Tough markets reveal advisers’ true value beyond low rates
After five years inside one of New Zealand’s major banks, Vijay Gounder (pictured) realised something uncomfortable: his heart wasn’t aligned with the institution he worked for. It was aligned with the people sitting across the desk.
That moment of clarity pushed the 2025 NZA Rising Star out of the bank and into mortgage advising – so he could finally, as he puts it, sit “on the same side of the table” as his clients and help turn a bank’s “no” into a path to “yes.”
Leaving the bank to sit beside the client
Gounder’s decision to become a mortgage adviser wasn’t a rejection of banking so much as a realignment of purpose.
“I spent five years inside one of New Zealand’s major banks, and while I loved the fast pace, I eventually hit a wall. I realised I was often more excited about the client’s goals than the bank’s bottom line,” he says.
That insight made the traditional bank setting feel too narrow. In 2024, Gounder stepped into advising so he could advocate more freely for clients, rather than for a single institution.
“In 2024, I decided to make the jump to advising so I could finally sit on the same side of the table as the people I was helping,” he says.
With a background in Finance and Economics, Gounder says his studies give him the “data” side of the brain, but his move into advising was driven by the “human” side.
For him, the real reward is hearing the change in a client’s voice when they realise the door hasn’t closed on their dream.
“There is nothing quite like the shift in a client's voice when they realize that 'no' from one bank doesn't mean 'no' to their dream and now, I have the tools to help them find the 'yes,'” Gounder says.
Kiwis choosing advice over habit
From Gounder’s perspective, his own move mirrors a wider shift: more New Zealanders are choosing independent advisers over their main bank.
“To me, this shows that Kiwis are no longer just accepting what their bank is offering out of habit but instead seeking out expert and unbiased advice,” he says.
That shift is also forcing banks to sharpen their pricing and credit policy.
The pre‑approval problem: moving goalposts and real stress
Despite the growth of the adviser channel, Gounder is candid about the challenges facing both advisers and clients – particularly around pre-approvals.
“Currently, the biggest hurdle is the unpredictability of the 'pre-approval' landscape. We’re seeing a real inconsistency where banks shift the goalposts on whether they’ll even issue a pre-approval, or if they’ll only look at their own existing customers,” he says.
That inconsistency creates real-world pressure on buyers, who are being asked to make significant commitments with less certainty than before.
“It puts both advisers and clients in a tough spot, essentially asking buyers to find a home first and then 'hope' the 10-day finance clause is enough to beat the next rule change,” Gounder says. “I guess the argument is that we do have the tools to give the clients a good indication, however it can be tough on the client if the bank does disagree with the application.”
Two‑fold solution: invest in people, leverage technology
Gounder believes solving the pre-approval challenge requires more than just hiring extra bodies; it demands smarter structures and systems.
“We need deliberate investment into third-party distribution departments that recognize the value advisers bring in pre-vetting these deals,” he says.
That recognition matters because advisers do a significant amount of upfront work to shape and filter applications before they ever hit a bank assessor’s desk.
“Second, we need to lean into the advancement in technology," Gounder says. "By automating the heavy lifting of data entry and document verification, we can free up bank assessors to actually do what they do best applying credit logic and common sense to complex files.”
By combining better‑resourced third‑party teams with smarter technology, he believes both turnaround times and decision quality can improve.
“This should hopefully bring down the queues so I can leave the BDMs alone!” he says.
Being there in the “perfect storm”
Gounder’s move from bank to adviser wasn’t just about chasing better stories when things go right. It was also about being ready when things go wrong.
“Like most advisers, I’ve seen some tough files lately, but one really stuck with me. I had a client who was hit by the 'perfect storm,'" Gounder says. "Their fixed rate rolled over to a much higher interest rate at the exact same time they faced a job loss. We discussed the very real possibility of a mortgagee sale as a massive reality check.”
The situation was confronting, but it also showed the difference a proactive adviser can make when the numbers are tight and the stakes are high.
“We managed to work through it by getting on the phone with the bank early, restructuring their debt, and buying them some breathing room while they got back on their feet,” Gounder says.
“It was a stressful few months, but it taught me that our job isn't just about the 'numbers' when things are going well, it's also about being there when things go wrong.”
The experience has permanently shaped how he works with every client, especially around risk and resilience.
“It really hammered home the importance of 'Plan B' conversations and making sure insurance isn't just an afterthought. Now, I make sure there’s a safety net under every client,” Gounder says.
Advice to new advisers: visibility, effort, and what you can control
Asked what he would say to aspiring or new advisers, Gounder boils it down to two habits: being visible and being honest about your effort.
“When I was starting out, the seasoned mortgage advisers would keep telling me to just focus on my pipeline. To be honest, I had no idea what they meant as I was in this job to help people and not worry about pipelines,” he says. “Then eventually, it hit me. I realised that being a great adviser really just comes down to two simple, non-negotiable habits.”
The first is showing up in the real world, not just knowing policy. “First, you have to be visible. You can be the best technical broker in New Zealand and know every credit policy from every bank A-Z, but if you’re sitting in your office waiting for the phone to ring, you aren’t helping anyone. You have to get out there, talk to people, and genuinely be part of your community so that when a friend or neighbor thinks of 'mortgage,' they think of you,” Gounder says.
The second is radical honesty about how you spend your time.
“Second, you have to be honest with yourself about your effort. It’s easy to feel 'busy' without actually being productive. You need to track what you do and whether it is leading to you helping more people,” he says.
“In this industry, the highs are high and the lows are low. Having a simple way to look at my week and see that I’ve actually had the right conversations gives me the confidence that the results will show up eventually.”
Ultimately, his advice loops back to the theme that guided his own move from bank to adviser: “It’s about focusing on the work you can control, rather than stressing over the results you can’t,” he says.
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