Finding Your Perfect Mentor

Starting a new mortgage broking business can be both exciting and daunting.

One of the smartest moves you can make is finding the right mentor to guide you through the complexities of the industry.

A great mentor can provide the support, knowledge, and insights that textbooks and training sessions often cannot.

But how do you find the right mentor?

Here are six essential tips to help you on your journey.

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Check MFAA and FBAA Mentor Lists

The Mortgage & Finance Association of Australia (MFAA) and the Finance Brokers Association of Australia (FBAA) are two of the industry’s leading professional bodies.

Both organizations maintain lists of accredited mentors, and this will speed up your search.

By starting here, you can narrow down your search to individuals who have been vetted and approved by trusted authorities.

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Ask Lender BDMs for Recommendations

Lender Business Development Managers (BDMs) are a goldmine of information when it comes to identifying top-tier mentors.

They work closely with brokers across the industry and have a clear view of who consistently delivers excellent results.

Importantly, BDMs have no bias; their primary goal is to help brokers succeed, and they can recommend good mentors based on the performance of their mentees.

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Speak to Mentees

A mentor might look great on paper, but it’s crucial to understand how they work in practice. Reach out to their current or past mentees.

Ask about the mentor’s teaching style, availability, and whether they provide hands-on guidance or prefer a more hands-off approach.

This will help you determine if their style aligns with your learning preferences.

A good mentor should be available, supportive, and genuinely invested in their mentees’ success.

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Evaluate Their Experience and Track Record

Experience matters, especially in the mortgage industry.

Look for mentors who have a solid track record of success.

How many brokers have they mentored?

Are these brokers thriving in their business?

Don’t hesitate to verify their claims with lender or aggregator BDMs.

A mentor with a history of producing successful brokers is more likely to help you build a strong foundation for your own career.

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Are They Still Active in Mortgage Broking?

Understanding your mentor’s current role in the industry is crucial.

A few mentors are full-time professionals, focusing on mentoring.

While some are still broking and mentoring on the side.

If they are still broking, consider how much time they can realistically dedicate to mentoring you.

Assess which option suits your needs better.

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Fees: You Get What You Pay For

Mentoring is an investment in your future, and like any investment, you should be prepared to pay for quality.

Some mentors charge minimal fees, but their availability and depth of support may be limited.

High-quality mentors, especially those with proven success and a wealth of experience, may have a higher fee schedule.

Remember, the right mentor can accelerate your learning curve, helping you avoid costly mistakes and fast-track your career success.

Consider the value they bring rather than just the cost.

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Key Points

Choosing the right mentor is a critical step for new brokers entering the mortgage industry.

A good mentor can provide invaluable guidance, helping you navigate challenges, build confidence, and develop the skills necessary to thrive.

By carefully evaluating potential mentors using these tips, you can find someone who aligns with your goals and offers the support you need to succeed in this competitive field.

Take your time, do your research, and make an informed decision—your future success will depend on it.

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To find out more about how our mentoring programs can help,?contact us.