Broker success 80% 'belief and confidence'

by Mackenzie McCarty17 Apr 2012

Former top broker Stuart Wemyss has said the majority of mortgage broker success can be put down to belief and confidence in the value delivered to clients.

Now operating a training course for brokers in addition to his mortgage business ProSolution Private Clients, Wemyss said too many brokers say to themselves 'they are not good enough'.

"For example, very few brokers target high-end clients, and the reason is they say to themselves they are not good enough to talk to them, so they stick to first homebuyers and mums and dads."

However, Wemyss said this perception is "totally wrong". "A lot of people in the high-net-worth space have no clue about money and finance, and a good broker with a good level of experience has a wealth of knowledge to share and help them through the process."

Comparing a $3m client to a $300K client, Wemyss said often the higher net worth client is easier to deal with, more appreciative of a broker's knowledge and time, and is also far more profitable.

Wemyss said that in fact, there is not much difference between a broker who writes $30m a year and an $80m broker - just confidence, backed by the other important 20% - a system.

"If you talk to a $30m broker, typically they have a lack of belief - they can't believe you can take your business to $80m and work the same hours or less," he said.

"These same brokers don't think you can ask clients to come and see you; they are driving all over town because they don't think their value proposition is strong enough."

"Once you have got the belief, there is really nothing amazing I did to settle $110m - it's just having a really good system and working the system - I didn't reinvent the wheel," he said.