If you’re looking at adding debt solutions to your business, we thought it might be useful to see how others are doing it and achieving success. To find out more, we talked to Connective Sales Manager for Queensland, Barry Jannese about his client Shane Arnold from MBA Wealth Management.
MBA first opened their doors as a financial planning business in April 2014 and by February 2015, were considering adding debt solutions as an additional service. Originally, they were referring their clients to a bank for mortgages and debt solutions, but were not confident their clients were receiving the best products for their needs. MBA then turned to Barry for an alternative solution.
“Referring their clients to a like-minded, professional Connective mortgage broker gave them instant success – a better outcome for their clients.” says Barry. “It also helped them build up their new financial planning business. Soon they were referring clients to each other and both businesses grew as a result. It took less than a month to get it all going.”
The success of this venture soon encouraged MBA Wealth Management to consider opening their own finance broking arm to operate alongside their financial planning business. Whilst the initial referral arrangement continued to operate successfully, Barry helped them with the recruitment and on-boarding process of a suitable mortgage broker.
“They already had a suitable candidate in mind – all I had to do was ensure he had the right qualifications, then make sure he quickly became accredited with Connective’s lending partners. There were some delays when it came to qualifications and accreditations, as the broker had previously only worked with one bank. However, because he was experienced in writing loans, a mentor was not required.”
To keep the new business accountable, MBA decided to set up their new mortgage broking arm as a separate business called “Inside Mortgages”. According to Barry, they deliberately chose the quiet Christmas period to bring their broker on board, so everything was set up and ready to go by the New Year.
Ten months down the track and MBA Wealth Management and Inside Mortgages are going from strength to strength. “They have added a full time personal assistant to Inside Mortgages and expect revenue from the mortgage broking arm to go close to $200,000 in year one. Both sides of the business have processes in place where they refer clients to each other” Barry says. “The business is growing so quickly that they’re looking at employing another loan writer before the end of this year.”
Connective are renowned for the support they offer their members. To find out more about adding debt solutions to your financial planning business, get in touch at www.connective.com.au/explorefinancebroking or call them on 1300 65 66 37.
Connective Broker Services Pty Ltd ACN 161 731 111 | Credit Representative Number 437202 is authorised under Australian Credit Licence Number 389328
