Episode 67

How Much To Pay Staff (including You!)

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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)

Let's Accelerate

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