His transition from social work to mortgage advisory highlights the importance of adaptability, integrity, and client-focused service
Brendon Ojala’s (pictured above) transition from social work to mortgage advisory highlights the importance of adaptability, integrity, and client-focused service, offering valuable lessons for both new and experienced advisers.
From social work to mortgage advisory
Ojala’s journey into the world of mortgage advisory began in 2004, after spending the first half of his career as a youth and social worker.
Armed with a degree in finance and accounting from Otago University, Ojala decided it was time for a change.
“It was time to try something completely different,” he says.
With the help of a friend who had started Velocity Financial a few years earlier, Ojala made the leap into mortgage advising, blending his education with a newfound passion for helping clients navigate their financial futures.
Evolving Into a trusted adviser
Ojala has witnessed significant changes in the broking industry over the years, with one of the most positive developments being the shift from “questionable salesperson” to “trusted adviser.”
He attributes this change to the evolving regulatory regime.
“Despite its obvious challenges, I think the regulatory regime we now operate in has assisted this and is supported by the increase in market share that advisers have secured,” he says.
This transition has not only improved the perception of mortgage advisers but also strengthened their role in the financial industry.
Broking challenges and market power
The broking industry is not without its challenges, and Ojala identifies two key issues.
First, maintaining profitable business in the face of rising costs, including compliance, is a significant hurdle.
“I think economies of scale and highly replicable processes will be required to enable this," he says.
Second, Ojala points to the sometimes-strained relationship between lending suppliers and advisers, which he feels can be more combative than supportive.
“As the market share of advisers increases this might have an impact, and as advisers continue (and increase) their professionalism perhaps more trust will be earned,” he says.
However, Ojala remains realistic about the power dynamics in the small marketplace, acknowledging that banks hold considerable influence.
Overcoming client retention challenges
Reflecting on his career, Ojala shares a challenging experience that taught him valuable lessons.
He recalls the frustration of working hard for a client, only to see them refinance on their own within 27 months.
“The lessons from this: choose your clients carefully, get agreement as to when you will charge a fee at the engagement phase of the client relationship, continue to communicate well and often with clients, and recognize some clients will move on, and I also need to move on,” he says.
These insights underscore the importance of setting clear expectations and maintaining strong client relationships.
Advice for aspiring mortgage advisers
For those entering the mortgage advisory industry, Ojala offers two essential pieces of advice.
First, he emphasises the importance of reliability.
“My mantra is to do what you say you will do. It amazes me how rare this actually is, but in my experience clients appreciate it,” Ojala says.
Second, he highlights the need to discern when to use different forms of communication.
“Work out when a phone call is needed and when an email is needed,” Ojala says. “Sometimes a phone call is perfect to calm a potentially escalating situation, and sometimes 'that request/conversation/feedback needs to be in writing.’”
Understanding these nuances can significantly enhance client relationships and ensure smooth communication.
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