Brokers discuss whether people are born to be advisers or learn to be
The field of mortgage broking is more than calculations and deal-making - the importance of the human touch is also paramount. Identifying a quality broker is complex, as the individual must have more than one string to their bow.
So, how do you recognise a good broker and how do you develop these skills?
How to identify a good broker?
“In the cutthroat world of mortgage broking, where fortunes are won and lost on the ebb and flow of interest rates, the ability to spot a true diamond in the rough is as valuable as a Tommy Shelby gut instinct,” said Darryl Dhoffer (pictured left), mortgage expert at The Mortgage Expert.
While some may believe that the makings of a good broker are innate, a product of cunning and charisma, Dhoffer said, the truth lies in a blend of natural aptitude and honed skills.
He added that a good broker possesses an uncanny ability to decipher the intricate labyrinth of mortgages, understand the nuances of different products and lenders, navigate the complexities of financial regulations, and translate financial jargon into plain English for their clients.
“They are masters of numbers, capable of analysing intricate financial data and predicting the impact of market shifts with uncanny accuracy,” Dhoffer said.
However, Dhoffer said their expertise extends beyond mere numerical proficiency, and added that an effective broker is also a shrewd negotiator, capable of charming lenders into providing favourable terms for clients. It encompasses a versatile skill set that combines financial insight with persuasive finesse.
“In this demanding arena, success is defined by the ability to spot opportunities and negotiate adeptly, rendering a broker indispensable in the ever-evolving landscape of mortgage broking,” Dhoffer said.
Are brokers born or taught?
Ken James (pictured right), director at Contractor Mortgage Services, said the distinction of being a skilled broker is unequivocally a result of ongoing development rather than an inherent trait.
James added that it entails years of refining skills, learning from mistakes, and building confidence in one’s knowledge.
“The proficiency required for this role extends to effective communication with clients from diverse backgrounds, instilling in them the assurance that, as the broker, you possess the expertise to adeptly guide them through the intricacies of the mortgage process,” he said.
Indeed in today’s landscape of Consumer Duty, he said that being a good broker goes beyond the scope of mortgages alone.
“A simple declaration that a client did not express interest in discussing protection is no longer acceptable,” he said as an example.
Brokers, James said, must step into the role of educators, ensuring clients are guided down the right advice path.
This moulding of brokers into effective professionals, James said, demands time and unwavering dedication. While some may naturally exhibit flair and panache, he added, the journey to becoming a skilled broker is gradual, requiring consistent commitment and effort.
“Success in this field is not an overnight accomplishment; it is a continuous process, necessitating adaptability and a readiness to evolve to truly embody the qualities of a proficient broker,” James said.
What do you believe makes a good broker, and are advisers born with these skills or do they learn them? Let us know in the comment section below.
