From needing a loan to buy land to excelling as a broker, Peter Ritchie’s (pictured above) journey showcases resilience and a keen understanding of the evolving finance industry.
Ritchie’s journey into the finance world began out of necessity and opportunity.
“I needed money to buy 300 acres on Flinders Island, and my own bank wouldn’t assist,” Ritchie says.
A friend’s recommendation led him to Wizard Home Loans, where he secured the loan, bought the land, a plane, and even obtained a pilot’s license.
“The guy who came to see us from Wizard was a nice bloke, but not that smart. My ego suggested that if he could do it, I could do it,” Ritchie says.
Determined to transition into finance, Ritchie joined Wizard Home Loans in April 2002. Despite the state manager’s concerns about his lack of sales experience, Ritchie was confident.
“I had been selling jail sentences for 10 years as a detective. If I could sell jail time, I could sell anything,” he says.
He then quickly made a name for himself.
“I started with Wizard at Frankston, then opened my own office in Mornington six months later. Many awards followed, and I am still here,” he says.
Reflecting on the past 22 years, Ritchie highlights the significant changes in the industry, particularly the shift to digital processes.
“The change in online processes, digital ID, and digital signatures on documents has probably been the most progressive change. I still remember having to fax everything,” he says.
Despite the rise of online platforms and AI, Ritchie believes there is still a strong demand for personal interaction in the loan industry.
“The market share of broker-generated loans may be growing, but so are the numbers of brokers,” he says. There are still plenty of people who want to deal with a real person.”
Ritchie acknowledges that most loans today come with challenges. He prides himself on his ability to anticipate and address potential objections from lenders.
“Sometimes I surprise myself with the success I have with some deals, but if I don’t believe it should be a loan, I won’t submit it,” Ritchie says.
His advice to fellow brokers includes valuing great BDMs and maintaining integrity.
“Always do the right thing and write every loan as though AFCA were standing behind you,” Ritchie says.
Ritchie shares crucial advice for new brokers: don’t practice on customers and find a unique selling point.
“Having a great customer service attitude is not a point of difference; it is the expected minimum standard,” he says.
His journey from a detective to a successful broker is a testament to the power of perseverance and adaptability in a constantly evolving industry.
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