Regulation and mentorship shaped Stuart Pope’s broking success
From engineering to mortgages, Stuart Pope, a seasoned mortgage adviser with Castle Trust Mortgages, mastered broking with regulation, mentorship, and lessons learned – proving experience is key to client success
From engineering to mortgage broking
Pope entered the industry in 2002 after beginning his property investing journey in 2000.
With an engineering background, Pope transitioned into mortgage broking after developing a deep interest in finances and mortgages.
“I liked it so much that I eventually purchased the Mike Pero Mortgages franchise for Nelson/Tasman,” he said.
Regulation and professionalism improve industry standards
Pope highlights the significant impact of increased professionalism in the mortgage industry, driven by regulatory changes.
“This required brokers to be much better educated and trained to provide a much higher quality of advice to our clients,” he said. “It cleaned up the industry players a lot and included recourse for clients who felt they had received poor advice.”
These improvements have built trust in the industry, raising standards and ensuring clients receive expert guidance.
Tackling challenges for new advisers
Starting in mortgage broking can be financially challenging, Pope said, as new advisers often face months without steady income.
“It will take a new adviser around 12 to 24 months to get a steady income,” he said.
To address this, Pope’s team offers advisers a salary package, allowing them to focus on client needs without financial stress.
Lessons learned: Always approach the client’s bank
One of Pope’s most valuable lessons came early in his career: never dismiss the client’s existing bank, even if they’ve initially declined a loan.
“When an offer was presented from another lender, the existing bank changed their minds and offered a mortgage,” he said. “By adopting this policy, if the client’s bank changes their decision, we can still claim commission and keep the client for the future.”
Advice for aspiring brokers
Pope stressed the importance of mentorship for new advisers.
“Have a mentor you can work with for the first 12 months or so, preferably in the same office as you,” he said. “The learning curve is so steep that the help of an experienced adviser is invaluable.”
Pope also pointed out that while industry qualifications provide a foundation, hands-on experience is essential for tackling diverse client needs, from mortgage structures to entity ownerships.
“The industry provides great job satisfaction, and clients are often very appreciative of the work we put in and the results we achieve,” he said.
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