"Be genuine and available," he says
Dave Whiting (pictured above), founder and managing director of Whiting Financial Services, has made a significant impact in the finance industry since starting his business in 2002.
His journey from working in various financial institutions to leading his own company highlights the importance of integrity, client care, and industry expertise.
Starting the business
Whiting’s decision to start his own business was driven by client demand for independent advice.
“In 2002, I commenced my own company, Whiting Financial Services Limited, due to ongoing client demand while working in a commercial role for National Bank,” Whiting says.
“Clients were continually ringing me to seek my independent thoughts regarding the finance and leasing options available to them.”
Whiting’s career began in 1988 with GMAC and included roles at UDC Finance, ORIX NZ, and the National Bank. His focus has been on financing and leasing plant, equipment, motor vehicles, and more recently, property funding.
Positive developments in broking
Whiting notes a significant shift in the industry’s attitude towards brokers.
“The most positive development in broking has been the change in attitude from the banks towards the broker market,” he says. “They now view us as a partner in their business as opposed to being a bit of a thorn in their side.”
Navigating industry challenges
Despite positive changes, Whiting sees challenges in the industry, particularly for brokers managing their cash flows and choosing the right deals.
“In NZ, there are lenders available that will almost do most deals, but as they become more risky, they become more expensive,” he says. “Use non-bank lenders and their skill sets for your clients where appropriate. Most importantly, be prepared to walk away from a deal.”
Guiding clients with integrity
Whiting emphasises the importance of providing honest advice to clients, even if it means advising against taking on a loan.
“It has been really nice to meet people who have changed their choice to a cheaper option or not purchased at all, and they have thanked me for this advice as they realise that in hindsight, they would not have been able to live comfortably if they took that initial mortgage out,” he says.
Advice for new advisors
For new advisors entering the industry, Whiting’s advice is simple: be genuine and available.
“People want to deal with people who care about you and are the type of person who they would stop to say hello to at a cafe, bar, or in the street,” he says. “The most valuable conversations I have with people are outside of their normal work hours when they have time to talk.”
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