Two financial advisors of Indian origin have done the community proud by being ranked as top mortgage brokers by ‘The New Zealand Mortgage Mag.’
Ajay Kumar, Managing Director of Global Financial Services Limited (GFSL) and Ravi Mehta, Managing Director of Professional Financial Solutions Limited (PFSL) bagged respectively the second and third place in the country for securing the largest number of loan approvals and of highest value.
Best endorsement
No awards are given but the rating by the magazine is considered as the best endorsement of the efficiency and integrity of financial advisors. While lending institutions decide on loan applications based on the credit worthiness of applicants, the ranking of mortgage brokers by a professional publication is in a way a testimony of their ability to successfully guide applicants through the process.
The Mortgage Mag based its ranking on the number of loans arranged by financial advisors during the past financial year (April 1, 2013 to March 31, 2014). On that score, GFSL secured the second position with 702 loans arranged with a total value of $290 million, ranking close to John Bolton of Squirrel Mortgage Brokers, who scored less on the number of loans arranged (700) but higher in value ($300 million).
Mr Mehta’s tally was 276 loans with total value of $112 million.
Customer first
The Mag asked Mr Kumar, “What qualities, in your opinion, make for a successful mortgage broker?”
His reply was, “Do whatever is best for the customer, not for you (the broker). Try to go outside the square to add extra value or savings if you can – but within rules. Never give any assurance that is not possible to fulfil. Always take less time to say ‘No’ (if something is not possible) than, ‘Yes’ (if you are able to fulfil needs of the customer)… Update and upgrade your industry knowledge regularly.”
Mr Mehta was asked, “How has this year (2013-2014) compared with previous years, and what is your main source of business?”
Mr Mehta said, “This year (2013-2014) has seen 25% increase in volume. About 70% of business is from word-of-mouth referrals from customers, followed by estate agent referrals at 15%.”
His advice to other brokers was, “Work in the best industry as a whole. Look after your clients, but at the same time, look after banks and lenders as well. Do not churn just for the sake of your commission. Do not over-promise to clients, exceed their expectations by promising less and delivering more.”
GFSL leads
As reported in our earlier issues, GFSL remains the market leader with mortgage loans valued at more than $2.5 billion, about $1 billion more than the value achieved by another top broker in the contest.
According to the Magazine, Mr Kumar has proprietary software, which has “a great effect on his business.” GFSL has also developed an in-house CRM system to provide quality service to clients.
Mr Kumar established GFSL in 1999 and the company operates from a single location at Airport Oaks (19/203 Kirkbride Road).
PFSL impresses
PFSL, with its main office located at 35 Morningside Drive, St Lukes, is among the foremost organisations that have earned an enviable reputation for offering solutions that suit individual needs and circumstances.
A number of customers have written to us expressing their gratitude to Mehta and his team of qualified professionals for their timely assistance.
Mr Mehta is gratified by such customer response and recalled the modest beginnings of the Company in 2003.
He was a new migrant to the country and encouraged by his previous experience, decided to establish PFSL to provide mortgage services to the clients of Prakash Menon, who had a Chartered Account Practice in New Lynn.
“Six months later, Mr Menon decided to move to Australia. However, I was confident of achieving success as Rohit Takyar joined the venture as a director. I have had no occasion to look back since then. We have experienced impressive growth, thanks to the trust reposed by our clients with their goodwill and referrals,” Mr Mehta said.
He considers his complement of 13 full-time staff as the greatest asset of the Company.
New Location
Opening its second office in Manurewa (Level 1, 203 Great South Road) on November 30, 2013 at a time when banks were constrained to follow new lending ratios may have appeared risky but Mr Mehta believes in getting closer to clients, offering the additional advantage of convenience (Indian Newslink, December 1, 2013).
“South Auckland continues to attract people of Indian origin, new migrants and various other ethnic groups. We believe that establishing an office in Manurewa will enable us to promote our services better to wider communities,” he said.
