Strategies for a changing market
Oliver Broomfield (pictured above), mortgage adviser and owner of Oliver Broomfield Mortgage & Insurances, shares his journey and insights into the mortgage industry.
The journey begins
“I moved from a corporate role into a mortgage brokering role when my first daughter was born in June 2020," Broomfield says.
He describes his transition from a sales-oriented finance business owned by ANZ Bank to taking over a Mike Pero franchise from his wife. After 15 fruitful years, he established his own venture in 2017.
“A key to this is ensuring that you have regular ongoing contact with other self-employed brokers to discuss industry and product developments,” he says.
“You also need to choose an aggregator that is going to provide the right tools to ensure you have the best options for clients and keep abreast of the ever-changing world of regulation.”
Evolution in mortgage brokering
Discussing the most positive developments in brokering, Broomfield notes, “The recognition of mortgage brokering as a legitimate channel for mortgages through mainstream lenders and non-bank lenders is very exciting.”
He highlights the role of technology in transforming a traditionally paper-based industry into one that is 100% paperless, allowing for personalised support from anywhere in the world.
Industry challenges and solutions
Broomfield points out the misconceptions held by the media and some politicians regarding the accessibility of property ownership, especially in urban areas like Auckland.
“The media should be encouraging potential clients, especially renters, to see brokers one to two years before they want to purchase so that they are ready to go when the time’s right,” he says.
Broomfield also addresses the need for better financial education and preparation for prospective homeowners.
“As a financial adviser of over 20 years, I have been privy to the financial situations of many people,” he says. “There are certain groups of people that can accumulate and others that seem to be in a continual struggle, no matter what they are earning.
“The difference might come down to having the right financial direction and information early in life, taking the time to set a goal, and then making the right decisions along the way, to achieve that goal.”
Advice for aspiring mortgage advisers
For those looking to enter the mortgage advising field, Broomfield offers several pieces of advice.
“Get to know your clients well. Clients are not a transaction,” he says.
Broomfield advises maintaining clear communication, managing client expectations, and focusing on exceptional customer service to differentiate oneself in the industry.
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