SPECIAL REPORT
TOP INDEPENDENT BROKERAGES CMP: Industry-wide, what do you believe are the biggest challenges brokerages face today? GH: The biggest challenge that brokers face today is the need for change. Without a doubt, what worked yesterday will not necessarily work today. In the past, volume was king, even though in reality, quality and profitability were the real kings. We are entering a new era wherein quality cannot be compromised. Without it, our industry partners will not be able to attract investor capital. I would like to see a ‘reverse’ in the way bonuses are paid – volume bonuses should 5 bps and performance bonuses 25 bps. This would be one of those changes that would benefit our industry and the behaviours of brokers.
CMP: Would you ever consider joining a broker network? GH: I have seriously considered joining
TAURUS MORTGAGE CAPITAL Headquarters: Markham, ON Year founded: 2011 Leadership: George Hugh, president and CEO
CMP: What were the main factors in your decision to be independent? George Hugh: As an independent mortgage brokerage, my goal was to create a value proposition and brand that would allow me to transfer the power of knowledge to Canadians in a customerfriendly way. In doing this, it only made sense for me to execute this strategy through a brand I could call my own.
CMP: What strategies did you employ in 2017 to garner business and boost your success? GH: Last year was a very difficult one for our industry. Our organization was very fortunate to have always focused on creating a wealth strategy for each and
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every one of our clients. This provides us with an opportunity to reach out to them throughout the year. We took the time to explain the changes taking place, which created opportunities for both our clients and our organization. It has always been a part of our culture to let our clients know that we are a source of knowledge when it comes to anything to do with their financial well-being.
CMP: What advice would you give to other brokers looking to branch out on their own? GH: The costs and time commitment required to operate a successful mortgage brokerage are great. One of the biggest challenges for independents is the volume commitment required by lenders to have access to them and to get great rates, commissions and service levels so that we are better able to meet our clients’ needs. In today’s ever-changing times, many successful independents have created structures and partnerships that have helped to minimize this challenge. Help is available!
a network in the past. They are operated and run by some of the brightest minds in the industry. Even though they provide an amazing support network, I found that there are viable options that exist today that allow one to operate as an independent, yet have the support necessary in these challenging times.
“One of the biggest challenges for independents is the volume commitment required by lenders to have access to them and to get great rates, commissions and service levels so that we are better able to meet our clients’ needs”
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22/03/2018 10:11:02 AM