'Failure to plan is a plan to fail'
Full name: Michael Fowkes
Job title: Relationship Manager (VIC)
Company: outsource Financial
Number of years in the industry: 40 years
Location: Melbourne, Victoria
In this latest edition of Relationship Manager in the Spotlight, MPA catches up with Michael Fowkes at aggregator outsource Financial.
Fowkes discusses his journey through 40 years in the finance industry and how he works closely with brokers to help them grow their businesses.
This popular series shines a light on the best business development managers, relationship managers and state managers in Australia’s vibrant mortgage broking industry.
When and how did you join the finance industry?
As a 16-year-old completing Year 12 I thought it would be a good idea to accompany my sister to attend a few bank entrance exams to gain some experience of what is required to gain employment.
From that, three lenders offered me employment. I chose one of the Big Four lenders, started at the bottom and worked my way up from there. Since then, I’ve had numerous roles across the banking, broking and aggregator sectors.
What does your current role involve?
Working closely with brokers in all facets of a broker’s business. From training and development, IT issues, broker business reviews, how they may be able to grow, onboarding new brokers and a whole range of other areas.
Really, it’s about tailoring support to the needs of each individual, and their business.
How do you assist brokers to grow their business?
Discussing ways they can improve their education and confidence. Personalised business reviews, tailored workshops, lender days. Just supporting them to get to the next level – whether that’s through expansion, education, outsourcing, etc.
What do you enjoy most about your role?
The interaction and watching brokers become successful, and sustaining success.
What’s the most important advice you can offer to a new-to-industry broker?
Two things.
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Have a plan: Business planning is underrated in this industry. You are now a business owner so failure to plan is a plan to fail. Revisit it regularly to see how your business is tracking to your original goals and adjust accordingly.
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Don’t try to do everything at once: Reach out to those that can assist. BDMs, relationship managers, aggregators, peers, mentors, etc. But try to self-educate where possible and use the resources available as a starting point.
There is a lot to learn, and it will take time for a new-to-industry broker. As an old boss of mine would say, broking – if it was easy everyone would be doing it.
How important is broker feedback in ensuring you provide the best service?
Vital. If I am not adding value, then what am I doing?!
What makes a great BDM or state manager?
The ability to listen and think outside the square. Every personality is different, so being able to adjust to that particular broker’s way of thinking, rather than one way for all.
If there’s one thing you could change about the industry, what would it be?
There are a couple things. Broker recognition by lending partners and the public more widely. Channel conflict between the broker channel and the propriety lender channels. But all in all, I love this industry – so probably wouldn’t change much.
Describe your ideal weekend:
Relaxing with the family. My boys play sports, so also going to watch them. Generally, just relax to prepare for the next week in this fabulous journey… and have a couple of cold beers.
