MoneyQuest have announced their 100th franchise owner in Australia, capping a meteoric rise since launching on as a mortgage broker franchise in 2016.
They can now boast one of the fastest growing networks in Australia, with $400 million in submissions per month to go with their now triple digit number of franchisees.
Given that they have achieved this exponential growth while many other businesses were slowing down due to the COVID-19 pandemic, they were understandably proud of the milestone.
“We’re extremely proud,” said Michael Russell, Managing Director at MoneyQuest. “It’s been an interesting five years. When we kicked off the business in 2016, we didn’t anticipate a Royal Commission and then COVID. We didn’t have that in the five year budget, put it that way. When COVID hit, our organisation hunkered down to concentrate our resources on getting our franchisees through the pandemic at the expense of recruiting further franchises.”
“In 2020, we put a quasi-pause on recruitment to get our franchisees though. So we’re extremely proud of the team that we’ve put in place in the Franchise HQ, we’ve got some superstars in our franchise network now and we’re starting to revel in the results. That’s why we do what we do, when we’re able to celebrate milestones like this. It’s hugely exciting.”
One of the most interesting aspects of MoneyQuest’s growth has been their policy of picking off figures from within the industry and selling them on their business. Now, 75% of MoneyQuest franchise owners are ex-bankers or brokers.
“It’s no secret that we do target bankers looking to leave the environment of a PAYG employee and become a business owner,” said Russell. “We also target successful loan writers within other groups that want to be business owners. We target them because we know that if we can get within their consideration set, when looking at a number of our peers, we know that we generally win.”
“These people are financially astute. They understand what they want and our proposition, we think, is unrivalled at the moment. At this point in time, I’m comfortable in saying that our proposition is unrivalled. We’ve just developed some incredible proprietory tech that creates so much efficiency for our members and when we’re able to showcase that, along with everything else that we do, we’re very successful.”
“That 75%, now, is largely because we’re inundated with referrals. Those that are joining MoneyQuest are very quickly realising that they’ve made the right decision and they’re referring others. It just so happens that our initial target group was ex-lending managers, ex-business banking managers and successful loan writers. That is the peer group that our existing franchisees are referring to. At moment, the sun’s shines and we’re trying bale as much hay as we can.”