Peter Brodnicki, chief executive of the Mortgage Advice Bureau (MAB), told brokers they must embrace decision-making if they want to stay relevant in what will be fast-changing mortgage  market.

Speaking on stage in a fireside chat with Brightstar Group’s COO William Lloyd-Hayward at the company’s Lender Expo yesterday (main picture), Brodnicki reflected on 25 years at the helm of MAB and shared lessons that extend well beyond his own broker and network business of 2,000 advisers.

Since 2001 Brodnicki has overseen MAB’s rise into one of the UK’s most recognised intermediary brands, with more than £25bn of loans arranged annually and a successful London Stock Exchange listing in 2014.

STICKING TO THE PLAN

But he insisted that longevity comes not from sticking to a plan but from adapting constantly.

“I’m on my sixth five-year plan,” he said. “You have to keep tweaking, learning from others, taking calculated risks and never being afraid to pivot.

“Most people know what decisions they should make but often hesitate – not acting or taking too long to do so  will prove far more costly than it has previously . The more decisions you make, the more chance you have of getting them right.”

Technology and AI, he argued, will be central to the future of advice.

MAB has invested heavily in its own platform, giving it what Brodnicki called “agility and control ‘ when it is needed most.

“The world is going to be tech, data and AI driven. Brokers must use that to sharpen up their propositions, or risk being overtaken by new models, including those that capture customers earlier in the research phase,” he said.

RULES OF ENGAGEMENT

Brodnicki urged brokers to think beyond the traditional ‘in-market’ moment when clients raise their hands for a mortgage. ,” he said. “Intermediaries must try and engage digitally  far earlier -capturing and  nurturing leads by utilising data to better understand  existing and future customers and their changing circumstances to enhance and personalise their offering and stay relevant and front of mind.

Effective and timely use of data is far more of a threat than AI which I see more as an enabler for customers and brokers . Organisations  with bigger datasets will be in a very strong position and that’s where the competition is most likely  to come from in my opinion.

TEAM WORK

Asked what advice he would give his younger self, Brodnicki pointed to the importance of people.

“Success is all about the team you build. Don’t recruit on the cheap. Meet candidates above your price range so you can see what’s possible, then do what it takes to bring the best people in.”

For brokers outside MAB, his message was clear: take necessary and calculated risks, move fast, embrace AI, and surround yourself with talent.

“There will still be great businesses and average ones in 5/10 years time . The difference will be in how you use all  the new tools available – and how brave you are in making decisions.”