Becoming a mortgage adviser can be one of the most rewarding industries to work in, though it isn’t without its challenges.
Loan Market mortgage adviser and NZ Adviser Young Gun 2019 Nathan Miglani entered the industry looking for personal development, and also to utilise his banking and loans experience with ANZ to the fullest. He says the mortgage adviser role has allowed him to offer a much broader range of solutions to people looking for residential, commercial and asset financing, and helping clients achieve their goals has been an immensely rewarding experience.
“I wanted to work in this space to represent clients’ best interests, and to understand everything with regards to their future goals,” Miglani told NZ Adviser. “Our team is fully committed to bringing the “modern-day branch managers” concept back where you know your adviser well, and you can pick up the phone and talk to someone who understands who you are and knows your background.”
“I enjoy how rewarding this industry is, both financially and socially,” he continued. “You are dealing with multiple transactions and people from all walks of life who are buying and selling every day, and I have not found any other job where I get this much joy and satisfaction. This is a job that really tests your time management, customer service skills under pressure and how you manage your family life at the same time.”
Miglani says his most memorable client experience was for a first home buyer client who had multiple debts, but a good deposit in KiwiSaver. He spent the next six months mentoring her and consolidating all of the debts into one loan, and once the account had improved over a six month period, she applied for a mortgage and got approved.
“I am still mentoring her, and she is looking to save approximately $20k,” Miglani said.
“When it comes to entering the industry, my best tip for a new adviser is to put your head down for the first 12 months and learn and understand each and every lender's policy. If you know your product, it will give you confidence in the market and will help attract good quality clients.
Don’t spend time and money on non-dollar productive activities like meeting people who will never refer you, or spending too much time on social media. The first 12 months are important as they lay the foundation for the next 3 years, so provide a world class service so that clients can provide referrals, and always think of the clients’ best interests. If you have a commission focus, you won’t last.”