We speak with Mr Turner about his journey into broking, the value of disconnection, and why more brokers should consider outsourcing.
In 2020, Matt Turner asked himself the question of what he wanted to do. The COVID-19 pandemic had stalled his work as a mobile banker, sparking an existential query about his career. As fate would have it, an opportune phone call with a former client became the pathway for him to enter broking.
Since this pivot, the Geelong-based broker has found success, settling $80 million last year. An impressive form that’s compounded by how Mr Turner has also begun writing a newspaper column, publishing a fortnightly newsletter and is in the midst of launching a construction finance-centred brand.
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We speak with Mr Turner about his journey into broking, the value of disconnection, and why more brokers should consider outsourcing.
The Adviser: How did you get into broking?
Matt Turner: I studied law and commerce at Deakin University, but I was a little bit unsure of what I wanted to do when I graduated. I was doing a bit of sales work, and I really enjoyed that side of things. But I wanted to use some of what I'd learned at university without having to do law.
In that time, I worked with a local brokerage firm in Geelong and later as a mobile banker with ME, until something called COVID came along. That was around 2016. At that point of time, a lot of banks were pretty under the pump and they were just pumping any resources they could into it. But it led me to question what I wanted to do.
What was it about broking that drew you in?
I knew I enjoyed banking and lending. I gave one of my old clients, Danny Pearson at GSC Finance Solutions, a call and he asked me if I wanted to have a chat about coming on board. I played hard to get for a little while, and joined the business in October 2020.
You’re fresh to the industry, but last year you settled $80 million. Did your banking and finance background help you transition to broking?
We've got a bit of a unique model here. How we work is we've got portfolios. Being an ex-business banker and ex-accountant, the business has been in a way that we all look after a portfolio of clients.
Just having that background and understanding of lending and all that sort of thing meant that I could just start straight away. Plus also knowing how BDMs operate, knowing how the back of house systems and everything works.
Did you also find that, as a new broker, it's given you an advantage to join an established team?
Yes, absolutely. I think joining an established team means that there's already a culture in place, there's already a credibility in place. I was able to do the things that I was good at from the start, which is working out on the lending opportunities and business development and structuring deals and all that sort of thing rather than focusing on my colours, or what my brand was going to be.
In terms of finding work, did you still have to find new clients and prospect?
Absolutely prospecting, but we've had a massive amount of growth as well. We're not just wanting to stand still. We're looking at growing, bringing on new clients through new referral arrangements and building on the referral arrangements that were already in place. We've just recently launched a new brand, which is still on construction finance as well. That was pretty much borne out of the fact that we had five or six building sales consultants that were clients of ours that were starting to refer to us business.
You’re doing quite a lot of different activities in addition to broking – launching a construction finance brand, running a column with the local Queenscliff Herald and running a newsletter. How do you manage to disconnect your work life from your outside life?
I'm pretty fortunate – I'm an 8:30 to 4:30 type of guy. I just make sure when I am at work, I bring my best self. It is as soon as I get to work, that's work time and work through. I recently had a conversation with our director here about potentially just doing a little bit more work so I can start growing my portion of the business a little bit more. But when I’m at home, that's home time. I have that complete separation. For example, I have my work phone and my personal phone.
Do you find that helps? Having that distinction, such as two separate phones?
Highly recommend it. For sole operators, I understand it is another expense, but it just means if you set that boundary with your clients. Obviously there's still some of the high net worth clients – if they call I'll take the call because I know that it's important. But the separation is massive, because if you're sharing the same number for work and for business and pleasure, then it does get crossed too easily.
Have you got any other top tips that you'd give to new brokers?
I’d recommend outsourcing. I was a bit sceptical about it to begin with, but the amount of time that it actually takes off your plate. Obviously you need to pay for it and everyone needs to weigh up their profit and loss impacts, but for us, it just gives us so much more capacity. If we're not having to touch every single piece of admin and input every single box in ApplyOnline and all that sort of thing, it just gives you so much more time back.
That's the one thing that I'd say: look at outsourcing early.
You can find out more about Matt Turner and his journey into broking in The Adviser’s Elite Broker podcast.
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