Joe Parsons, finance broker at Excalibur Finance, left banking for broking, combining expertise, innovation, and trust to tackle challenges and build stronger client relationships.
Parsons made the leap to mortgage broking in July after a two-decade career in banking.
With experience spanning business banking and financial markets across three states, Parsons decided it was time for a change.
“My accountant – who's also a long-time friend – suggested broking, and it felt like the right move,” Parsons said. “I get to build a business that aligns with my values and create deeper, more meaningful client relationships than I was able to in banking.”
For Parsons, the introduction of best interest duty (BID) has been a transformative shift in the broking industry.
“The industry has struggled with its reputation due to the actions of a few bad actors, but BID has restored a sense of trust,” he said.
“It gives me the confidence to tell my clients that I’m legally required to put their interests above all else – and that I’m accountable for doing so. It’s brought a level of credibility to broking that was previously lacking.”
Despite the positive developments, Parsons acknowledged the challenges brokers face, including high property prices, persistent inflation, and strict lender criteria.
“As brokers, it’s crucial that we stay on top of new product developments and changes in policy,” he said. “The more we know, the better we can help clients navigate these challenges with innovative solutions and strategies.”
Reflecting on his journey, Parsons highlighted the steep learning curve he faced in setting up his business.
“Choosing the right aggregator, completing accreditations, and quickly getting up to speed with multiple lenders’ policies was a challenge,” he said. “Dedication and consistent learning are key to success, especially in the early days.”
Parsons stressed the importance of continuous learning and leveraging resources.
“A friend introduced me to Dustan Woodhouse’s Be The Better Broker books and podcasts, which have shaped my approach to broking,” he said. "I can’t recommend them highly enough!"
Parsons also stressed the value of early adoption of technology.
“Embrace technology and AI from the start,” he said. “Adopting tech early on means you’ll be ready to hit the ground running when business picks up.”
Parsons’ journey demonstrates that with the right mindset, tools, and dedication, a successful career in mortgage broking is well within reach.
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