WHY SOME FINANCE BROKERS GROW WHILE OTHERS STAY STUCK

By Kel Marks  |  Business Growth Consultant & Accredited Finance Broker Mentor

Over my 22-plus years in the finance industry, I've had the opportunity to work with hundreds of brokers, brokerage owners, lenders, and sales professionals. One thing I've noticed is that some brokers consistently grow their businesses, while others seem to work just as hard but struggle to move beyond a certain level. Interestingly, it's not always the most experienced broker, the one with the best product knowledge, or even the one who works the longest hours who achieves the greatest success.

So, what's the difference? From my experience, it generally comes down to a handful of behaviours, business habits, and decisions. Here are seven observations worth considering.

Now, this may sound easier said than done, right? When I work with my clients, we review operating rhythm as a priority. Often, I see with all good intentions a broker is trying to operate the same way he or she did with a smaller client database a year back to now. So, we unpack this with a review of the process to identify where the time is being spent and how we can obtain more time to spend on the right areas. Again, this takes structure and time as often habits are set. 

1. Successful brokers work ON their business, not just IN it

This is probably one of the biggest differences I see. Many brokers become so consumed with writing loans, managing applications, chasing lenders, and responding to clients that they have very little time left to focus on growing their business. They're busy. Sometimes incredibly busy. But being busy doesn't necessarily mean the business is growing.

The brokers who consistently move forward make time to step away from the daily transactions and ask themselves some important questions: Where is my next business opportunity coming from? Which referral relationships should I be developing? What activities are generating the best returns? What could I be doing differently?

If every hour of your week is spent processing today's business, who's developing tomorrow's opportunities?

2. They focus on relationships, not just transactions

Finance broking is, and always will be, a relationship business.

Yet I still see brokers spending considerable time and money trying to attract new clients while overlooking the opportunities sitting within their existing client database (Sandbox).

How many clients have you settled loans for over the past three years? When was the last time you contacted them without trying to sell them something? Do they know the full range of finance solutions you can assist with? And would they confidently recommend you to someone else? The brokers who grow consistently tend to have a structured approach to maintaining relationships with existing clients and referral partners. They don't simply wait for the phone to ring. They create reasons to stay connected and add value.

3. They measure the activities that create results

I've written previously about the importance of focusing on activity rather than becoming completely consumed by outcomes. Of course, settlements, revenue, and profitability matter. But those are generally the results of activities that happened weeks or even months earlier. 

If a broker wants to increase settlements, they need to understand the activities that contribute to those outcomes: meaningful prospective-client conversations, existing-client contact, referral-partner development, follow-up, and conversion of qualified inquiries.

You can't always control whether a client proceeds with a loan today. But you can control whether you make that follow-up call, develop that relationship, or have that important conversation.

Successful brokers tend to be more disciplined about the activities they can control.

4. They don’t try to do everything themselves

This is particularly relevant for established brokers who have reached a reasonable level of success but are finding it difficult to grow further. I've seen some very capable brokers become the biggest bottleneck in their own businesses. Every inquiry, application, lender conversation, and client update needs to go through them. Eventually, they run out of hours.

One of the most valuable questions a brokerage owner can ask is: Am I spending my time on the activities that genuinely require my experience and expertise?

Technology, AI, workflow improvements, and the right support people can make a significant difference. I've worked with brokers who have achieved impressive volumes without building large teams because they've become very effective at managing their time and processes. A current client is exceeding 4x the volume than a good performing broker due to the above.

The objective isn't necessarily to work fewer hours. It's to ensure the hours you're working are spent where they create the greatest value.

5. They invest in their own development

There's a misconception that mentoring and coaching are primarily for brokers who are new to the industry. I see it quite differently.

Some of the most successful brokers I've worked with are also the most open to learning, challenging their thinking, and seeking an outside perspective.

They understand that experience is valuable, but it can also lead to established habits that aren't always the most effective. Sometimes a fresh set of eyes can identify an opportunity that someone working inside the business every day simply doesn't see. Often it's about getting better at the fundamentals: asking stronger questions, improving client conversations, developing referral relationships, managing time, and following through on commitments.

Even highly successful brokers have opportunities to improve.

6. They have a clear direction

Here's a question I regularly ask brokerage owners: What would you like your business to look like 12 months from now?

Surprisingly, not everyone can give me a clear answer. Some want to write more loans. Others want to increase profitability. Some want to employ additional brokers, while others simply want to stop working every weekend.

All are perfectly reasonable objectives, but they require different strategies. A broker wanting to double settlement volume may need systems, support, and referral development. A broker wanting better work-life balance might focus on efficiency, client selection, and profitability.

Growth doesn't always mean bigger. Sometimes it means building a business that works better for the owner. The important thing is knowing what you're working towards and having a practical plan to get there. This is why I am a fan of the one-page strategic plan with clients.

7. They are prepared to change

This is perhaps the most important observation of all. The finance industry continues to evolve. Client expectations change. Lender policies change. Technology changes. And the way brokers attract, communicate with, and retain clients continues to change.

Yet it's easy to become comfortable doing things the same way we've always done them. I often hear the words: 'But that's how I've always done it.' Sometimes that's perfectly fine. But it's also worth asking whether there's now a better way.

The brokers who continue to grow are generally prepared to review their approach, test new ideas, and make adjustments when something isn't delivering the results they want. They don't change everything for the sake of change; they simply remain open to improvement.

A final thought

I don't believe there's one magic formula for building a successful finance brokerage. Every broker has different strengths, ambitions, markets, and circumstances.

But after more than two decades in this industry, I've become increasingly convinced that sustainable business growth is rarely the result of one big decision. It's usually the accumulation of small, consistent actions over time.

The conversations you make time for. The relationships you develop. The processes you improve. The commitments you follow through on. And your willingness to keep learning. If you're a broker who feels you've reached a plateau, perhaps the answer isn't necessarily to work harder.

Perhaps it's time to review what you're doing, where you're spending your time, and what needs to change to reach that next level.

Success doesn't have to mean writing the most loans. It should mean building a business that delivers the outcomes you're looking for, both professionally and personally.

For the brokers and brokerage owners reading this, what's been the biggest factor in helping you grow your business? And if you've experienced a period where growth stalled, what helped you move forward again?