Technology meets tradition in advising
From his early days focusing on life insurance to mastering the nuances of mortgage advising, Michael Cave’s (pictured above) career trajectory has been defined by a deep-seated passion for helping clients navigate their financial journeys.
Cave’s career and insights offer a roadmap to success and fulfilment in the mortgage advising profession, with an emphasis on technological integration, client education, and professional development.
A career built on passion
Cave’s journey into the world of mortgage advising began after he completed his Residential Property Lending Strand in 2019.
“Although I entered the financial adviser industry in 2000, primarily focusing on life insurances and attaining AFA status in 2008, I always had a passion for assisting clients with their lending needs,” he says.
Enhancing client interactions
When asked about the most positive development in the mortgage brokering field, Cave highlights the significant impact of technological advancements. The integration of online tools and CRMs has fundamentally transformed how clients interact with services.
“Many of our clients appreciate the speed and simplicity it provides, such as document uploads, calculators, and virtual meetings via platforms like Zoom,” Cave says.
This evolution marks a significant stride towards efficiency and client satisfaction in the mortgage advising landscape, he says.
Navigating industry challenges
Cave identifies two major challenges currently facing the mortgage industry: the financial literacy gap and the mismatch between client expectations and reality. To combat these, he proposes a multi-faceted approach.
Enhanced financial literacy initiatives, he suggests, are crucial. These include workshops, seminars, and personalised meetings to educate clients about mortgage options and home buying processes.
Additionally, streamlined processes and technology integration are vital for expediting loan processing and enhancing service efficiency.
Cave also stresses the importance of collaborative approach with lenders and continual professional development to keep pace with industry trends and regulatory changes.
A memorable journey to homeownership
Cave recounts a particularly memorable experience with a young solo mother.
“We began her application process before CCCFA changes took effect, giving us a crucial head start,” Cave says.
“This experience highlighted the impact of personalised financial advice and guidance. Over a 11-month timeframe, with support and navigating challenges together, we helped her achieve her dream of homeownership, demonstrating how financial coaching and mortgage advice can make a big difference.”
Advice for aspiring mortgage advisers
For those looking to enter the field, Cave offers some invaluable advice: “Look for a strong team to join, where you can learn the traits of good mortgage advisers, receive support, and gain insight into the workings of the industry.”
He stresses the importance of prioritising clients’ interests and the necessity of ongoing learning to continuously provide value to clients.
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