Broking franchise hits 50 branches in under a year

by Miklos Bolza21 Mar 2017
Mortgage broking franchise MoneyQuest has achieved a national footprint of over 50 franchises since launching the operation in May 2016.

Managing director Michael Russell said that interest in MoneyQuest had come from existing mortgage brokers as well as ex-retail and business bankers.

For brokers, the franchise offers tailored business planning that is both proven and guaranteed, he told Australian Broker.

“Ross Begley, our executive chair, Julie Ryburn, our general manager ops and I, have over 60 years’ experience in building successful mortgage broking businesses. We still enjoy working closely with aspirational business owners and mapping a series of business initiatives they would otherwise be unfamiliar with.”

As well as coaching, MoneyQuest has also recruited the right talent to build world class user technology, training and more, he said.

“With our focus on intuitive technology and automation, our franchise system has been developed for savvy individuals looking to rapidly build a successful and highly sustainable financial services business. Our franchise owners receive extensive support through our onsite film studio, social media packages, online training academy and ongoing mentoring and business coaching.”

The training academy is split into three sections: induction, intermediate and advanced.

“Induction commences in a face-to-face classroom environment and then involves a comprehensive set of 12 modules that can be completed online at a time and place to suit our franchise owners. Each module contains plenty of video content that helps to reinforce the written material.”

During the first two years, franchise owners are also supported by an experienced mentor and are offered a number of other programs to enhance their skillset.

“Intermediate contains a series of online modules again with video content that is purposefully designed to transition our franchise owners into successful business owners,” Russell continued.

“And finally, our advanced modules are designed to transition our successful business owners into larger SMEs settling well over $10m per month and most importantly operating with optimal efficiencies.”

MoneyQuest also has a “contrarian” approach to lead generation, he said. To stand out in the saturated sea of traditional lead generation methods, the franchise network now uses a “black box” of referral sources which are continually growing in number.

While Russell wouldn’t divulge exactly how the black box worked, he did say that by and large brokers prospected for leads in much the same manner. MoneyQuest aimed at diversifying this.

“What we have done is spent time to assess and identify some new ways to generate sustainable lead flow.”

MoneyQuest will bring further innovation to the market over the next 12 months to help sustain current growth levels while continuing to support the franchise’s network of mortgage brokers.

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