Unlike bankers, brokers "stay with the client every step of the way"
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Banker-turned-broker and Rubix Financial Solutions (west Sydney) director Jason Moothoo has some advice for those currently in the banking industry: If they actually want to help clients find the right finance solutions, they shouldn’t hesitate about making the switch to broking.
Better solutions and service in broking
In an interview with MPA, Moothoo— who spent nearly a decade working as a business banker and lending specialist— explained that despite broking and banking both sharing a sales element, the jobs are quite different. Bankers have sales targets that they need to meet on multiple products to drive bank revenue.
“Knowing in the back of your mind that there are better solutions out there, but you can’t say it to the client because you want the deal to happen, makes you feel like you’re lying to the customer,” Moothoo said. “It doesn’t feel right, especially after building a good relationship with the client.”
With the variety of options and the personalised service brokers are able to provide, banks have become a one-way street that can lead to really poor customer experiences, according to Moothoo. Apart from that, bank managers are always on the lookout for their next opportunity to get a promotion.
“When you think you’ve got a good thing going at the time, think again. The better they are at their jobs, the quicker they move on. Brokers stay with the client every step of the way throughout their financial journey,” Moothoo said.
On adjustment and realisation
Nearly four months ago, despite being one of the top performing bankers in his region, Moothoo left the banking industry to become a mortgage broker.
Since becoming a broker, learning and understanding every lender’s niche and policy have been his biggest adjustments. And his biggest realisation has been the number of options and choices available in the market.
“I’m still learning as I go, but I’ve had some great support from my aggregator and other brokers who I worked with in the past,” Moothoo said.
