Loans, lessons, and long-term success
Alan Borthwick (pictured above), mortgage, insurance, and investment adviser at DUX Financial Services, began his finance career in January 2003 in a rather unconventional way.
“An old acquaintance I knew from Miniature Wargaming offered me the opportunity, and I saw it as a good way to get out of being a bouncer and bar manager,” Borthwick says.
Despite a rocky start where his trainers forgot he was coming on his first day, things soon improved, marking the beginning of his journey in finance.
The shift toward professionalism
Reflecting on industry changes, Borthwick says, “We don’t call it broking anymore.”
Borthwick says that while some still prioritise quick refinances, there is now a greater emphasis on providing professional, comprehensive advice.
Challenges and Solutions in Modern finance
Borthwick identifies the biggest challenge as the banks offering faster and easier access to customers.
“We have all had situations where we see a processing queue of two weeks, but somehow clients get full approvals from one branch visit,” he says.
To counter this, Borthwick and his team focus on professionalism and long-term advisory.
“If we cannot compete on speed, we can compete on advice, long-term focus, and a total advice system,” he says.
Learning from early career experiences
One of Borthwick’s early career experiences taught him a valuable lesson.
He helped a family avoid a mortgagee sale, consolidate debt, and reduce payments by $1,000 a fortnight. However, the family quickly reborrowed against their car for a holiday, ending up back at mortgagee sale.
“What I realised then is that the product itself is not the solution, it’s only the path to the solution,” Borthwick says.
The experience drove him to focus on comprehensive financial planning and advice.
Advice for aspiring financial advisers
Borthwick offers sage advice to newcomers.
“Don’t step over the small stuff,” he says.
Borthwick shares an anecdote about a colleague who refused loans under $350,000, while he nurtured smaller clients who later referred friends and needed additional services.
“Nurture and love your clients and grow with them, and you have a business for life,” he says.
Borthwick emphasises the importance of building long-term relationships and getting good advice for oneself to succeed.
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