He entered broking after receiving a mediocre broker service, determined to do better
Broker in Focus is a dedicated series that highlights the unique journeys of mortgage brokers, providing them with a platform to share their experiences, insights, and expertise. Through compelling personal stories and professional reflections, each featured broker recounts the key moments that have shaped their careers, delves into the challenges and opportunities facing the industry today, and shares the valuable wisdom they have gained along the way.
This week, Mortgage Introducer shines the spotlight on Daniel McLardy (pictured), mortgage broker and owner of Experts 4 Mortgages, who made the leap into financial services after 14 years running an online garden products business. Frustrated by a lacklustre experience with a broker during his own home purchase, McLardy saw an opportunity to raise the standard of advice and service in the industry.
Full name: Daniel McLardy
Job title: Mortgage Adviser & Owner of Experts 4 Mortgages
Company: Experts 4 Mortgages
Number of years in the industry: 9
Location: Edinburgh
How and when did you become a mortgage broker?
I became a broker in 2016 after exiting the online garden products business I ran for 14 years. While running my business, I had to deal with many financial matters, and for me, it was a natural transition to move into the financial services industry. In 2014, I experienced a very mediocre broker service when my wife and I bought our first home together in Edinburgh, and I believed I could do it better. Experiencing mediocrity became an opportunity, and I am pleased I took it.
In your opinion, what has been the most positive development in broking?
This might not be a popular answer, but regulation. This industry requires keen oversight, and its reputation has been enhanced via committed regulation that protects consumers now and in the future. The FCA may not be perfect, but in my view, they have done a reasonable job of evolving regulation and, in turn, raising consumer confidence in our profession. On the issue of vulnerability, they have been very good in recent years in providing a thorough, evidence-based rationale for the subject to be high on the agenda for broker firms.
What challenges do you see currently facing the industry, and what solutions would you propose?
Consumer information noise is the challenge currently at the forefront of my mind. It is remarkable how social media and the advent of AI are leading consumers to believe that the answers can come from the internet nebula. Inevitably, this is a challenge for real professionals with expertise, who are providing unique solutions to clients with nuanced circumstances. I regularly meet prospective clients with concerningly distorted views of their situation because they put their trust in the internet before they did a person, and correcting the misconceptions can add a considerable layer of complexity to a case.
Brokers will need to ensure they call upon all their reserves of patience and professionalism while the world comes to realise that it’s real people with real empathy and expertise who can lead consumers to the best outcomes.
Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?
It’s a debt consolidation case back in 2018. My client had been ill two years prior and spent a period on half pay. He had four credit cards totaling around £44,000 that were slowly asphyxiating him financially with high interest rates and ever higher monthly payments, and when he first came to my office, the worry and strain were saddeningly apparent. I was able to consolidate the entire debt via a remortgage, locking in a five-year fixed rate at 2.14%, and at the same time transitioning him away from his previous lender’s SVR. It wasn’t a technically difficult case, but the outcome was transformational for the client’s welfare. He returned to my office months later to discuss income protection, and that’s when I saw him smiling for the first time.
The lesson from this case was more about a deeper realisation that the advice I give my clients really means something. The results and impacts of my advice can be a key determinant in the quality of life a person or family has in the future, and it’s a serious business. I will never take the privilege of trust lightly.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
Never compromise on thoroughness and attention to detail, and if you ever find yourself in an environment where you are not given the conditions to give your clients committed and focused attention, make the changes you need to make.
Broker in Focus is a weekly Mortgage Introducer feature, spotlighting mortgage brokers from diverse backgrounds and locations across the UK. Among those recently featured are Richard Dalgleish of Premier Financial Planning, Nick Cooper of Clark Marshall Associates, Shadab Sayed of Bennison Brown, Andrew Foligno of Foligno & Co, Luke O’Sullivan of The Loans Engine, Simon Allen of Searchlight Finance, Charn Gandham of Chancery Consultants, Ifthikar Mohamed of WIS Mortgages, Lee Trett of Echo Finance, and Keith Humphreys of Pinpoint Commercial Finance.
Are you a mortgage broker interested in being featured? Email the author with your details.
