Troy ‘Rampaging Roy’ Phillips owns his patch

Troy Phillips, managing partner at Cronulla-based FirstPoint Mortgage Brokers, likes to shoot from the hip. Not only is he not afraid to voice his opinion on the state of the broking industry in 2025 – he relishes the opportunity.

That can be a mixed blessing when a quick phone call with Phillips turns into a 90-minute exploration of the industry he’s unwaveringly passionate about. But as someone who has been at the broking game for 25 years, when Troy “Rampaging Roy” Phillips talks, you can’t help but listen.

Phillips is a firm believer in the less‑is‑more approach to building a successful brokerage. He’s seen competitors on the market grow well beyond their infrastructural capacity, only for the foundations to crack beneath them.

“Building a truly national brand takes enormous capital, and the returns just don’t stack up in mortgage broking,” Phillips says. “Our strategy has been to dominate locally – own our space, be the biggest fish in a smaller pond and focus investment where it counts.”

This has allowed FirstPoint to be community-minded while targeting the clients it wants and reinvesting in its Sydney and southern-Sydney-based patch for genuine returns.

Phillips is also cautious of diversification, which, whether he likes it or not, is a buzzword that shows no signs of dissipating.

Why the caution?

Mortgage broking, to use Phillips’ words, “isn’t a cottage industry any more”. Rather, it’s become a highly regulated and complex profession, particularly in the wake of the banking royal commission and the introduction of the best interests duty.

“Scaling a broking business is challenging enough without losing focus chasing every cross-sell opportunity,” says Phillips. “When brokers drift into areas like property marketing or financial advice, it often confuses clients and creates conflicts of interest.”

Phillips has seen the overlap between property marketers, buyers’ agents and brokers become very blurred.

“There are too many large fees being charged to customers just trying to get ahead,” he adds. “Everyone in the industry knows it – it needs clearer regulation and boundaries.”

“A small, sharp team means the business is bulletproof, repeatable and well governed. It keeps everyone close to the action”

Phillips worries that some of the “real estate-style” brokerage models “elevate personal brands over the business”. He says, “That might stroke the ego, but it’s not sustainable. Most clients don’t want a celebrity adviser; they want a trusted one. We don’t need to sell a property to write a loan. Our focus is great outcomes without conflict.”

However, while Phillips has a crystal‑clear image of what a brokerage should resemble, he has left the door open to partnering with like‑minded East Coast brokers under a single brand, system and governance model.

“But it’ll only ever be built on shared values and culture,” he adds.

Lean and mean

Phillips’ opinions have been sculpted not just by time but also by first‑hand experience. He has seen teams grow tenfold, only to lose their purpose and even end up making less money.

As for FirstPoint, it is currently clocking between $50 million and $60 million a month with a team of 11. Phillips says “a small, sharp team means the business is bulletproof, repeatable and well governed. It keeps everyone close to the action and always developing the next person up.

“Growth for the sake of it isn’t prosperity. If you’re not a strong practitioner yourself, and you’re building on ego rather than purpose, what’s the offer?

Mentoring the next gen

Phillips stresses that FirstPoint is far from a one‑man band. On the contrary, he speaks in detail of the mentorship he provides to the new guard coming through the industry.

He doesn’t like to give false illusions of what it takes to become a successful mortgage expert. “A good broker needs to see 100 files before they even know how much they don’t know,” says Phillips.

“The best can pick the right lender after a client meeting and get approval first time, no questions, no reworks – that’s experience.”

Great brokers, in Phillips’ view, shouldn’t have to rely on aggregator systems to get results; they should know their craft inside and out. “Drop the ball once or twice and clients will notice – it’s a small industry with high expectations,” he says.

“The industry is evolving. It’s now attracting younger, qualified people who see broking as a long‑term career. Businesses like FirstPoint that can offer training, structure and mentorship are best placed to grow.”

Phillips gets a lot of satisfaction in looking back on the newcomers he has guided through the industry. “Seeing team members who started nearly 20 years ago become partners and leaders in their field is what I’m proudest of. Along the way you meet a lot of good people and make a lot of good friends. That’s the real reward.

“The awards and record months are nice, but the real achievement has been building a business you actually want to turn up to every day, where culture and people matter.”

As for what’s next for FirstPoint? Phillips sees a lot of potential in the asset and equipment finance space.

“It’s a natural extension for us. Small business problems are complex; they’re not like big business where you can just throw money and consultants at them,” he says.

“We’re well placed to help business owners navigate that space with experience, integrity and the same no‑nonsense service that’s built our reputation in residential lending.”

Phillips is proud of the genuine local brand he and his team have built.

“We take a long‑term view,” he says. “We want to be here for the next generation and the one after that.

“People remember your involvement in local sport, schools and families. Great businesses outlive their founders – they have succession and purpose. Financial services can be a five‑year rocket and then gone. That’s not FirstPoint.”

From sales to speed and skill

Over the years, Troy Philips has seen the broking profession morph from a sales business to what he calls “a speed and skill business”. He says, “Clients are savvy – they’ll spot who’s competent and who’s not. Trust your instincts, stick to your vision, and accept that in five or 10 years your business will evolve into something even better than you imagined.”

“Our strategy has been to dominate locally – own our space, be the biggest fish in a smaller pond and focus investment where it counts.”

FirstPoint Mortgage Broker key facts

• Team size: 11
• Location: Cronulla, Sydney, NSW
• Services offered: Mortgage broking; asset and equipment finance
• Years in industry: Since 2003