From Bankers to Brokers
Branching away from the rigidity often found within banking roles, we are seeing more and more bankers make the move to become brokers.
While a role in banking still offers plenty – after working closely with many bankers making this leap, and over 12 years specialising in the Mortgage Broking Sector, we’ve uncovered the top reasons bankers are making the jump.
See below for a compiled list of our top 6 reasons bankers are transitioning to brokers.
While a banking role offers a certain sense of stability, it can lack variety and opportunity.
As a broker, you gain greater access to more options. Ranging from external positives like greater work/life balance to all the different lenders and policies you get to work with, internally on the job.
With the opportunity to offer more choice to both you and your clients, many are seeing the transition from banker to broker as a win all around.
2.The ability to help more people
Most people find it truly rewarding to be able to help their customers achieve their goals. However, in banking, you might see yourself having to turn away some of these customers if they don’t fit the bank’s specific policy.
As a broker, you are likely to be in a position to help a broader range of people. Expanding your reach as well as theirs, to help individuals dream and achieve bigger things.
3. Opportunity to expand your knowledge
In a brokerage, there’s the opportunity to be exposed to many different areas of lending. As there are no real specialised departments, compared to within a bank.
This broader spectrum expands the world of learning to those ready and wanting. With many brokerages offering development as part of their role structure, knowledge as a broker is certainly nurtured.
4. Earning potential
While this is more specific to a broker where your earning potential is uncapped – A lot of brokerages nowadays are providing an appealing salary base. Accommodating for stability whilst still having a lucrative commissions structure as the cherry on top!
This structure, though varied from company to company, expands the earning capabilities of brokers far beyond most base banker roles.
5. Not just another number
In a big bank, you may feel lost amongst everyone else. With so many employees, those higher up rarely know those below and vice versa. It becomes easy to feel/be undervalued and looked over as just another number.
Brokerages by nature tend to be smaller. Allowing employees to be in a family-knit team dynamic, where they have the opportunity to share their thoughts and ideas. A culture that allows individuals to be an active part of the company’s growth and to feel heard and valued.
6. The sky’s the limit!
Being a broker opens many doors that may not be available to a banking role. One of the top examples being the ability to grow and lead a team, should that be your interest.
With business growth and team expansion, comes greater opportunities to increase revenue, advance careers and share knowledge. Kickstarting the cycle of our top 6 all over again. An infinite loop of possibility!
While the above are the top 6 reasons that are most commonly brought to our attention, each individual’s reasoning ranges greatly. And while these are just a handful of the highlights we’ve seen in favour of the transition, we invite each candidate to evaluate their circumstance personally. With each role, both in banks and brokerages offering something unique, it’s important to make the decision best suited to you.
Not sure if you’re in the right role? Check out some of the free resources we’ve developed to make your self-evaluation easier!
- 4 Simple signs that it’s time to change jobs
- How to know when NOT to accept a job offer
- Self assess your career
Or better yet, pick up the phone or send us a message! Discover your best career opportunities with the help of one of our recruitment specialists.