Three-part plan details how to break $100m a year

by Madison Utley10 Jul 2019

An accomplished mortgage broker with banking roots has used his financial services knowledge to assemble a three-part business plan, which has helped some broker participants go from $10k to $100k a month in revenue in just two years.

Broker Profits Vault founder James Veigli explained, “The 10X Broker Plan was a culmination of over a decade of experience, consulting and working with brokers. Towards the end of 2016, I sat down and condensed the last ten years into a visual model of what the top performers across Australia and New Zealand were doing, and distilled that into a three-part plan, each with three accelerators that brokers need to install into their businesses to grow by a factor of ten.”

Because many brokers are drawn to the industry for the flexibility and freedom of time it offers, Veigli believes it is crucial to embed key systems into the business to ensure it continues to grow and thrive. 

“The first piece needed is a system to consistently attract quality leads and referrals, and to set themselves up as an expert in their particular segment of the market. If they can’t do that, the business falls over,” said Veigli.

“The second piece is about developing the connection with those leads over time. Where a lot of brokers fall down is that they get very good at attracting new clients, but they don’t know how to scale themselves and their time effectively in order to double or triple a business.

“The third piece is therefore around ensuring you have systems, processes and a team to engage, sell and service those leads – which is where the true value of a business lies,” he added.

According to Veigli, a key element to scaling up a business is being able to operate ‘hands-off’ through building a virtual team in addition to the local team. This allows for the creation of automated processes which in turn frees brokers up from being tied to their business at all times.

“My recommendation is that mortgage brokers outsource the loan processing and the time-consuming admin tasks from day one. If we cut out all of the processing work, that doubles the time they have to go out and sign up more loans," he explained. 

The 10X Broker Plan is available as a free online workshop for mortgage brokers and business owners. To register – click here.