04 Mar 158: Earning 90% Commission as an Independent Broker vs. Earning 40% as an Employed Broker
Earning 90% Commission as an Independent Broker vs. Earning 40% as an Employed Broker
Should you earn 90% commission as an independent broker or base salary + 40% as a PAYG broker? The numbers might suggest that the answer is obvious.
However, just like loans, there are different scenarios and different wants and needs that might influence what is the right structure for each person.
Being an employed broker can be a fantastic opportunity to build a long-term career, build confidence, and be well paid by doing the technical aspects of the role that most brokers seem to enjoy.
Craig Vaughan, the co-founder of BrokerEngine, joins me for this episode of The Successful Adviser. We discuss nuances of the skills that brokers need to succeed and we explore how to find the right balance between personal aspiration and professional capacity.
The Key Questions:
- Should you try to convert friends and family into clients? (9:02)
- How do you identify your niche? (9:54)
- How can brokers prioritise effectively? (20:43)
- How do brokers find the right balance between being a broker and a business owner? (25:02)
What You’ll Discover:
- The cost-benefit analysis of being an employed broker vs. an independent broker (7:27)
- How Craig got into software development for mortgage brokers (12:18)
- The challenges Craig faced in hiring and managing other brokers (23:37)
- Craig’s two software recommendations for brokers (26:54)