From Banker to Broker

Are you a banker who’s ready for a career change, looking for more ownership or a new business challenge? Maybe you should think about becoming a mortgage broker…

The benefits of switching

Being a banker, the scope of loan products you can offer is very limited. On the contrary, brokers have the ability to work with a much wider range of lenders meaning they have more options and the ability to tailor their offering to suit the client, rather than selling specific bank products.

Being a banker you are also expected to cross-sell other products, such as insurance. Again you are limited in what you can offer your customer, as you can’t present offers from any banks other than your employer. Brokers do not have this pressure, their main focus is on finding the best solution for their client in every instance.

A broker comprehensively assesses their client to find the most suited product on the market. As a banker you can still assess the client the same way, but you can only match them to a product offered by your employer – which isn’t always the best available on the market.

Brokers work in the best interest of the client and bankers work in the best interest of the bank. Brokers also enjoy a high level of job satisfaction as they are customer focused.

There is also a shift in how, and where you earn your income. Brokers have more financial freedom as their income is determined by how hard they work. Usually the more loans they process the more money they earn, as opposed to being paid in line with your position in the corporate hierarchy of the bank.

Do I have the skills?

You will already have a lot of the skills required to become a mortgage broker from your experience in banking. Effective communication and managing relationships is an important role in mortgage broking. You will probably already have the skills to develop a network of industry related contacts and know how to effectively manage customer relationships.

Assessing a customer’s net worth, work history, income and credit rating will transfer as skills you use as a mortgage broker. It also involves assessing any other factors that can affect customer credit.

What are the Challenges?

As a broker you won’t have the financial security of a bank behind you, so you will need to be willing to market yourself, or find a good aggregator to do this on your behalf.

Some aggregators provide digital marketing packages which involve managing your social media accounts, creating and maintaining your personal brand/ website, sending out EDMs to a large database and lead generation.

You need to be active online and promoting brand awareness for your business as you will be competing with banks and other mortgage brokers. People can’t come to you if they don’t know you exist. You also need to stay up to date with any new deals available, industry changes or new compliance requirements.

Finding customers and developing an income stream initially is probably the most difficult obstacle for bankers moving into mortgage broking. Some aggregators can provide leads which are definitely helpful, but it is essential that you build your own network of referrals rather than purely relying on leads.

An aggregator can provide you with support to help mitigate these challenges. They offer client relationship management software, IT support, digital marketing, mentoring, business support and access to lenders.


Brokers and bankers have plenty of common knowledge, the differences lie in their goals, work motives and lifestyle.

KEY TAKEAWAY: While many bankers are happy in their roles, others choose to transition into mortgage broking for change, financial freedom and a more flexible lifestyle. Initially there are changes to adapt to, but with the support and assistance of a good aggregator this can be a smooth transition.

Disclaimer: The information provided in this article is not legal or financial advice. It has been prepared without taking into account your objectives, situation or needs. Before acting on this information, you should consider the appropriateness of the recommendations, having regard to your own objectives, situation and needs. We encourage you to consult a professional before acting on any suggestions provided in this article or on this website.

If you’re considering making the move into broking, contact us for more info.