105: How Troy Chapman grew his business through joint ventures
The Successful Adviser by James McCracken
Release Date: 07/30/2019
From corporate banking to a commercial broking with Charles Zerafa
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Growing to $100M+ through systems, structure and staff
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From police officer to high performing mortgage broker mortgage, Travis Carruthers is on a mission to impact more brokers, consumers and staff for the better. Most brokers who settle in excess of $100M per annum are usually looking to grow either their back end to pump through more volumes, or build out the broking team so they can grow with and through others. For Travis, it’s a combination of both, in addition to running a sub aggregation group and providing a consulting service where he implements a version of his own processes into other broking practices. With...
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The Key to Retaining More Clients on Your Book (And Building A Prosperous Mortgage Broking Practice)
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To do more deals, you need to have more clients in your practice. Improving client retention is the easiest and most cost-efficient way to make this happen. Many brokers spend a lot of energy and money on new client acquisition. The idea behind this mentality is simple: You can grow your mortgage broking practice faster if you have more clients. However, some brokers deprioritise how to retain their current clients. Why? Partly because ‘new money’ is more appealing than existing money. A new client expects a quick response. An existing client might patiently wait for...
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Why Keith Caine bought a billion dollar loan book
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How Marissa Schulze Built A Team of 30+ staff
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The sole operator mentality can only take mortgage brokers so far. At some point, brokers will need to delegate key responsibilities to their team members. This will allow them to focus on the strategic and operational decisions and actions that keep their broking practices moving forward. Marissa Schulze, the director of Rise High Financial Solutions, joins me for this episode of The Successful Adviser. She and I discuss common growing pains and how she grew from a practice of one to a thriving practice of more than 30 team members. Tune in to discover how to maintain a cohesive...
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The Big Shift in the Mortgage Broking Industry (And How Brokers Are Emulating Financial Advisors)
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Earning 90% Commission as an Independent Broker vs. Earning 40% as an Employed Broker
The Successful Adviser by James McCracken
Should you earn 90% commission as an independent broker or base salary + 40% as a PAYG broker? The numbers might suggest that the answer is obvious. However, just like loans, there are different scenarios and different wants and needs that might influence what is the right structure for each person. Being an employed broker can be a fantastic opportunity to build a long-term career, build confidence, and be well paid by doing the technical aspects of the role that most brokers seem to enjoy. Craig Vaughan, the co-founder of BrokerEngine, joins me for this episode...
info_outlineTroy Chapman is the founder of Country Wide Wealth, a boutique financial planning practice that has seen exceptional growth since it’s inception 10 years ago.
As a business banker turned financial advisor, Troy Chapman recognised that to turn his practice into a business of substance would require more than just delivering outstanding service to clients.
For that reason, he sought to approach local service professionals such as accountants to establish formal joint venture agreements that would help deliver ongoing value for clients and for both service firms.
The net result is that Troy has since grown his practice into a business that now employs 4 full-time team members, with another advisor likely to join the team soon.
Though the JV formalises the process, like any good relationship, it still requires ongoing communication and investment into maintaining trust with each other so they can derive the full value. This means that occasionally, Troy will sit in a JV partner’s office, and so too will the broker’s that have joined his business.
The expansion into lending happened somewhat organically via a mortgage broking client whom Troy was already referring people to, and for which that broker is now an equity partner. The bulk of clients who are referred for lending is for refinancing, though as Troy outlines, the goal is to look at their whole situation and ensure that beyond a great rate, they are given a lending structure and strategy to pay their down as quickly as possible.
Key insights from the conversation with Troy include:
- If you have an existing relationship with a referral partner and you want to formalise it, a joint venture can help make it more profitable for all concerned
- In all instances, the relationship is founded on trust and the exchange of money should only happen once those values are established
- Joint ventures can make it easier to remove any ‘weirdness’ around referral fees, as fees are paid to a business (the joint venture) instead of just being given to another party
- Centres of influence (i.e. other professionals) have been immensely important in helping establish Troy’s business and deliver on average 3 to 4 new referred people every single week
Find out more about Troy and the team here: