Even though the recommendations over broker pay are just recommendations at the moment, it won’t keep the mind from playing an endless loop of “what ifs”.
“Brokers are concerned about how their business will survive if trail disappears and upfront fee-for-service becomes the new norm,” Peter Ellis, Lending Mate founder, told MPA. “When the unknown taunts, the mind wanders and negative thoughts can arise.”
Having suffered depression for 18 years, Ellis personally knows how the mind starts catastrophizing when one is faced with life’s challenges, even if they’re just as small as money blips. He, however, said that none of the things he worried about happened.
Based on his conversations and the stories he gets from social media, Ellis can feel the massive weight of anger, confusion, and stress that are bearing down brokers these days. Many vent their thoughts on social media while they go on with their day seeing clients. They wait for any “positive” news that will give them some concrete certainty about their future.
“Aussies are good at hiding stress and worries, which I feel is not good. This practice can take a toll on people, their business, relationships, family and self-esteem,” Ellis said.
Keep the faith
Ellis suggests that in order for brokers to remain motivated amidst the challenges and uncertainties they should talk to colleagues or someone who knows them and their business personally, and to have faith in their aggregator and industry bodies that are doing everything possible to see the situation through. Ellis said even brokers with large loan book trails are, without a doubt, getting involved.
“We are all in this together because it affects thousands of people,” he said.
Ellis also suggests that brokers should refrain from pretending the industry isn’t going through an ordeal. “While getting on with business as usual is the key, it is good to keep close to the media, aggregators and industry bodies,” he said. “As soon as they know anything about what the future holds, we will know.”
Personally, when faced with uncertainties in business, Ellis educates himself about everything he needs to know about the situation he is in, and then gets moving while keeping in close contact with existing clients and referral partners.
Not going anywhere
To people he meets in the streets and clients who are disappointed not so much on the possibility of paying for a service as on the possibility of losing access to competition and the service they have come to love, Ellis says that he is not going anywhere and his phone is available for them 24/7.
Ellis started in broking the day the U.S. got the wobbles that led to the GFC. He successfully got through it, and his business continues to thrive up until today.
“What we’re going through is just another hurdle to jump, but we will get over it,” he said.