After working in the finance space alongside brokers and aggregators for over two decades, Mark Sieler made the jump into broking just six short years ago.
In this Elite Broker Q&A, we find out how and why he got into the broking industry, his ‘broker bucket list’, what motivates him the most about being a broker, what he would change in the industry, and, of course, his top tips for new brokers starting their journey.
Here’s what he had to say:
This content is available exclusively to
The Adviser premium members.
Why did you want to become a broker and how did you get into the industry?
I started in the industry back in the year 2000 where I was processing loan applications for an equipment finance provider and an insurance premium funder.
This was after I did a degree in politics and I thought: “What do I do now with a degree in politics?” I wanted to join the United Nations, but, unfortunately, they didn’t have an office open in Wollongong!
I just landed a job in finance and from there I’ve stayed on the broker channel the entire time, it’s all I really know, and after dealing with brokers for so long, it just seemed to be the next logical step.
I worked for a small non-conforming lender, NAB, and AFG, so I’ve been in all these different roles but I’d just never been a broker.
After so many stints in BDM roles, which I enjoyed, it was time for me to go off and do something else.
What was on your ‘broker bucket list’ when you first started?
Firstly, I thought I would just do business in Sydney and Wollongong, and once I got up and running, I’ve done business everywhere in Australia except for South Australia and the Northern Territory.
I always knew that you’ve got to get referral partners early to give you that initial business and I was in a fortunate position to have a loan book with us, which assisted with some cash flow as well.
So getting some referral partners in place and then getting business up to a level where it’ll tick along by itself by way of word-of-mouth referrals was a goal. I think if you were to ask any broker in Australia, they’ll say that word-of-mouth referrals are key.
What sort of loans did you start off doing?
Anything I could get my hands on in the early stages. It was probably more owner-occupier and investor loans, refinances, and purchases as would be the case for many brokers starting out.
I didn’t do much in the way of things like SMSF or non-conforming, probably what most brokers would just call normal loans or “vanilla” loans.
What excites you the most about being a broker?
I think it’s the flexibility that being a broker allows you to have, but I also enjoy the analysis and new business type of stuff.
Aside from the flexibility though, the other things that motivate me and excite me about being a broker are wanting to make everything perfect and right for the customer and developing a successful business so that you can earn a good income, which, of course, a good income can mean different things to different people.
What are some things you’d change about the industry?
Well firstly, I’d probably legislate for uniformity of pay slips and discharge forms. Most brokers wouldn’t have a problem filling them out, but if you hand them over to a customer to fill out, they’re likely to get confused because they’re designed to be confusing and stall the process.
The other thing I’d do is mandate a period of time for a bank to action a discharge request and if they can’t offer a rate as good as a new one, it must go on to the next bank.
I think that would design enhanced competition within the banking system rather than just frustrating brokers and consumers especially when you have a situation where you’ve done a refinance, it’s been unconditionally approved, you’re heading towards settlement, but then the customer’s going to get a discharge form and then the existing bank undercuts the rate or matches it.
What are some of your top tips for new brokers out there?
Definitely have some form of income or cash reserves to fund both your business expenses and personal expenses for at least the first two years.
Secondly, I would recommend brokers get out there and acquire some referral partners so you can start building your business up to a sufficient level where you’re able to start getting referrals off that loan book.
If you’d like to find out more about Mark Sieler and Mortgage Choice Wollongong, tune in to the Elite Broker episode, Why broking was a natural move for Mark Sieler, below:
