Seeking Perfection

A better view is to seek perfection. Seek it for yourself, because people who demand perfection from others are sociopaths. Perfection is not a platonic ideal but an opinion; and almost always achievable. Ground yourself in the understanding that there are many things that are perfect whilst also being different, such as children and pets, and 1961 Jaguar E-Types, and hand-knitted socks.

To approach perfection in our less than perfect finance industry, every broker should nurture nine characteristics of knowledge and behaviour: ‘The nine strives for perfection’ perhaps. There may be other aspects to strive for too, but these nine will be good enough (for now).
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1. Superior knowledge of the market

As a former boss demonstrated, you can do the same thing for years and not learn anything new. Knowledge is knowing the edge. Discovering new things means exploring the wilderness. Trade shows are a great hunting ground for this. They bring together diversity of values, views, processes and products, and put you ahead of the game.

2. Extensive understanding of products

For some clients interest is simple; for others it compounds their confusion. Brokers should factor into their practice that it is grade-A PR to explain APR clearly and concisely. A more enticing product for clients may be straight-line interest rather than its front-loaded amortising alternative. Term, cost, flexibility and early settlement fees are the oil that separates the medicine from the poison for fund-hungry clients.

3. Familiarity with annual accounts

When you turn over the front page of a set of accounts, it is an asset of yours to understand every column and row. Whilst sometimes taxing, it is never a liability to balance different lenders’ views on credit quality. Understanding accounts enhances everyone’s efficiency, conversion and profit; and this invaluable knowledge will never depreciate.

4. Consistently well-organised

Consistency is one of the five principles of persuasion. It is the foundation of trust. Consistency of quality is difficult to maintain in high-octane teams. Being highly organised by returning calls and regularly checking in with clients is key. Those clients will repay your efforts with loyalty and free marketing.

5. Curiosity

“The important thing is not to stop questioning. Curiosity has its own reason for existence,” but what did Albert Einstein know? Do you find that asking questions makes people feel more valued, and engaged? Have you garnished insight from a customer just by being curious? Do positively framed questions help customers get to “yes”?

6. Tenacity

A great broker doesn’t just have tenacity, they have elevenacity. Pushing the commercials to get the best deal for your clients is a powerful signal that a broker cares. People don’t care how much you know, until they know how much you care. Of course, there is a point where a lender can flex no more. The ‘perfect broker’ knows when to appreciate the wiggle-room and stop pushing.

7. Patience

The fact that you have read this far suggests a great deal of patience. Letting things take a natural course, developing a partnership slowly, can deliver more deals than a one-off quick sell. Fast law is bad law; and fast money can be bad money. If you sincerely care about your client’s best interests, don’t force every deal to be done today as if your monthly bonus depends on it.

8. Charisma

We like to work with people who are compelling and kind, and who believe in us. If we believe in our clients, then they return our confidence by allowing us to help them achieve their goals. Charisma is about making other people feel good about themselves.

9. A nose for fraud

Lenders and brokers are on the same team. Our mutual enemies are the fraudsters. To be part of the fight, look out for things like the applicant living a hundred miles away from the business address, a broken website, statements of account with wonky lettering, or a loan purpose that makes no sense.

Ultimately, the ‘perfect broker’ is on the same team as the lender, acting together in the best interests of the client. If you always do your best for your clients, then you will be more than perfect.

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