What’s that, banker? The grass is greener on your side? Think again.
Even as mortgage specialists point to the growing number of brokers looking to join their ranks, broker networks have been quietly benefiting from the reverse trend.
“Professionals coming from the banking sector are looking for the stability and prestige of a bank brand and an environment that supports the unique needs of a successful entrepreneur,” said Mortgage Alliance President Michael Beckette, pointing to several road rep defections over the past 18 months.
Among them was Christopher Son, who joined MAC from TD, attracted by “the company’s brand reputation,” he told MortgageBrokerNews.ca.“The corporate vision was equally compelling – they don’t speak ‘deals’, they speak ‘customers.’”
As consumer marketing campaigns have grown brand awareness for broker networks, they’ve also bumped up the appeal of brokering for mortgage specialists, says industry veterans.
The observation runs counter to what bankers are saying.
“I routinely have brokers phoning me to ask if they can become a member of my team,” a top GTA mortgage specialist with RBC told MortgageBrokerNews.ca last month. “I brought in a funded volume of $100 million-plus last year. The bank’s brand has helped me do that, but the bank also is encouraging self-branding for mortgage specialists and greater independence, so I’m really working for myself, but getting leads from the branch network as well.”
The analysis surprised some mortgage brokers critical of the bank specialist model as stifling entrepreneurship. They charge that high performers eventually migrate over to the broker channel.
MAC’s success at attracting mortgage specialists backs up that boast. That trend also benefits the industry.
“Attracting talent at this level not only helps us grow the organization,” he said. “It also raises the credibility of the industry amongst consumers and our strategic lender partners. That’s something that we all need to do.”