The Most Dangerous Word in Business

One of the most dangerous things that can happen in this business...

...is becoming successful.

Because people start asking you questions.

Lots of widely varying questions.

Questions that have absolutely nothing to do with arranging a mortgage—the thing you've actually been licensed, trained, insured, and authorized to do.

"What clause should I put in the offer?"

"Is that tax deductible?"

"How should I structure this private loan?"

"Where should I invest this money?"

"What should I include in my separation agreement?"

It feels good to have the answers.

Or at least to believe you do.

It feels even better when people trust you enough to ask.

But confidence is a terrible substitute for competence.

And competence alone is not a substitute for licensing, legal authority, or the appropriate Errors & Omissions insurance.

The smartest people I know have one thing in common.

They know exactly where their expertise ends.

There's an important distinction between saying:

"Here's what I did, and why."

and

"Here's what you should do, and why."

Those are two completely different conversations.

Your circumstances aren't mine.

Your tax situation isn't mine.

Your risk tolerance isn't mine.

Your marriage isn't mine.

Your goals aren't mine.

One answer rarely fits every client.

More importantly...

We don't know what we don't know about our clients.

And that's a lot.

The most professional response you'll ever give may simply be:

"That's a great question for your lawyer."

Or your Chartered Professional Accountant.

Or your Certified Financial Planner.

The longer you're in this business, the more your clients will look to you for guidance outside of mortgages.

Take that as a compliment.

Then guide them to qualified experts.

Don't mistake the trust of others for qualification.

Our job isn't to know everything.

Our job is to know when someone else knows better.

And to know who.

Build a network of exceptional professionals.

A great lawyer.

A great CPA.

A great financial planner.

A great family lawyer.

Everybody wins.

Your client gets expert advice.

Your referral partners remember who sent the business.

And you dramatically reduce the risk of finding yourself explaining your advice to a regulator, an insurer... or a judge.

Every time you introduce a client to the right expert, you don't diminish your value.

You increase it.

Your clients don't need another amateur lawyer, armchair accountant, wannabe investment advisor, or aspiring family law expert.

They already have a mortgage broker.

Be exceptional at that.

Be qualified.

Be The Better Broker

DW