A leading industry figure has received an overwhelming number of enquiries from loan writers across the country looking to leave their existing brokerages due to a lack of support.
MoneyQuest managing director Michael Russell said he has seen a “huge response” since the group announced the launch of its new franchise operation, which is actively seeking ambitious mortgage professionals eager to build their own successful broker businesses.
“It’s a bit of an iceberg moment for us, as after six months of work the tip of our iceberg is now visible for all to see,” Mr Russell told The Adviser.
“In the coming months it will continue to rise out of the water and be unlike anything the industry has seen before."
A majority of the enquiries that Mr Russell has received have been from loan writers wanting to make the transition to business owner. He said that while this in itself is not unusual, what has been is the feedback they have provided.
“They are telling us that they should have made the move years ago, as they’ve worked too long for a business owner who expects them to generate their own loans – without any of the ownership trimmings,” Mr Russell said.
“I’ve always said, as the term suggests, loan-writers should be employed to write loans, not look for loans or do their own loans administration.”
Business owners have the responsibility to be “the rainmakers in their business” and if they can’t or choose not to, then they must depute this responsibility.
While the strong response from loan writers has come as a shock to the MoneyQuest boss, he sees it as a major opportunity for the growth of the company’s new franchise model.
“Business owners had better lock up their loan writers as MoneyQuest is coming,” he said.
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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