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2012’S BEST IN THE BUSINESS Growth plan as Switch Now ‘encircles’ clients
Richard Pusey
A year-on-year growth target of 20% is not out of the question for Switch Now Home Loans’ Richard Pusey – after all, he did manage the same thing last year. “I have a very good database of loyal clients, and I keep them all loyal by being able to offer more services to them,” Pusey said. Indeed, further developing and marketing his diversified service offering will be the thrust of 2012 for Pusey, who said this strategy is about ‘encircling’ the client.
No risk? PFS to beat insurance complexity
Daniel O’Brien
PFS Financial Services’ Daniel O’Brien is determined not to give up on selling risk products in addition to his core mortgage business – despite these being a tough sell to date. In fact, O’Brien is planning to continue a drive for diversification in 2012 – clients willing. “I am open to focusing more on risk. I just need to establish a relationship with someone that can convert first,” he said. O’Brien has found success in diversification in construction, equipment and vehicle finance, but converting leads for risk products has until now been a difficult proposition. “We have attempted unsuccessfully to establish a risk insurance referral partner in the past,” O’Brien said. “We have had no issue in getting the leads generated, but getting those leads converted has proven a lot harder.” He argues risk products are often sold in a way that is too complex and difficult for consumers to understand. “The risk specialists are not keeping it simple. It’s a very easy sell if someone has just taken a mortgage. These clients are the same clients that pay money every year for car insurance and house insurance, so they do believe in insurance. I just think that a bad job was done in selling and offering it,” he said.
Based in Victoria’s suburb of Mitchum, Switch Now recently added asset and equipment finance through Macquarie Leasing, and will ramp up sales of ALI Group’s loan protection insurance. Pusey is also in the process of assisting investor clients – via relationships with accounting firms – into the negative gearingfriendly National Rental Affordability Scheme. Pusey said getting the word out about these added services to his database of 1000 clients – 400 of whom are active – will ensure there are new leads and mortgages to be written.
Intelligent will step back and let volume double A drive for efficiency should mean that Intelligent Finance’s Justin Doobov will be able to take more of a breather this year. Doobov said he is endeavouring to streamline processes in his business, which he hopes will allow him to step back and spend more time with family and friends. “We’ll write double the volume of business we wrote last year, and we are going to have more fun, more work-life balance, and not just working crazy hours seven days a week,” he said. Justin Doobov Based in Sydney’s Eastern Suburbs, Doobov said some of the pressure of the regime may be taken off by his business’ new software platform. “We have already moved onto a new software platform and we are hoping that over the next six months this software evolves to allow us to run our whole business on it.” However, one hurdle may be the increased documentation his business now requires. “We are streamlining [NCCP compliance] into our processes. While it takes a lot longer now to complete paperwork as there are more regulatory forms to fill in, we have just added it as a few extra steps in the process,” Doobov said.
Selector Group to ensure ‘shop is in order’ The Selector Group will undergo a voluntary audit of its business in the New Year, which principal Ian Jordan has said will ensure that “the shop is in order”. Despite holding its own Australian Credit Licence, Jordan said a voluntary aggregator audit would help businesses under NCCP from being “innocently” non-compliant. “The voluntary audit was offered by our aggregator Vow even though we have our own licence, which I thought was a very proactive move of them,” Jordan said. Ian Jordan The business will also bring on a junior staff member external to the mortgage process who will conduct audits and advise management on any necessary corrections. A financial coaching process is also planned for roll out this year, Jordan said. “Every client we meet can improve in some area – maybe it’s paying off credit card debt, maybe it’s implementing a budget, or saving for a deposit on a property,” he said. “We are creating a library where we will create a tailored coaching program for a client over a 12-month period, providing general education about things relevant to them,” he said.
NCCP ‘cross-sell’ on Rate Detective radar NCCP compliance and disclosure may be time consuming, but Rate Detective Home Loans Warren Dworcan is expecting greater cross-sell opportunities in 2012. “Under the new legislation over the last year we have developed our ability to offer insurances and, to a degree, financial planning. In 2012, it is my aim to focus a little more on the products and services which we are able to cross sell,” Dworcan explained, saying the more ties one has with their clients, the closer and longer the relationship will be. Although NCCP compliance may be “tedious and time consuming” Dworcan said it would usher in more opportunity for those brokers at the top of their field. “It is these changes that will remove from the industry people who are not able to keep up with change and those who are unable to offer the professional and expert service which the industry is striving for. Thankfully compliance, processes and transparency have always been a focus of my business and those people who work with me,” he said.
Warren Dworcan