Bank to broker: what is the transition like?

Bank to broker: what is the transition like?

Are you currently working as a mortgage agent for a bank? Would you ever consider making the transition from the branch to the brokerage? There are many advantages in taking this step. As usual, we like using real life examples to demonstrate each topic we present. The case in point is our team member, Bill Schmidt, who joined The Costa Group recently.

After working for several years in the branch world, Bill decided to listen to some of his friends who were trying to convince him to move to the brokerage side. For him, the transition was relatively smooth. Here’s the thing: learning the Filogix system is relatively easy, so much so that you will be able to work with it within a day or two.  Furthermore, the support one has as we join the brokerage side is tremendous. For Bill, one of the strongest advantages in making the transition from the bank over to the brokerage has been the ability to strengthen and develop his relationship with his center of influences, such realtors, lawyers and all the people you would like to work with. “These people were happy to see me working for a brokerage because I no longer worked for the one-stop shop”, says Bill.

Going from bank to brokerage means going from knowing one product to having a vast knowledge of different products. It also means you have a support system who can help you with this transition and with the learning process. For Bill, one great advantage of joining The Costa Group was also the focus on our presence in social media, how important it is to have “your face” out there. This opportunity is non-existent when you work for the banks; in other words, you cannot promote yourself the way you would like to, primarily because you are under their rules and guidelines.

For Bill, besides all these advantages, one of the key components that made him choose The Costa Group over other brokerage firms was the focus on helping, not just on growing the business or the success of the group, but more on the individual success. The ability to understand that each member’s success is the success of the group is what makes The Costa Group stand out.

In other words, there are so many positive aspects in transitioning from the bank to the brokerage side, you should not even consider it for too long. For Bill, it was a lot easier than he expected. Being in the “sales world” for over thirty years, Bill can only recall each meeting being the same as the last one, always the same stuff day-in and day-out. Each member of The Costa Group gets individual coaching, motivational Mondays, among so many other sessions. That for Bill was entirely different, as it is not focused on “how much money you can make or deals you are going to do”, but rather on how you can grow yourself as an individual and be happy doing what you do.

If you still have any doubts about the advantages that come with the transition from bank to broker, watch The Costa Group’s video where Carmen Costa talks to Bill Schmidt about it. Head to our Youtube channel.