He began as a young trainee with a home service insurance provider
Malcolm Davidson (pictured), managing director of UK Moneyman, has built a remarkable career in the mortgage industry, driven by a passion to help people achieve their property aspirations. His journey, which began in the late 1980s, has seen him rise from a young trainee in financial services to the head of a mortgage brokerage firm.
Getting into the industry
Straight out of school, Davidson embarked on a youth training scheme with a home service insurance provider. This early exposure to mortgages and protection policies ignited a desire to assist individuals in realising their homeownership dreams.
“After learning about how mortgages and protection worked, it became my ambition to help as many people onto the property ladder as possible if that is what they aspire to,” he said.
Davidson’s career trajectory underscores the significance of grassroots experience in shaping a comprehensive understanding of the industry. His foundational years equipped him with the insights and skills necessary to navigate the complexities of mortgage brokerage, ultimately propelling him to leadership.
Motivations to continue as a broker
Asked about his motivation to remain in the mortgage sector, Davidson jokes, “Some days, I wonder!”
Turning serious, he shared that his motivation is rooted in a recognition of the vital role brokers play. Over the years, he has witnessed a significant reduction in direct sales forces among lenders.
“Without brokers, there would be an enormous advice gap by now,” he said.
As the managing director of UK Moneyman, Davidson not only advises clients but also mentors aspiring professionals. He takes immense pride in having guided numerous individuals into the mortgage industry. This dual focus on client service and professional development is central to his enduring commitment to the field.
Looking to the future
Looking ahead, Davidson is pragmatic about the challenges facing the mortgage brokerage sector. He noted that the profitability of running a brokerage firm has become increasingly tenuous, with many lenders no longer offering minimum proc fees.
This financial strain is likely to reduce the number of advisers in the market. “There are much easier ways to make money!” he candidly remarked.
Despite the challenges, Davidson remains optimistic about the future of the business.
“For UK Moneyman, we want to continue our diversification, we now offer secured loans, later life mortgages and bridging finance, in addition to our core service,” he said. “I think with the rise of AI, the future role of a successful advisor is certain to be far more specialist than it is at the moment.”
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