positioned to handle just about anything thrown its way
At a time when repeated government intervention has left much of the industry’s blood running cold, Verico appears well-positioned to handle just about anything thrown its way.
Verico had 65 new firms join over the last couple of years, and according to Albert Collu, the company’s president, it’s because of an intriguing economic model.
“The feedback from many of those who have come to Verico in the last couple of years is that they are really impressed by the economic model along with Verico’s commitment to support training and empowerment of the individual brands of the aspiring entrepreneurial mortgage professional,” said Collu. “Because of the way our model is designed, it returns a lot of income back to the brokers. They love that the return for what they pay in the nominal fee is really high in terms of the support structure, the tools, the technological pieces we put in place, like websites and CRMs to name but a few. Brokers also really like having the ability to propel their own brand. Our motto is very simple: Your Business, Your Brand, Your Way, and it’s very pronounced as a result of all the pressures that are being felt by brokers in the industry now. Verico remains the most purist model in the industry”
“The perception of those who have come to Verico in the last couple of years is that they really like the economic model,” said Collu. “Because of the way our model is designed, it returns a lot of income back to the brokers. They love that the return for what they pay in the nominal fee is really high in terms of the support structure, the tools, the technological pieces we put in place, like websites and CRMs. Brokers also really like having the ability to propel their own brand. Our motto is very simple: Your Business, Your Brand, Your Way, and it’s very pronounced as a result of all the pressures that are being felt by brokers in the industry now.”
Verico was purchased by M3 last year in one of the largest acquisitions in the industry’s history, and it’s given the megalith even deeper resources. This year, Verico intends to roll out more tools for its network, like financial products, lead generation implements, credit cards, and even an insurance product.
Collu also says Verico is looking for a new BDM to install in Western Canada—ideally, but not necessarily, in Vancouver—who can help the network’s recruiting efforts.
“I think a candidate who has a well-rounded knowledge base of regulation and what lenders are enduring only adds value to the conversation when we’re trying to attract people into Verico,” Collu said of the coveted position. “Mortgage industry experience is important, however, we will look primarily towards someone with good sales and development skills who can be self-managed. We want somebody who’s passionate about the industry and who can drive the Verico value-add through the marketplace, but who can also drive the mortgage broker channel forward.”
Collu added that the Verico network will likely become even more attractive in the new regulatory era, and one of the reasons is the preparation with which it endows its member brokerages.
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