BILLION DOLLAR BROKER: MONEYQUEST’S PAUL WRIGHT HITS $1BN IN PAID SETTLEMENTS

MoneyQuest mortgage broker and finance industry stalwart, Paul Wright, reached one billion dollars in paid settlements this week, marking a significant milestone in the Wollongong broker’s illustrious 20-year career.

Mr. Wright has secured over $100 million in paid settlements annually for the last three years, with FY2021 proving to be his most successful yet, with a total of $132 million in paid settlements – an increase of 28% year on year. By way of comparison, the average value of loan settlements per broker in Australia for the six months to September 2020 was $6,519,850 (approximately $13,039,700 annually) according to Mortgage & Finance Association of Australia’s latest Industry Intelligence Service Report.

Originally a banker with CBA, Mr. Wright made the switch to mortgage broking in April 2002 and turned his attention to residential lending. After operating an independent mortgage broking business under Choice Aggregation Services for several years, Mr. Wright took on the Choice Home Loans brand in 2012, before joining the MoneyQuest network as a franchise owner in December 2017.

“The main reason I joined MoneyQuest was because of the people. Having experienced industry professionals on call, and a community of like-minded peers to bounce ideas off, obtain support from, and workshop deals with was really important to me and I felt MoneyQuest could offer that,” Mr. Wright shared.

Mr. Wright attributes his personal success and the success of his business primarily to remaining attentive to his clients’ needs and communicating regularly with his 6000-strong client base.

“Taking care of our clients has always been our number one priority. Under promising and over delivering is really important, as is delivering what you’ve said you’re going to deliver. We haven’t chased a huge amount of referral sources, we have instead focused our energy on providing 6-star service to our clients,” Mr. Wright said.

“We learned early in the piece that staying in touch with your clients is also crucial. Since first starting the business, we have always carried out annual reviews and regularly sent out correspondence, whether it be in the form of a letter, a newsletter, a magazine, or a birthday gift. We don’t just do it occasionally- we do it consistently, and this consistency has resulted in client loyalty, which means we now get 90% of our business referred to us by clients, or those clients come back.”

Mr. Wright also believes in the power of self-education.

“Educating yourself and ensuring that you are at the forefront of your industry also makes a big difference. I made a conscious effort to read about property investment every night for 5 years, and then eventually obtained a property investment advisor qualification. Having this extra string to my bow has been a major differential. We receive a lot of enquiries from clients regarding investments and the benefit of this is, I can provide advice, and then we write the loans. They are generally good-sized transactions and investors transact more regularly, so educating myself in this space has helped our business to grow.”

MoneyQuest Australia Managing Director, Michael Russell, a long-time colleague and friend of Mr. Wright’s, shared his delight regarding the one-billion-dollar achievement.

“I have known Paul and have had the pleasure of working alongside him, on and off, since 2002. He was always destined to achieve this amazing milestone for he embodies everything our customers hope to receive – absolute professionalism, and a genuine care for their wellbeing. MoneyQuest Wollongong is presently averaging $20 million per month in settled loans – up almost 100% in the past 3 years – which is testament to Paul’s work ethic and leadership skills.”

When asked how his business succeeded despite the challenges of COVID-19, Mr. Wright credited his team’s ability to adapt to new technology, as well as employing several offshore staff members.

“Our business was already set up to operate online, and our staff were able to adapt to new technology rather quickly. We also put on some offshore staff to follow up loan applications and carry out data entry, which freed up our staff in Australia and allowed them to focus on our clients,” Mr. Wright said.

For brokers hoping to follow in his footsteps, Mr. Wright has the following pieces of advice:

“Exercise regularly. Given the pressures that come with mortgage broking – dealing with banks and assessors, slow turnaround times, managing clients’ emotions – it is important to keep your body healthy to keep your mind healthy. I’m a massive advocate for getting out and going for a walk or whatever it might be, every day. That’s what I’ve always done. Also become an expert in our industry and other related industries, like property investment, and stay in touch with your clients – they are your best referral source.”

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