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sean murphy

Diversify your business … then what?

sean murphy
Sean Murphy 3 minute read

As the broking profession changes and becomes more competitive, we are challenged to think about ways we can do something a little different or offer something more to our clients.

One thing that is drilled into us at every second PD day is to diversify. But we rarely get given the direction on how to do it or how to implement changes in our businesses. Then a couple of days later, we find ourselves caught up in a storm of work and forget all about what we were inspired to do a few days earlier. We’re all guilty of that.

I want to share a few simple foundations that helped me develop into being a more proactive prospector rather than a reactive time waster.

Implement boulders

One of my mentors told me right from the start to set ‘boulders’ in my calendar. Boulders are immovable time slots where you focus on one particular task without distractions, including phone calls and emails. It might be two hours every Thursday morning to learn about a particular topic or work on a particular project.

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For example, I recently allocated two boulders per week over a two-week period to organise an SMSF lending roadshow. This will involve three accountants, three independent property specialists and three independent financial planning groups explaining SMSF lending to investors. Thanks to my boulders, the planning has been completed and dates are now being locked in.

Training

Another important thing is to know what you are talking about. Don’t just publish on your website “now offering SMSF lending” and try and wing it, because you will almost certainly disappoint. Instead, lock in another boulder dedicated to education. However, you don’t need to sign up for expensive training courses to learn about these fields; you can just use your peers!

1) Use the accountants in your network to learn about the structure and costs of SMSF entities
2) Use your financial planners to learn about the importance of investment strategies within these lending facilities and their costs
3) Use your lender BDMs to learn about the product dynamics and process so you have then covered each aspect of the process. Your peers are likely to be more knowledgeable than trainers. You can also leverage off webinars, PD days and LinkedIn groups

Patience

Be disciplined in using your boulder slot each week to learn about SMSF lending or non-conforming lending or something different and it will come together over time. Don’t try and rush it, as it will become frustrating and less enjoyable to learn. It took time to learn the mainstream lending landscape; the other areas of lending are no different.

The benefits

Develop larger referral networks with other finance professionals such as accountants and financial planners. Benefits include increased revenue as you can help more clients with more solutions and the greater recognition that comes from being a finance professional.


 

Sean Murphy Sean Murphy, senior credit adviser, My Mortgage Freedom 

 Starting his finance career at Liberty Financial in 2007, Sean developed a passion for specialist lending and the challenge of  finding a solution for every client.

 Having been a BDM at Liberty for almost three years, Sean decided it was time to move on and joined My Mortgage Freedom in  the beginning of 2014. Sean's background in SMSF lending and non-conforming residential and commercial mortgages gives  the  team great scope when dealing with their clients.

 Sean's objective is to work with a range of clients in different situations to assist them no matter how challenging the  transaction  might be.

Diversify your business … then what?
sean murphy
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sean murphy
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