'Don't try to achieve $50m in the first year – focus on becoming a really good broker, then the volume will follow'
Money Quest Group (MQG) has turned to a familiar face in New South Wales broking to support its brokers in the state.
Peter Nguyen started out as a business consultant at Aussie Home Loans and went on to lead its broking division. He has now joined MQG as its New South Wales and Australian Capital Territory state relationship manager, bringing more than 20 years across banking and broking.
Nguyen started his career in 2005 as a business consultant at Aussie Home Loans, a job that came through a referral, before becoming a broker himself. He has also worked at Bankwest and Suncorp.
Nguyen brings a track record of taking new-to-industry brokers and turning them into accomplished brokers and business owners, and plans to do the same with the group's members across NSW and the ACT.
His top advice for new brokers? Build a network as early as possible.
"Look at those closest to you to kick-start your support and referral networks. The industry is great at creating learning and development opportunities to help you become proficient in lending, but building referral networks should be your number one priority, and your nearest and dearest is the best place to start.”
This series shines a light on the best and brightest business development managers (BDMs) and state managers in Australia's thriving mortgage finance industry.
-
Full name: Peter Nguyen
-
Job title: State relationship manager (NSW/ACT)
-
Company: Money Quest Group
-
Number of years in the industry: 20
-
Location: NSW
When and how did you join the finance industry?
I joined Aussie Home Loans through a referral in 2005.
What does your current role involve?
Broker relationships are key, and broker growth is key. My role also covers business coaching and development, state growth strategy and performance management.
How do you assist brokers to grow their business?
I really get to know and understand a broker's business from a different, non-business-owner lens. That helps me identify strengths within the business and areas that could be improved.
I help create more local opportunities for business referrals and sponsorships. I also help with strategies to improve deal conversion and overall business capability.
What do you enjoy most about your role?
Being trusted by brokers to guide them with growth strategies, and seeing those strategies materialise to levels the broker didn't envisage.
What's the most important advice you can offer to a new-to-industry broker?
Don't try to achieve $50 million in the first year. Focus on becoming a really good broker, then the volume will follow.
How important is broker feedback in ensuring you provide the best service?
There is no better compliment than a broker's honest feedback, be it positive or negative. Their feedback holds me accountable. It lets me know whether they value what we are doing together or whether we need to refocus and pivot.
What makes a great BDM or state manager?
Listening and communicating are my priorities when it comes to being a good BDM or state manager.
If there's one thing you could change about the industry, what would it be?
I'm passionate about the future of the industry. We are losing some long-term industry participants through retirement at the moment. I'd love to see more support from the older generation to bring new brokers into the industry.
Describe your ideal weekend:
A sunny weekend enjoying the great Sydney beaches – and no chores.
