Three Things Every Top Broker Needs to Nail to Become Unstoppable with Dino Pacella
Dino Pacella is a BDM for a non-major bank and is based in Western Australia. He was named the FBAA’s BDM of the Year and is the founder of the National Finance Brokers Day.
In the first part of our talk with Dino, we look at what makes a broker unstoppable and discover the three key areas that top brokers nail – day in, day out. By the end of this episode, you’re going to feel pumped about how you too can be unstoppable, with all of the steps handed to you.
Following on, in part two, we look at exactly what successful brokers do differently and discuss the importance of becoming an authority on social media. After listening, you’ll realise how easy it is to generate leads via social media and become an expert online.
For those who haven’t heard of you, can we have a 60-second snap shot?
I’m a business development manager with a non-major lender in Perth, I’ve been doing it for four years. I am so passionate about the third party space, and I’ve set up National Finance Brokers Day and it’s purely to raise awareness for the work finance professionals do. I’m passionate that I get to work with brokers every single day and every day is completely different to the previous one, which makes our industry so unique. I love being able to really assist someone through a serious transaction.
How did you get into this industry?
I’ve been in finance for about 12 years and a lot of that time I spent in the direct channel where I basically went through and learnt the trade. When this opportunity arose four years ago, I had a good relationship with my state manager who is now my current boss. We had numerous discussions about joining the third party space, what it would look like, and what I could bring to the table. I was a bit hesitant at first but I’m glad I took the leap of faith.
Dino, one of your favourite quotes is “When you’re good you study the competition, when you’re great you study yourself, when you’re unstoppable there is no competition”, this is a beautiful quote.
How have you seen yourself translate in our industry and more in particular with mortgage brokers?
Broking is such a competitive industry, whether you’re a one man band or working with others. We have about 15,000 brokers across the country and it may not seem like a lot, but for what they’re doing, to get above the noise and stand out, it is a difficult thing to do. It was easier now than 5 years ago with the likes of social media and the voice you can portray out into the market place, so I think if you’re looking at being great, yeah that’s good people will start looking at you to find out what makes you great, but when you’re unstoppable you’re not looking in the rear view mirror you’re looking straight ahead and if you ever look back o see where you’ve come from you’ll see a row of people lining up to be a part of the action. However it is easier now than 5 years ago, with the likes of social media and the voice you can portray out into the market place. So I think if you’re looking at being great, yeah that’s good people will start looking at you to find out what makes you great, but when you’re unstoppable you’re not looking in the rear view mirror you’re looking straight ahead and if you ever look back o see where you’ve come from you’ll see a row of people lining up to be a part of the action.
So I think if you’re looking at being great, yeah that’s good, people will start looking at you to find out what makes you great. But when you’re unstoppable you’re not looking in the rear view mirror, you’re looking straight ahead and if you ever look back to see where you’ve come from, you’ll see a row of people lining up to be a part of the action.
Whether you’re a broker or a lender in the intermediary space, it’s so critical to stand out above the noise and using your voice and knowledge are key aspects in order to do that.
What do brokers to do make them unstoppable?
I’ve seen a lot of brokers across the country that are proactively contacting clients whether it’s for new leads or focusing on their existing portfolio, but they’re sitting in that ‘great’ basket. It’s about being proactive, whether brokers are looking at bringing on new clients or retaining clients that are flowing out the back door. Brokers that are starting to become unstoppable in the industry are doing three key things to do this.
The first one is their knowledge, now I’m not talking about given they deal with probably over 30 lenders on their panel that they know every single one in and out (given the complexity of the lending environment we’ve seen over the past 6 – 12 months). I’m talking about if they are sitting with a client and the client is talking about the lending and they’re ticking those boxes – they’re starting to identify further opportunities where the clients can potentially see themselves in, from a financial position.
Whether that may be investment lending or extending the family, the broker is placing the package around the knowledge they know to suit the client’s immediate needs. Looking at elements like the lending aspect, and whether that’s retail, SMSF, commercial lending, whatever that may be, then they are starting to dig a bit deeper.
They might be doing that needs analysis, but once they’ve done that they’re taking this to the next level. They can see the clients goals for the next 12 months and give them a plan to get into place. Because often the client might not know they need a financial planner etc. until that point.
So Dino at that stage it no longer becomes about the rate, it becomes about where their needs and goals are and how this bank or lender can help that client achieve it.
It’s all about them finding out that clients goals and into the future as well. So the knowledge base becomes extremely valuable in the brokers’ portfolio and the way they deliver that to their client base.
Secondly, in that area another part of those key ingredients is consistency. If a broker is going to be doing proactive calls and they want to retain their portfolio there are two ways they need to do this. One, is ensuring they are touching base with new clients and they are bringing them into their business quickly.
Two, is ensuring their existing portfolio is kept up to date and having a strong structure in place to make sure their clients are front of mind. So if their clients are talking at a BBQ about their mortgage services, that brokers name is front of mind. So it’s about consistency when it comes to communication, contacting those clients, being available when they need them and taking them out of the market.
Unstoppable brokers are doing that, seven days a week and all year round.
The third is service.
Service is the biggest bugbear that I personally have in any industry. But these unstoppable brokers are keeping clients updated every single step of the way, from initial conversation to settlement and all the way through.
A client for life is the goal of an unstoppable broker.
Service forms into a relationship and the deeper it is, the more aware they are of where they need to structure those packages and how they can implement their business to benefit the clients’ needs.
So they say with consistency, a routine is key, with brokers that are unstoppable what daily routines have you seen them do consistently?
Brokers that are unstoppable have a structured routine, and when I mean structured, they’re getting up at a certain time every morning and doing something for themselves whether that’s exercise or spending time with the family. They have a structure around proactive calls, getting back to clients and then consistency around referral partners and that communication piece, that is consistent throughout the day.
I’m saying consistency a lot but that is the one thing I’m seeing with these brokers, the routine varies amongst brokers and I’m seeing it between new and old brokers. New ones are using digital platforms to be a part of their daily routine, getting their branding out to be heard, they’re spending half an hour a day responding to social media and posting relevant feeds. The brokers that have been with us for a number of years are starting to get on that band wagon but have a large portfolio to look after. They will be touching base with their existing portfolio cause the last thing you want to see is a client falling out the back end. These routines are becoming extremely critical, it is a structured routine and it takes knowledge and a consistency piece to get into the unstoppable basket.
The brokers that have been with us for a number of years are starting to get on that bandwagon but have a large portfolio to look after. They will be touching base with their existing portfolio because the last thing you want to see is a client falling out the back end. These routines are becoming extremely critical, it is a structured routine and it takes knowledge and a consistency piece to get into the unstoppable basket.
It’s often the boring things that get you ahead in life. Routine isn’t sexy and it can be boring, but this is what Top Brokers do, they work their routine day in and day out.
The main takeaway points from this episode are:
- Being proactive is the difference between good and great.
- Consistency is key: responding and getting to the clients quickly, taking them off the market and keeping lines of communication open.
- Routine is what sets you free, having a structure for your daily and a monthly routine is important.