Learn strategic client management from mortgage expert
Navigating a dynamic landscape, Brenda Nom (pictured), a seasoned mortgage adviser with more than a decade of experience, shared her journey from banking to brokering and her perspective on the ever-evolving mortgage industry.
In a candid conversation, she discussed the highs and lows of her career, the impact of regulatory changes, and her vision for the future of mortgage advising.
A journey from banking to mortgage advising
Nom began her career in the financial industry by working at a local bank for eight years.
Over time, she found the increasingly strict lending regulations restrictive and counterproductive to serving her clients’ needs effectively. This realisation led her to explore mortgage advising.
“I had never thought of that before and then started that role but after six months decided I needed to be free as [I] was being micromanaged from Auckland,” Nom said.
Taking a “leap of faith,” she branched out on her own, and 13 years later, she continues to thrive and enjoy her profession.
Advancements in mortgage advising
When asked about positive developments in her field, Nom highlighted the broadened options for clients.
“They don’t need to go into the bank, they can come to us and get everything and more and we can approach their bank if everything stacks up or line them up with a bank that will work,” she said. “So, [it] saves them time and money as we don’t charge a fee.”
This client-centric approach has redefined how individuals access financial products, enhancing convenience and reducing costs.
Industry challenges and solutions
The mortgage industry is not without its challenges, including increased competition and regulatory burdens. Nom noted the influx of new advisers, many former bankers, which she views positively.
“There is always enough business for everyone,” she said.
However, the increased paperwork and stagnant compensation from banks and insurance agencies pose significant issues.
“I would like to see an apprenticeship set up for younger people to entice them into the industry,” Nom said, reflecting her proactive stance on professional development and industry improvement.
Lessons from the field
Nom shared a memorable encounter with a difficult client to underscore the importance of selective client engagement.
“It tends to always happen with those ones so the learning is we don’t have to help everyone – and choose carefully who you take on,” she said. “Your gut feeling is normally always right.”
This experience has shaped her approach to client relations, emphasising the need for discernment and emotional resilience in her role.
Advice for aspiring advisers
For those looking to enter the world of mortgage advising, Nom offered straightforward yet powerful advice: “You need to love what you do – it shows. Be honest – if you make an error, own it. Clients respect that we are all human.”
She stressed the importance of authenticity, diligence, and continual learning as key to success in this dynamic field.
