Though a Certificates IV in Finance and Mortgage Broking is the minimal qualification to grow to be a mortgage dealer, many brokerages view a diploma as the start line for a profitable profession within the discipline.
Nevertheless, for Ben Magnus (pictured above), director of Empower Wealth Mortgage Advisory, a diploma is only one side of a two-year coaching program his brokers must undergo.
“The diploma serves a goal, but it surely does not present sensible abilities,” mentioned Magnus. “It is a basis, an entry level to entry lenders, aggregators, and do fundamental broking. However to be an skilled and trusted advisor, you want extra than simply the diploma.”
Empower Wealth wins Brokerage of the 12 months
Since Empower Wealth is a property funding enterprise at its coronary heart, Magnus mentioned the crew skilled its brokers to be “investment-savvy”.
“We train them the lending methods wanted to unencumber money circulation for purchasers to take a position. It is a distinctive ability set that different brokerages may not have,” Magnus mentioned.
“We do extra than simply refinancing, buying, or fairness releases; we interact in vital technique work that units purchasers up for the long run, not only for the transaction at hand. Our focus is on constructing wealth for the long run.”
The method clearly labored, with Empower Wealth Mortgage Advisory successful the celebrated Liberty Australian Brokerage of the 12 months on the 2023 Australian Mortgage Awards in October.
This got here after successful the Commonwealth Financial institution Brokerage of the 12 months (Over 20 workers) award earlier within the night time.
“Each the awards have been extremely humbling,” mentioned Magnus. “We have spent the final couple of years rising our brokerage, and this acknowledgment from our friends and the trade has galvanised the crew and set them on the trail to changing into prime contenders. This recognition simply helps with that.”
How Empower Wealth grew to become a billion-dollar brokerage
When Magnus joined Empower Wealth in 2019, the brokerage had 13 workers. In 2023, it’s grown to round 40 staff and settles greater than $1 billion per 12 months.
“We have spent that point rising, coaching, and cultivating expertise,” Magnus mentioned.
Empower Wealth launched its dealer academy round two years in the past throughout the pandemic to useful resource the crew for development.
Now that the category of 2021 had graduated, Magnus mentioned he had a stable pipeline of brokers coming by means of Empower Wealth’s built-in firm.
“I now have a educated crew of brokers who’re skilled within the trade. They’re desperate to progress additional, and their growth is one other key think about our success.
“This permits me to implement an inside succession plan the place an advisor who has been with the crew for 2 or three years and has a $200 million e-book will be promoted to a senior position.
“This method allows us to constantly and organically develop our enterprise whereas offering distinctive customer support.”
Empower Wealth’s dealer academy: Past the diploma
Empower Wealth’s dealer academy is totally different from a diploma in a number of methods.
First, Magnus mentioned its coaching was extra hands-on and sensible than the theoretical method of a diploma program.
“Our brokers be taught by doing, working with skilled professionals in all elements of the enterprise.”
Second, the dealer academy is built-in with all of Empower Wealth’s different providers, together with consumers’ brokers, property planning, monetary planning, and tax and advisory providers.
This publicity to totally different areas of experience permits brokers to develop a well-rounded understanding of the monetary trade and the options Empower Wealth provides.
Lastly, the dealer academy is designed to coach brokers to be lifelong monetary advisers, not simply transaction brokers.
“This all-encompassing method is one thing you do not get from a mortgage broking diploma. It is advisable to get it from an apprenticeship or an academy like ours,” Magnus mentioned. “This built-in method has contributed considerably to our success, as we expertise minimal consumer churn attributable to their utilisation of a number of providers.”
Are your brokers farmers or hunters?
As 2023 attracts to a detailed, Magnus mentioned his crew was targeted on enhancing its tech capabilities by leveraging its budgeting and money circulation forecasting device, Moorr, to implement good analytics.
This allows Empower Wealth brokers to detect when a consumer modifies charges, adjustments a discipline, or provides a brand new mortgage.
“With this expertise, we are able to supply a wise help service that proactively notifies purchasers when their charges are out of market and suggests connecting them with a dealer for a evaluation,” mentioned Magnus.
“This expertise has elevated our lead technology to 300 to 400 leads per thirty days.”
This innovation is underpinned by a philosophy that encourages lead technology.
“We’re transitioning our brokers from a ‘farmer’ mentality, the place they depend on enterprise coming to them, to a ‘hunter’ mentality, the place they actively search out alternatives,” Magnus mentioned.
“We’re offering varied coaching and programs to boost our brokers’ capabilities in anticipation of the upcoming difficult 12 months attributable to rate of interest hikes and inflation. Our objective is to determine ourselves as a thriving enterprise on this dynamic market.”
What do you consider Empower Wealth’s dealer coaching academy? Remark under.