Broker in Focus: Malcolm Wright of Mainly Mortgages values a small, skilled team over numbers
Broker in Focus is a dedicated series that highlights the unique journeys of mortgage brokers, providing them with a platform to share their experiences, insights, and expertise. Through compelling personal stories and professional reflections, each featured broker recounts the key moments that have shaped their careers, delves into the challenges and opportunities facing the industry today, and shares the valuable wisdom they have gained along the way.
This week, Mortgage Introducer is shining the spotlight on Malcolm Wright (pictured top), director of Mainly Mortgages, who has carved out a distinguished career over 18 years in the industry. From humble beginnings as a cashier at a high street bank to leading his own team of brokers in Buckinghamshire, Wright’s journey reflects both the evolution and the enduring challenges of the mortgage sector.
Having weathered redundancy early on, he quickly adapted, gaining invaluable experience as a whole-of-market broker and embracing the technological innovations that are reshaping the industry. As he shares his insights, Wright highlights the importance of quality over quantity, the pressing need to attract new talent, and the lessons learned from building a business during turbulent times.
Full name: Malcolm Wright
Job title: Director
Company: Mainly Mortgages
Number of years in the industry: 18
Location: Buckinghamshire
How and when did you become a mortgage broker?
I became qualified in 2007. I was fortunate enough to work my way up through a high street bank, which trained me and put me through the mortgage qualification. I started out as a cashier and was eventually promoted to mortgage adviser. I was made redundant a short while into my mortgage career, but I quickly found my feet as a whole-of-market broker after joining a national brokerage. This is where I gained most of my valuable experience, advising a range of different clients and finding solutions to complex problems.
In your opinion, what has been the most positive development in broking?
For me, the incorporation of technology has been a game changer for the industry. We’ve seen a huge injection of funds into the development of modern CRM systems and tools that assist with the advice process. Not only does this make us as brokers more efficient, but it should also drastically improve the customer journey and experience.
What challenges do you see currently facing the industry, and what solutions would you propose?
I think a huge challenge we face is the lack of new brokers joining the industry. I saw some figures indicating there has been a drop of 15% in mortgage broker staff since 2019. Much of this decline stems from older brokers exiting the market, but at the same time, we’re struggling to attract new talent.
Investing in automation and tools that make the job less complex is one solution that could attract new, younger entrants into the space. Too much broker time is spent on admin and compliance, and if we can find a way to streamline the process by harnessing the technology available, then I’m certain we can not only appeal to new brokers but also retain them in the industry as well.
Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?
The age-old phrase comes to mind: ‘quality over quantity’. As a business, we transitioned into a DA firm during the pandemic, and the initial focus was growth. I went from a one-man band to a team of several brokers with admin staff in a very short period. I overlooked the quality of staff and instead focused solely on increasing the number of brokers we had.
I learned a valuable lesson: it’s better to have a small team of the right staff and brokers than simply having employees or brokers to make up the numbers and appear ‘larger’. I fell into the mindset trap of thinking that larger equalled more success – it doesn’t! Focus on curating a small team that works diligently and effectively.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
Find a mortgage brokerage that embraces technology and is actively looking at ways to reduce workload by automating tasks.
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 Matthew Fleming-Duffy of Knight Frank Finance, Siobhan Holbrook of Mortgage Light, Oliver Woodason of Woodason Financial Services, Derek Watson of McGill Mortgages, John Tibble of Aspire Financial Planning, Aaron Scott of Try Financial, Sam Rose of TR Financial, Richard Bousfield of The Surrey Mortgage Broker, Paul Hampton of Approved Mortgage Solutions, and Christina Oliver of The Old Bakehouse Financial Services.
Are you a mortgage broker interested in being featured? Email the author with your details.
