Whoever creates the transaction is in control

Posted by Apr04, 2017 Comments Comments Off on Whoever creates the transaction is in control
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Are you an order taker or order maker? Put differently, do you spend most of your day taking instructions from clients or giving them to your clients?

The latter is more enjoyable. When you are an order maker you can spend all your time and energy on making sure you deliver the best advice and maximum value to your client. However, as an order taker your primary focus is typically on winning (or retaining) the client so you get paid.

Also, order makers have more control over their destiny. They can choose which clients they deal with, what type of business they do, set the standard for the quality of advice they give, etc.

The best way to become an order maker is to be in control of the transaction. And the best way to be in control is to create the transaction. Consider two very different client scenarios:

(A)  An existing client approaches you after been offered a lower rate by a lender that’s not on your panel and wants you to match it; versus
(B)  You approach an existing client to better understand their wealth accumulation plans and discover that investing in a property is a very suitable strategy for them to consider.

In situation A, the client is in control. Therefore, you (the broker) are nothing more than a sales person, that is easily dispensable. However, in situation B, you are well on the way of becoming a trusted advisor. Someone of value. Someone that is respected and appreciated. Someone that is quickly becoming indispensable.

A variation to situation A is you proactively calling an existing client and offering them a lower rate. This is exactly what order makers do.

Question for you…

Review a list of last month’s loan lodgements and ask yourself how many of the transactions did you create/initiate?

I propose that you should spend at least 5 hours per week (one hour per day) creating transactions for existing clients. Some activates you can undertake include:

  • Write a blog that shares an idea about how to build wealth, a case study of a successful client or a question they should be pondering
  • Arrange a phone call or meeting with a client and ask them what their wealth accumulation strategy is. Team up with a commission-free, independent financial planner that you can call upon if/when the client needs more advice. Virtually all clients want to be told/shown what to do and not have to work it out themselves.
  • Proactively review your clients’ mortgages and submit for an additional pricing discretion with their existing lender, if necessary.
  • In everything you do, position yourself as a valuable resource of knowledge and contacts – so clients will call on you if they have a problem, question or issue.


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