Jeremy Fisher (pictured above), managing director of 1st Street Financial, shares his journey from stock broking to mortgage broking, and his insights into the industry’s evolution and challenges, providing a valuable perspective for both seasoned professionals and newcomers.
Fisher began his career in mortgage broking in 2002 after many years in stock broking. He first encountered the mortgage broking industry as a customer and was impressed by what he saw.
“Upon exiting stock broking, I decided to transition into mortgage broking as I felt the opportunity was endless and the industry was in its infancy with lots of growth potential,” Fisher says.
Fisher has observed significant changes in the industry over the years.
“Seeing the evolution of the mortgage broker (becoming a trusted advisor) and the take up by the consumer over the years has been the greatest observation I have seen,” he says.
“To go from one in 10 consumers using a broker to now seven in 10 consumers using the services of a mortgage broker, this is an amazing achievement by the industry at large.”
Fisher believes that current challenges in the industry primarily come from technological disruption.
“I am a firm believer that change is good (not always obvious at the time!),” he says. “And we must be willing to move with change to succeed in the long term.”
Fisher stressed the importance of balancing human interaction with digital competition.
“Human interaction is still considered a high value item to consumers, but we can’t ignore the online digital competition,” he says.
Reflecting on his career, Fisher shares insights from growing his business from a solo operation to a team of more than 30 people.
“Culture is key and forms the basis of any decision in my opinion,” he says. “Having the right people around you along with a value proposition which can be successfully maintained is paramount to any business success.”
Fisher highlights the importance of prioritising the right philosophy in decision-making.
“This philosophy needs to come first with any decision-making – the financial rewards come second,” he says.
For those aspiring to become mortgage brokers, Fisher offers valuable advice.
“Join a business where you can learn and be educated appropriately,” he says. “Take a year to do this, expect the income will be minimal but in the long run with good training upfront, you will have a successful and prosperous career in a quality industry filled with lots of great people.”
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