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MFAA Prosper : Mortgage and Finance Brief 05
How did you get started in the broking industry? When my banking career was coming to an end, I decided that I would like to use the knowledge and experience I had acquired over my 40-year career in banking and finance to set up my own business as a finance broker. I commenced my business Jeff Pinkerton Finance as an independent finance broker on 17 August 1999, the day after I concluded work with the bank. What's does a typical day hold for Jeff in terms of work? My day hasn't changed much over the past 11 years, but now I have an offsider (Paul Trigwell) to share the load, it's much better and I no longer work the 12 hour shifts I used to. I still make myself available to see clients at weekends, but I don't do house calls and all of my interviews are conducted at my office. I think customers actually enjoy coming to the office, which is set amongst an award-winning garden and there's no need to negotiate parking. How do you differentiate your business? It's very personal and built around relationships. If a client does not meet lending requirements, I never let them leave empty handed. I try to give them a plan for their future -- maybe a savings strategy or plan as to how they can reach their goal. There is always a story in the Statement of Position. When I talk to a client, there's always something I can draw on from it. I can see through their credit card debt and also their discretionary spending and how they control their finances. What advice do you have for new brokers seeking to build business? Good service, a wide circle of contacts and hard work is imperative. New brokers need to be aware that they may not have an income until commissions flow, so they need to factor in targets and strategies to deal with this. The targets need to be difficult to attain, but possible to achieve. Being active in the community is terribly important. I have always maintained strong involvement with various sporting and community organisations and feel honoured to have been appointed as a life member of the Apex Association, The Keep Australia Beautiful Council, The Darwin Sailing Club and The Lord's Taverners Australia. What do you like about Darwin? Darwin is a vibrant, multicultural and cosmopolitan city and doing business here is great. I love the tropical climate which makes for an easy lifestyle, the open living, greenness and closeness to the sea. During the 'dry' the weather is beautiful and when the 'wet' arrives, I love the sense of relief and magnificence that the monsoonal rains bring. Darwin is the youngest jurisdiction age-wise, with the average age being just 30 years. This makes it a bigger first home buyer market; dual incomes make it possible to buy a property. There's an issue about affordability as prices increase. It would be very tough for a single young person to buy a house. How are you handling the new licensing requirements? As an independent broker, I will be applying for my own licence. I consider this to be a positive development, as it increases my independence and adds value to my business as well as giving comfort to my customers. What are the challenges for brokers? The challenges are to keep abreast of the times. The MFAA is right to raise the bar and ensure that people operate in a professional manner. Tropical appeal Darwin-based Jeff Pinkerton started his own mortgage broking business after a 40-year career in banking and loves both his job and the Top End city where he lives. Words Julianne Dowling Mortgage & Finance brief | 61 Live&Lear n
Mortgage and Finance Brief 06