How much should a mortgage broking business owner pay their staff? And how much should brokers pay themselves? Unfortunately, many brokers turn to generic answers (usually a pay range) when faced with these questions. But these generic numbers don’t take a business’s specific context into account.

In this episode of Mortgage Broker Acceleration, James Veigli and Ash Playsted discuss the answers to these questions. Instead of providing cookie-cutter solutions, they encourage brokers to think contextually. Tune in to learn how to rethink your broking business’s compensation philosophy and structure.

The Key Questions

• Why does the cookie-cutter approach to compensation not work? (3:20)
• Is money the top priority for your employees? (6:21)
• Should you pay a hired broker salary and/or commission? (8:12)
• Why is the money in your broking business’s bank account not yours? (14:20)
  
  

What You’ll Discover

• How to think about the salaries you offer for specific job positions (2:47)
• The importance of having a business succession plan (10:03)
• Approaching your finances as a business owner vs. self-employed person (16:06)
• Why brokers shouldn’t pay themselves last (17:15)
  
  

Accelerate Faster

• You can visit Broker Ideas Group to learn more about us, access special events and download useful resources designed exclusively for mortgage brokers.
• Want to work with James, Ash and the BIG team to grow your mortgage business faster? Our Growth Coach team can help you. Let's talk!