Though a Certificates IV in Finance and Mortgage Broking is the minimal qualification to develop into a mortgage dealer, many brokerages view a diploma as the start line for a profitable profession within the discipline.
Nevertheless, for Ben Magnus (pictured above), director of Empower Wealth Mortgage Advisory, a diploma is only one facet of a two-year coaching program his brokers have to undergo.
“The diploma serves a function, but it surely does not present sensible expertise,” stated Magnus. “It is a basis, an entry level to entry lenders, aggregators, and do fundamental broking. However to be an skilled and trusted advisor, you want extra than simply the diploma.”
Empower Wealth wins Brokerage of the Yr
Since Empower Wealth is a property funding enterprise at its coronary heart, Magnus stated the workforce educated its brokers to be “investment-savvy”.
“We educate them the lending methods wanted to unencumber money circulate for purchasers to speculate. It is a distinctive ability set that different brokerages may not have,” Magnus stated.
“We do extra than simply refinancing, buying, or fairness releases; we have interaction in vital technique work that units purchasers up for the long run, not only for the transaction at hand. Our focus is on constructing wealth for the long run.”
The method clearly labored, with Empower Wealth Mortgage Advisory successful the celebrated Liberty Australian Brokerage of the Yr on the 2023 Australian Mortgage Awards in October.
This got here after successful the Commonwealth Financial institution Brokerage of the Yr (Over 20 workers) award earlier within the night time.
“Each the awards had been extremely humbling,” stated Magnus. “We have spent the final couple of years rising our brokerage, and this acknowledgment from our friends and the trade has galvanised the workforce and set them on the trail to changing into high contenders. This recognition simply helps with that.”
How Empower Wealth grew to become a billion-dollar brokerage
When Magnus joined Empower Wealth in 2019, the brokerage had 13 workers. In 2023, it’s grown to round 40 workers and settles greater than $1 billion per yr.
“We have spent that point rising, coaching, and cultivating expertise,” Magnus stated.
Empower Wealth launched its dealer academy round two years in the past throughout the pandemic to useful resource the workforce for progress.
Now that the category of 2021 had graduated, Magnus stated he had a strong pipeline of brokers coming via Empower Wealth’s built-in firm.
“I now have a educated workforce of brokers who’re skilled within the trade. They’re desirous to progress additional, and their improvement is one other key think about our success.
“This permits me to implement an inside succession plan the place an advisor who has been with the workforce for 2 or three years and has a $200 million e-book may be promoted to a senior position.
“This method allows us to repeatedly and organically develop our enterprise whereas offering distinctive customer support.”
Empower Wealth’s dealer academy: Past the diploma
Empower Wealth’s dealer academy is completely different from a diploma in a number of methods.
First, Magnus stated its coaching was extra hands-on and sensible than the theoretical method of a diploma program.
“Our brokers study by doing, working with skilled professionals in all points of the enterprise.”
Second, the dealer academy is built-in with all of Empower Wealth’s different providers, together with consumers’ brokers, property planning, monetary planning, and tax and advisory providers.
This publicity to completely different areas of experience permits brokers to develop a well-rounded understanding of the monetary trade and the options Empower Wealth presents.
Lastly, the dealer academy is designed to coach brokers to be lifelong monetary advisers, not simply transaction brokers.
“This all-encompassing method is one thing you do not get from a mortgage broking diploma. You might want to get it from an apprenticeship or an academy like ours,” Magnus stated. “This built-in method has contributed considerably to our success, as we expertise minimal consumer churn on account of their utilisation of a number of providers.”
Are your brokers farmers or hunters?
As 2023 attracts to an in depth, Magnus stated his workforce was centered on enhancing its tech capabilities by leveraging its budgeting and money circulate forecasting software, Moorr, to implement sensible analytics.
This allows Empower Wealth brokers to detect when a consumer modifies charges, modifications a discipline, or provides a brand new mortgage.
“With this expertise, we are able to provide a wise help service that proactively notifies purchasers when their charges are out of market and suggests connecting them with a dealer for a assessment,” stated Magnus.
“This expertise has elevated our lead era to 300 to 400 leads per thirty days.”
This innovation is underpinned by a philosophy that encourages lead era.
“We’re transitioning our brokers from a ‘farmer’ mentality, the place they depend on enterprise coming to them, to a ‘hunter’ mentality, the place they actively hunt down alternatives,” Magnus stated.
“We’re offering numerous coaching and programs to reinforce our brokers’ capabilities in anticipation of the upcoming difficult 12 months on account of rate of interest hikes and inflation. Our objective is to ascertain ourselves as a thriving enterprise on this dynamic market.”
What do you consider Empower Wealth’s dealer coaching academy? Remark beneath.