The industry must focus on increasing its market share, says adviser

by Ksenia Stepanova24 Jul 2018

NZ Adviser talks to Auckland-based mortgage adviser Brandon Lipman from iRefi Mortgage Specialists about developments within the adviser industry, the challenges and rewards of the job and his most memorable client experiences.

Lipman was named a Top Adviser in our second annual Top Advisers Rankings 2018.

How do you think the mortgage broking industry has changed over the last two years?
There’s certainly been an increase in the amount of lending written at the second tier level. Bank policy has changed significantly, keeping most advisers and firms on their toes to best place lending for ideal client outcomes.

What do you enjoy the most about your job?
Helping clients build on their existing financial literacy (regardless of their level) and teaching them a little bit more about the mechanics of a mortgage as well as their bank offerings.

What has been the secret to your professional success? 
I wouldn’t necessarily say that there are any secrets to success other than finding out exactly what the client needs, and delivering it. When you uncover this area and over-deliver as a broker, you create advocates.

What is the key to overcoming the challenges you face as a mortgage broker? 
A positive mind-set and a strong focus on providing positive outcomes for clients. If you have the above, you can’t really go wrong.

What is your best strategy for generating leads? 
Doing a heck of a good job and then asking for some!

What was your most memorable client experience this past year? 
There have been several clients who I’ve helped that had mispresented their applications either by going directly, or through another adviser. There’s often a weak point or an Achilles Heel in every application that needs to be addressed, either by way of expectations of the client or explanation to the bank. By catching this early and working through the scenario with the client and lender, you can turn outcomes around.

What do you think of the impending changes in the regulatory landscape? How will this shape the future of the industry? 
It puts pressure on the industry to increase their competency and sharpen up. The number our industry needs to focus on is the market share of lending drawn through advisers. By holding everyone to the same level of service and higher level of competency, the share of Kiwis wanting to use an adviser increases.

Outside of being a broker, what are your favourite hobbies? 
I play basketball and watch the NBA.

If you were the Prime Minister for a day, what would you do? 
Take a second look at KiwiBuild.

If you could offer one piece of advice to someone starting a career as a mortgage broker, what would that be? 
Save some cash first, find a mentor or firm that shares similar values, and then get writing.


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