‘Broking must appeal to the next generation’

Mortgage Introducer recently had a chat with Bobby Lumsden (pictured top), principal of RML Financial Management, who has over four decades of experience in the financial services industry. Lumsden’s career has been shaped by unexpected twists—such as a life-changing moment during a Mediterranean cruise—and the challenges he faced early on as a broker. His story is one of resilience and adaptability, qualities essential for long-term success in the profession.

Driven by a genuine passion for helping clients and offering a frank perspective on the issues confronting today’s brokers, Lumsden shares his thoughts on the industry’s evolution, the urgent need to attract new talent, and the invaluable lessons he has learned from a career grounded in trust and perseverance.

Full name: Bobby Lumsden
Job title: Firm principal
Company: RML Financial Management
Number of years in the industry: 23 in mortgage broking, 42 in financial services
Location: Dumfries, Dumfries & Galloway

How and when did you become a mortgage broker?

I became a self-employed mortgage broker in October 2002. My wife and I were on a Mediterranean cruise to celebrate our silver wedding anniversary, and on the day of our anniversary, I received a text message from my employer informing me that the company had gone into administration and I was being made redundant.

I had been in financial services since 1983 in various positions, and mortgages were always my passion. I had already taken the step of passing the Mortgage Advice Qualification in 2001, so on my return home, I started looking for opportunities and successfully applied for a position as a self-employed mortgage adviser.

In your opinion, what has been the most positive development in broking?

In the early days, all applications were paper-based and required wet signatures, which sometimes meant three or four visits to a client. There were no sourcing systems, so all research had to be done manually. The introduction of systems such as Trigold and Mortgage Brain has helped tremendously. Also, all original documents—passports, driving licences, bank statements—had to be taken from the client to be certified and submitted. Of course, now we can accept electronic documents as standard.

What challenges do you see currently facing the industry, and what solutions would you propose?

As an experienced, and older, adviser, I think the lack of young blood coming into our industry is worrying. The general age of advisers is rising and the influx of young talent is minimal. We need to make the industry more accessible and appealing to the younger generation.

Also, automation can be an advantage, but sometimes it can take away from the personal relationships that are built and the value these have in retaining clients and getting those all-important referrals.

Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?

In my early days as a broker, I had an appointment made for me with a professional couple: he was a college lecturer and she worked for the NHS. At the first meeting, where only the husband was in attendance, I was asked if they could consolidate some credit card debt of around £25,000. I took all the details away and said I would get back to them, but insisted that both parties needed to be at the second meeting. I did my research and made another appointment.

On arriving, I was pleased to see both parties were there; however, as I was going over the information I had been given to check for accuracy, I could see that the husband was becoming more and more agitated. Eventually, the wife said, “For goodness’ sake, please tell Bobby the truth,” at which point the husband burst into tears. It transpired he had been hiding information from me and they actually had over £100,000 in credit card debt. They had enough equity in the property to allow this debt to be consolidated, and this was costing them a huge monthly figure to maintain, so I went away and did some more research.

On my return, I presented my figures to them and, after much consideration, they agreed to proceed with the remortgage, which repaid the credit cards in full. The company I was representing at that time very much specialised in cases like this where debt consolidation was a priority, and I was not really comfortable with this, so I moved on to another network very soon afterwards.

From then on, I always made sure, as much as possible, that I was getting the full picture before taking things any further. I would ask for bank statements and credit files upfront, which I had not done on this occasion.

Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?

Young individuals need to join a firm where they will be supported and mentored through the early days. It’s not just about getting a qualification that makes you a broker. Experience is invaluable and this cannot be taught; it can only be gained by doing the job, and the young, inexperienced adviser needs a shoulder to lean on in those early days.

Broker in Focus is a weekly Mortgage Introducer feature, spotlighting mortgage brokers from diverse backgrounds and locations across the UK. Among those recently featured are George Christou of Bournemouth Mortgages, Amit Patel of Trinity Finance, Paul Came of The Mortgage Plan, James Hayes of Mortgage Links, Gerard Boon of Boon Brokers, Malcolm Wright of Mainly Mortgages, Matthew Fleming-Duffy of Knight Frank Finance, Siobhan Holbrook of Mortgage Light, and Oliver Woodason of Woodason Financial Services.