“Plan your home loan and financial life to be portable,” says Gino Farina
“A large part of my job is financial coach, but we use plenty of technology to help us”
In this episode we cover:
1. There are 19,000 mortgage brokers in Australia; they run their own business, and are paid by the banks/others when they write loans and recommend other products.
2. What does a mortgage broker do? Explanation of how brokers help clients, especially educating people about finance
3. Who are your customers? Individuals, couples, businesses
4. What are the key issues? Evaluation, decision making time
5. What tech do brokers use? Equifax (credit reports), Connective (Mercury), Sales Tracker (CRM, Sales process), Monday (CRM), Cash Deck, My Prosperity and Yodlee (looking at clients cash flows, home loans, interest rates), Canstar, has reviewed Sherlok.
6. What is the bank loyalty tax? What could be done differently? Client engagement and financial advice is needed. There are 200 home loan providers in Australia, Commonwealth Bank has 25% market share.
7. Differences between business loan broking vs residential
8. What is churn and why do people move bank/provider every 7 years?
9. Message to fintechs
You can get in touch with Gino at The Bondi Broker: