He used his business expertise to build a firm dedicated to supporting brokers
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.
In this edition, Mortgage Introducer sat down with Nick Hayes (pictured), the managing director of Pia Financial Solutions. While Hayes has never worked as a mortgage broker himself prior to setting up the business, his extensive background in business management provided him with a fresh perspective on building a support-driven company tailored to the needs of brokers.
Full name: Nick Hayes
Job title: Managing director
Company: Pia Financial Solutions
Number of years in the industry: 16
Location: Office in Chester le Street (but advisers are nationwide)
How and when did you become a mortgage broker?
I have never been a mortgage broker myself but had managed a number of businesses before I set up Pia Financial Solutions in 2007. I believed that there was a potential market for a company that could provide a high level of support for mortgage brokers, and we started from there.
In your opinion, what has been the most positive development in broking?
There are two areas that jump to mind. Firstly, the changes in regulation that have come in since the financial crash. Wide ranging criteria, robust affordability assessments and the more complex nature of clients’ employment and income sources have meant that brokers have become ever more important in helping clients get the mortgages they need.
Secondly, Consumer Duty. We now have an obligation, not only to ensure we give the best advice to our clients, which has obviously always been the case, but also to ensure that we avoid foreseeable harm. This opens up the protection conversation to make sure that we not only enable the client to buy the home they want, but also help make sure that they can stay in it should the unexpected happen.
What challenges do you see currently facing the industry?
The volatility in the worldwide economy, made all the more uncertain with the wars that are currently being fought, means that it is unlikely that we will see short- to medium-term stability in the cost of borrowing. This will make it difficult for clients to secure low rates when they are either buying a property or looking to remortgage.
Brokers can really add value here by securing rates a few months out and monitoring the market right up until completion to make sure that the clients get the best rates possible.
Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?
Starting the business at the start of the financial crash was extremely challenging but made it imperative for us to operate efficiently and to make sure that we covered all the clients’ requirements including protection, general insurance, conveyancing, and others rather than simply relying on the mortgage itself. The mortgage was just the way in to open the discussion onto broader financial advice.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
Take the time to craft a well-thought-out business plan that outlines your goals, strategies, and the routes to market you intend to pursue. Conduct thorough research to ensure you fully understand each channel and its potential. Put your plan in writing and revisit it regularly to track your progress and make necessary adjustments.
Also, don’t put all your eggs in one basket, but develop a range of sources of business in case one of them does not produce the results you were hoping for.
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 Alan Kent of Viable Mortgages, Chetan Jethwa of Vistaara Financial Solutions, Kane Powell of Heron Financial, Richard Jennings of Richard Jennings Mortgage Services, Barry Wise of The Mortgage Pod, Bob Singh of Chess Mortgages, Matt Davey of Peritus Private Finance, Chris Hall of 1st Call 4 Mortgages, Akhil Mair of Our Mortgage Broker, and Bola Anike of Elmgrove Financial Services.
Are you a mortgage broker interested in being featured? Email the author with your details.
