One of Australia’s leading loan writers has explained how mortgage brokers can pay for a personal assistant by writing three car loans a month.
Peter Schroeder of Mildura Finance Limited (MFL) told The Adviser that brokers often complain that they do not have enough time to consider diversifying into new areas of lending.
“If you diversify into doing cars or equipment finance, by just diversifying into that area, it will pay for a PA to come on board beside you,” Mr Schroeder said. “It actually pays for a person to come into your business and helps you grow your business. You do three cars per month and you'll actually pay for a PA.”
Mr Schroeder, who has been in the banking and finance industry for 30 years, said that when he established MFL in 2000 he became “so tied up in actually writing the business” that he didn’t have time to grow it.
However, implementing changes and trying new things has allowed him to successfully grow his business into an award-winning diversified finance group.
“My favourite saying is, 'change equals opportunity',” he said. “I like change. It’s the first step in going from a one-man show to a two-person show. Instead of looking at how you can put someone else into the business you just say, ‘Well I’ll bring a PA on next to me; they can help me do decision lists and then I can start selling other products and then they just process the cars.
“At the end of the day it's pretty simple.”
Mr Schroeder was the top business broker in The Adviser’s Commercial Business Writers 2015 ranking, with $167 million in volumes written over the 2014 financial year.
Those that make the final ranking will be able to leverage their recognition as one of Australia's best commercial business writers, which will have immense value in terms of marketing opportunities to both clients and referral partners.
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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