By
Business Initiatives MD Matthew White didn’t intend to become a broker, but seeing an opportunity to improve customer outcomes he followed the calling. Here he talks about the importance of satisfaction – and humor
Q: What inspired you to start broking?
A: I started my own chartered accountancy in 1997 and we referred loan business directly to banks and other brokers – client satisfaction was lukewarm at best. Then 10 years ago we referred one of our clients to a broker, who blackmailed them to change accountants to obtain a badly needed loan. This was the last straw, and we added loan broking to our suite of services. Both go hand in hand; it’s a holistic approach.
Q: What's one recent career highlight?
A: Helping a client fund the purchase of a large-format aerial camera from overseas. The client had a tight government contract deadline to get the camera financed, imported, tested and out in the field. The deal was tricky as negotiations were done in a foreign currency. We found the right bank, assisted with exchange risk and GST impact, and structured the facility to allow the import and subsequent conversion to a chattel mortgage. The deal was worth more than $1.5m. The camera came in on time and secured future work for the company.
Q: What's the greatest challenge for brokers at this time?
A: There are many. Compliance is making the job tougher – not only because of the need to set up and maintain your own systems, but the compliance burden on the banks is increasing and therefore we have to bear a part of that also. Complex deals including businesses, SMSFs and multiple entities are always interesting if you don’t have a bank that understands such things. The banks cutting services is always a challenge; they seem committed to doing more with less, and service levels suffer, which causes much frustration and angst at the broker level.
Q: What are your top survival tips for working in finance?
A: There are many. Compliance is making the job tougher – not only because of the need to set up and maintain your own systems, but the compliance burden on the banks is increasing and therefore we have to bear a part of that also. Complex deals including businesses, SMSFs and multiple entities are always interesting if you don’t have a bank that understands such things. The banks cutting services is always a challenge; they seem committed to doing more with less, and service levels suffer, which causes much frustration and angst at the broker level.
Q: What are your top survival tips for working in finance?
A: The cliché attributes include hard work, focus, systems, integrity and good communication. In this social media age I also think you need to foster strong client relationships that can weather the disruptors of this world. Good relationships form the basis of your future income. As a trusted adviser, you cannot underestimate the importance to clients of a random phone call or a quick meeting to see how they are going. Also, go to work every day with a sense of humour – some days you really need it in this game!
