Risk Management for Brokers | How to Scale Your Business Without Losing Your Highest Priorities

In this episode of Broker Tools, we chat with Stephen Soo — ex-Accountant: Now an international award-winning business coach, NLP master coach, and DISC consultant who works specifically with mortgage brokers to transform their challenges, worries, and stalled growth into sustained commissions and increased business value. This conversation goes well beyond systems and processes. It is about the human layer underneath all of it — the mindset that either enables or undermines everything a broker is trying to build.

1Podcast Transcript

00:000 secondsHi and welcome to Broker Tools, where we unpack the tools, systems, and strategies that help brokers optimize the way they work. I'm Katie, your host,
0:088 secondsand today we are catching up with Stephen Sue from Steven Sue Coaching. For those of you who don't know Stephen,
0:1616 secondsum he is a broker coach who helps brokers master their leadership mindset and manage their risk well. If you've been looking to scale your broker
0:2323 secondsbusiness, then Stephen might be the coach for you. Stephen, welcome to the pod. Ah, thank you for having me. It's so fun. So fun. I know that we were
0:3232 secondshaving a chat about five minutes ago. It was so much fun. I cannot wait. You know, the list of questions and the value that I'm going to provide.
0:3939 secondsAbsolutely amazing. I'm I'm wrapped.
0:4242 secondsI know. And you and I along with Christian Patterson, who I lovingly call CP, um we were going to do this again
0:5050 secondsbecause you and I had ripped with him on another uh episode which unfortunately had tech issues. Um, and that's okay.
0:5959 secondsWe're we're going to turn them into shorts. But for those who who haven't watched any of those uh pieces of content beforehand, can you give us a
1:081 minute, 8 secondslittle background on I guess who you are, how did you become a broker coach?
Chapter 2: Stephen's background in financial services and why he coaches brokers
1:141 minute, 14 secondsYeah, absolutely. So uh I'm an international award-winning business coach you know helping brokers um really
1:211 minute, 21 secondsto transform their their challenges right their struggle their worries into commissions and sustain the commissions and also increase the business value.
1:301 minute, 30 secondsThat's what I do for brokers in Australia. So yeah um and how I got into broking. So I've been in the financial
1:371 minute, 37 secondsindustry for many many many years and um you know and I and I've seen what worked, what didn't work and what could
1:441 minute, 44 secondsbe better um in the corporate world and obviously in the corporate world there's always that um that red tapes and that
1:511 minute, 51 secondsthat that that um resistance that comes along in the corporate world, right? So uh once I come out the corporate world, it's it's a no it's a no-brainer, right?
2:002 minutesreally easy decision to help the brokers because um I I know there's a lot of support that um the brokers need um not
2:082 minutes, 8 secondsjust writing the loans but to also write better loans, right? Not just to find leads but to find quality leads,
2:142 minutes, 14 secondsright? Not just to get the commissions but to get the commission and sustain that commission as well. What you need to do from a business perspective to
2:232 minutes, 23 secondssustain that business and increase the business value and grow your business sustainably. and hopefully uh with a few
2:302 minutes, 30 secondsmore people, few more team members in your team.
Chapter 3: Quality before quantity: lead generation and clawback risk
2:332 minutes, 33 secondsYeah. And I really I actually like how you framed it because you know commissions are great but unless they come from quality commission uh like
2:422 minutes, 42 secondsquality lead referrals rather there's a higher risk of clawbacks because they've decided to refinance with somebody else.
2:502 minutes, 50 secondsAnd what you're doing with the systems and the processes that you take brokers as a coaching process through is making sure that those lead qualities not only
2:592 minutes, 59 secondsmeet those like basic standards that qualify as a good lead, but that you can actually sustain the relationship past that first one.
3:083 minutes, 8 seconds100%. Right? And you sort of need to have a process in place to consistently nurture your leads all the way through.
3:163 minutes, 16 secondsRight? So once you have a a a system that you follow or your team follow with you and for you and that you know makes
3:243 minutes, 24 secondsit so much easier to nurture leads all the way from day dot to when they are warm enough to work with you right say you know what I'm working with CP or
3:333 minutes, 33 secondssomeone else because really connected with that person in this case CP or someone else right and the chances of
3:393 minutes, 39 secondsthat um client of yours you know leaving will be a lot lesser yeah and at the end of the today. Um,
Chapter 4: AI as an enhancer — but nothing beats belly-to-belly
3:473 minutes, 47 secondslike we've always said, you know, it's the quality that matters, not the uh
3:533 minutes, 53 secondsquantity of leads um over time. And we've always talked about AI and the integration of AI, but these are the
4:014 minutes, 1 secondhuman elements that will never be outdone by AI.
4:044 minutes, 4 secondsNo, absolutely. And and um and I I was just saying this to my client the other day that, you know, we love quality. We
4:124 minutes, 12 secondslove quantity as well. Let's focus on quality before quantity, right? Focus on quality. Get your um system, your
4:204 minutes, 20 secondsprocessor downpad and then you can replicate the quality at a much larger scale, right? Then that's where quantity comes in. And absolutely AI is amazing.
4:284 minutes, 28 secondsUm you know it's it's a really amazing enhancer, right? To enhancer to enhance to be more efficient, to get more time
4:354 minutes, 35 secondsback into your day, right? To do more higher value activity, i.e. right? Building client relationship, right? having that conversation belly to belly,
4:444 minutes, 44 secondsright? I'm really old school, right? I'm, as you can tell, I'm 60 years old, right? Your youth well,
4:524 minutes, 52 secondsyou know, I I'm, you know, absolutely right. AI is amazing. It's it's a great enhancer, but nothing beats bellyto-
4:584 minutes, 58 secondsbelly conversation. Um and and really just gives you more capacity and time and effort, not effort but time to, you
5:075 minutes, 7 secondsknow, build better connections, deeper connections, right, with a wider community as well. So yeah.
Chapter 5: Mindset: the layer underneath every system and process
5:145 minutes, 14 secondsYeah. And I guess um one of the things I've learned in my time of building out workflow automations is um you can
5:225 minutes, 22 secondscreate the system and you can create the process for any business in any organization, but unless you're running it through your own lens of a mindset of
5:305 minutes, 30 secondswhy you actually have those systems and processes in place, none of it's going to work. Um one of the things that I also love about you is that you're an
5:395 minutes, 39 secondsNLP master coach. Um, how do you take people through that journey? Because again, yeah, sure, we talked about lead quality, but there's that massive part
5:485 minutes, 48 secondsof mindset as well because a system is a system, a process is a process, but you at the end of the day are the leader of that.
5:565 minutes, 56 secondsYeah. Yeah. Absolutely. So, like I said,
5:585 minutes, 58 secondsleads is one thing, but how do you um show up right to your meetings for example, right? Are you showing up to
Chapter 6: Showing up at full capacity: the reset practice
6:056 minutes, 5 secondsthe meeting with say 20% of your battery life that the meeting requires you to be at 100%.
6:156 minutes, 15 secondsRight? Are you giving yourself that capacity to recharge, reset, refocus,
6:196 minutes, 19 secondsreenter yourself, get back up to let's say 80 or 90% as close as you can to that 100% to get more out of it, right?
6:276 minutes, 27 secondsIt's there's a lot of the mindset.
6:296 minutes, 29 secondsThere's also a lot of um how you taking care of yourself in that way, right? and how you interpret in information as well during the meeting as well, right?
6:386 minutes, 38 secondsBecause you know when you enter a meeting with a the best intention. Uh sometimes that you get um you know you
6:456 minutes, 45 secondsget thrown a a curveball right in the meeting, right? And um we have one of those too many. Um and then how do you
6:536 minutes, 53 secondsinterpret that information? And that's really important and that affects your next action, your next decision, the next thing that you're going to say, the
7:017 minutes, 1 secondnext thing that you're going to do with that lead or with the client, right? And that determines the experience that you both are going to have, right?
7:097 minutes, 9 secondsAnd and and and you know, so if you look at it from a compounding perspective,
Chapter 7: Questioning inherited beliefs and programming
7:157 minutes, 15 secondsright, the positive compounds, so does the negative,
7:187 minutes, 18 secondsright? So, you know, it's all about what's within your control and what's within your control that you can influence on to take better control of the situation.
7:287 minutes, 28 secondsYeah, I I actually agree wholeheartedly.
7:317 minutes, 31 secondsIn my own mental health and my own personal well-being, I have what I call a default setting. So, rain, hail, or shine, um if something crappy happened 5
7:407 minutes, 40 secondsminutes ago, she pretty much will come back to like chippy champagne girl within reason. because if I'm still in an environment that still makes it not
7:487 minutes, 48 secondsso great, but you can't necessarily change that. For example, um I heard news the other day um somebody uh in my
7:567 minutes, 56 secondsfamily passed away and you know it's it's really like as in it has impact and you you sometimes just have to go to
8:038 minutes, 3 secondsyour next meeting and do that meeting without thinking about that situation and and sure you should grieve and but
8:118 minutes, 11 secondssometimes you still have to continue with your day. So, how do you how do you push through? It's it's creating those
8:188 minutes, 18 secondsdefault settings. It's that creating it's not that you don't take it in consideration. It's what do you have in place through it?
8:278 minutes, 27 secondsRight. And I and and I've seen so many brokers have that backtoback meetings.
8:318 minutes, 31 secondsRight. It's great, but not knowing that having the back to back also doesn't help you in terms of showing up in your
8:388 minutes, 38 secondsbest ability and you know and and putting your best foot forward in the having that back to back because you know the first couple meetings is fine after five or six then you get tired you
8:468 minutes, 46 secondsget fatigue um and then you get influenced by all your previous meetings outcomes right and that you you are un
8:548 minutes, 54 secondsunconsciously bringing that along into your next meeting right so you need to give yourself the space to like I the
9:029 minutes, 2 secondsreset to recharge um to resenter yourself so that when you go in with a Yeah.
9:069 minutes, 6 secondsAs much as you can with a blank page that's it right as much as you can.
9:109 minutes, 10 secondsYeah. And something that I I um thought of while you were talking there just now Katie was that look all of us have um we
9:199 minutes, 19 secondshave our own set of programming all right and you know and that determines how we show up how we interact how we lead and how we
9:279 minutes, 27 secondscommunicate and how we do things on a day-to-day basis. Yeah.
9:319 minutes, 31 secondsRight now the question that I asked again my client recently is what you know the things that you have been taught wasn't correct. What if you have
9:409 minutes, 40 secondsbeen taught the wrong thing? You have been taught the wrong thing. Right? So so so something to think about to reflect on for you is what if the things
Chapter 8: What if what you were taught was wrong?
9:489 minutes, 48 secondsthat you've been taught before at school or by your parents or by your mentors or or by a coach, right?
9:549 minutes, 54 secondsWhat if it's not the right thing? I'll give I'll give you an an example, right?
9:599 minutes, 59 secondssomething that I thought was this is the best thing ever until I thought like you know what this is not and that thing was um you know I growing up my parents and
10:0710 minutes, 7 secondsmy teachers and everything tell told me this right that hey Stephen treat others how you want to be treated ah yeah
10:1510 minutes, 15 secondsright I like cool I'll treat you how I want to be treated and I've used that for a lot of my years you know growing
10:2210 minutes, 22 secondsup right some hits and misses right and I'm like okay so it is what it is and then Now I realized that a couple years
10:3010 minutes, 30 secondsago I realized this that treating others how you want to be treated. You always put your own bias into that interaction.
Chapter 9: "Treat others how you want to be treated" — a limiting belief reframed
10:3710 minutes, 37 secondsYou don't really know that person how they want to be treated. I say your own biases in there,
10:4110 minutes, 41 secondsright? That that person might not be um feeling 100%. But I'm feeling 100%. Right? So I'm going out like yes, hey,
10:4910 minutes, 49 secondshow you doing? And that immediately breaks the Yeah. So it's always worth challenging your own beliefs, your own
10:5710 minutes, 57 secondsunderstanding and see if there's some something that you need to improve on,
11:0011 minutesyou need to work on. Right. In this example, then you might want to do this is, you know, um treat others how they want to be treated.
11:0811 minutes, 8 secondsYeah. Because you're really flipping the conversation. And again um it's it's all nuanced like everything is context
11:1511 minutes, 15 secondsbecause um and this is the thing that um within our mindset we sometimes make hard and fast rules when it's not always
11:2311 minutes, 23 secondsa hard and fast rule because um for example if someone likes to treat others badly and doesn't mean they want to be
11:3111 minutes, 31 secondstreated badly. Um and they may not even know what they're doing is quote unquote bad. Do you know what I mean? Because some people come across across really
11:4011 minutes, 40 secondsgruff, if you know what I mean. And gruff as in very What do you mean by gruff? Sorry.
11:4411 minutes, 44 secondsGruff um as in they could be like short with their words. They could be to the point and and it mean sometimes it
11:5411 minutes, 54 secondssounds like they're dismissing you, but really they're not. Do you know what I mean? Absolutely.
11:5911 minutes, 59 secondsAnd so how how do you treat this person and how you want to be treated and trying to find the middle ground of that?
12:0612 minutes, 6 secondsYeah. It can be nuanced.
12:0912 minutes, 9 secondsIt can be nuanced and and it takes skills and you know, of course,
12:1312 minutes, 13 secondspractice, but you got to have that awareness number one and step into that awareness and improve how you want to do things differently, right? So, when you
12:2112 minutes, 21 secondswant to do, you know, treat others how they want to be treated. Um, like I said, gruff, which I learned a new one today, which is amazing.
12:2812 minutes, 28 secondsI'm such an Aussie. I'm I'm becoming better Aussie now.
12:3212 minutes, 32 secondsThank you, Katie. um for for look you know there's there's I'm sure you heard of the disk framework disn
Chapter 10: DISC profiling: D, I, S and C explained
12:4112 minutes, 41 secondsoh yeah yeah disk analysis right so I'm a dis consultant oh nice yeah yeah yeah absolutely so we say graph immediately comes to mind is that
12:4912 minutes, 49 secondsit's just the way they interact right it's it's very dominant they are short sharp you know no mucking around boom
12:5512 minutes, 55 secondsright as compared with someone like um C right they're like you know take their time spend their time talking through
13:0313 minutes, 3 secondsthings and you know not as punchy right so it's just understanding and having the awareness of who that person is in that situation whether it's going to be
Chapter 11: Using DISC to adapt your communication and build rapport
13:1213 minutes, 12 secondslike a Donald Trump right fast my way or the highway or someone else right so you can then show up differently right treating them how they want to be
13:2013 minutes, 20 secondstreated and then from there build better rapport then you can influence that right and hopefully you get to um convert those conversations those
13:2813 minutes, 28 secondsrelationships right those deals into your book yeah and and this is the gift doing any of those types of things with um disk because my my sister is also a a
13:3713 minutes, 37 secondsDISC profiler. Um and she's also a train the trainer. So when she talks about these as profiling systems and how you
13:4413 minutes, 44 secondstrain communications within a team, it's it's not hard and fast rules because sometimes I'm I'm more on the I side
13:5313 minutes, 53 secondswith a little bit of C. So I do a lot more influence and systems as as a process. Um, but with a a a
14:0214 minutes, 2 secondsdominant kind of process thinker, that can be too much at one moment in time.
14:0914 minutes, 9 secondsSo, what I need to do is do short sharp and then take them through a system and process because once they've like got
14:1614 minutes, 16 secondsthe short bites, they now know how to process the longer bites.
14:2114 minutes, 21 seconds100%. Yeah. And and you also do not want to pigeon hole someone or yourself in that category, right? because it based on situations based on environment that
14:2914 minutes, 29 secondsyou're in one in one like you say in one environment you are a D another environment you're I S and C right it's about you know having that appreciation
14:3814 minutes, 38 secondsawareness and then using that to your advantage right and and gives you that um the unfair advantage right which is
14:4714 minutes, 47 secondsabsolutely amazing and that builds better relationship um yeah so look you know and I think what's amazing is to
14:5514 minutes, 55 secondshaving that appreciation an awareness of who you are um from a disprofiling perspective and then you
15:0315 minutes, 3 secondscan then um uh develop that skill set to develop um to interact more with other people, right? And having the appreciation with other people.
15:1215 minutes, 12 secondsYes. And and I think these are like systems and processes fundamentally because if you understand one how you operate, you can then learn how others
Chapter 12: Systems and processes as a communication framework
15:2015 minutes, 20 secondsoperate and then you create this skill of adaptability to the environment or the person that you're with.
15:2715 minutes, 27 secondsAnd obviously you get to still be true to yourself, but again, you're running in systems and processes throughout it because you're going, "Oh, I see this is
15:3415 minutes, 34 secondshow you like to be spoken to and and interacted with. So I will adjust my communications to meet this kind of
15:4115 minutes, 41 secondscommunication that you need to get us through this lead process that I actually have to take you through because it's a standard operational process%
15:5115 minutes, 51 secondsright and also you know certain things that you know to say more and certain words that you want to avoid certain things that you want to do less and certain things you want to do more right
15:5915 minutes, 59 secondswith the intention of you know building better rapport relationship trust right and things forward boom
16:0616 minutes, 6 secondsin it yeah and this is that part that makes it a bit more easy for you to do leadership and uh scaling because again
16:1516 minutes, 15 secondsif you are learning who you are and how you operate, how you want things run and then you have your teams underneath
16:2316 minutes, 23 secondsit and also the clients that go alongside it. This is the one channel that you can actually take the people through.
16:3216 minutes, 32 secondsAbsolutely. Absolutely. you know the more that you have in your tool belt the better it is right because you can then
16:4016 minutes, 40 secondshave more tools to use in that situation and helps you yeah and I guess this is that whole managing the risk well component of what you do because there's what we call
Chapter 13: Risk management: the most underinvested area in broking
16:4716 minutes, 47 secondshuman elements of the risk and this is like offending someone and not that you don't want to offend somebody because sometimes it's actually good to offend
16:5516 minutes, 55 secondssome people um because you may not want them in your lead pool um but it's it's risk looks like different
17:0317 minutes, 3 secondsthings to different people. It's not just fraud. Yeah, there's so many risks in there.
Chapter 14: The full list of risks brokers face
17:0717 minutes, 7 secondsThere's um business risk, there's fraud risk as part of business risk, there's operating risk, there's financial risk,
17:1317 minutes, 13 secondsthere's credit risk, there's um clawback risk, there's so many risk, right? Um you know, lead generation risk and so
17:2017 minutes, 20 secondsmany risk in there. So, um yeah, I think I don't you know, I've spoken to a number of brokers, right? Whether they
17:2817 minutes, 28 secondsare new, established or even brokerage as well. um especially new one I don't think they they they they focus too much on the risk management side of it for
17:3617 minutes, 36 secondsreason but for established and the brokerage um I don't think that they are spending enough on the risk management
17:4317 minutes, 43 secondsside um as you know when they grow or when they want to sustain their business as a brokerage right they need to s you know focus more on the risk element in
17:5217 minutes, 52 secondsthe business and number one identify what risk in the business what's the status of the current the current risk what are they doing to mitigate or to
18:0118 minutes, 1 secondmanage that risk, right? And what are they doing to consistently manage that risk and you know through themselves or if they're a team, you know, um through the team members,
18:1118 minutes, 11 secondsright?
18:1118 minutes, 11 secondsThey don't have a clear plan of action number one or they don't have the visibility or the um the the level of
18:1918 minutes, 19 secondsappreciation needed for them to um to sustain their business.
18:2318 minutes, 23 secondsAre you happy to go through some of those risks because I think it'll actually matter in conversation.
18:2918 minutes, 29 secondsum generally speaking cuz risk looks like different things and there are some things that you don't even think of are
Chapter 15: What to do first as a new broker: start with mindset risk
18:3618 minutes, 36 secondsa risk but could be if yeah absolutely. So if if a established broker, you know, you know, looking at hiring but has been holding it off,
18:4718 minutes, 47 secondsright? Okay, what if it doesn't work out? What if um the the team that I've been trading on for the next two months and then she or he decides to leave,
18:5618 minutes, 56 secondsright?
18:5718 minutes, 57 secondsUm there is a risk. Um now the bigger risk is doing it yourself. So you have key dependency risk, right? purely
19:0619 minutes, 6 secondsdepending on that solo you know soul broker right if if that broker it's unwell thing stops right now want to do
19:1419 minutes, 14 secondsit for them or with them um it also brings down the value of the business right so so you know putting them in a really tight spot
19:2219 minutes, 22 secondsum which many broker does right in in in this situation and then you know increases the operating risk as well right you don't have you know you know
19:3019 minutes, 30 secondsit could be brokers that you know everything up in here right not you know map out not processes is written down.
19:3619 minutes, 36 secondsRight. So it's all up there. So there's operating risk in there as well. Yes.
19:4019 minutes, 40 secondsRight. Um so there's so many so so once those risks are not um addressed, right? And then no matter how much you grow,
19:4819 minutes, 48 secondsthe risk is going to be bigger and bigger and more significant, right? And makes it harder to manage, you know,
19:5619 minutes, 56 secondswhen the business grow bigger. So it's always wiser to manage your risk at the front, right? when the business is growing, not when business has grown to
20:0420 minutes, 4 secondsa certain level, right? You can, you know, it depends on where you are, just that it needs more time to actually manage those risk because there's going to be a lot more risk in there.
20:1220 minutes, 12 secondsYeah. If you are a new broker, what would be the top risks that you would first mitigate? A mindset risk?
20:2020 minutes, 20 secondsMhm.
20:2120 minutes, 21 secondsWhich is Okay. So, so um some some something I mentioned to a new broker I think back in um was this November or even let's call it November, right?
20:3220 minutes, 32 secondsAnd I mentioned to him this is amazing.
20:3420 minutes, 34 secondsYou have a great plan um through for for growing your business which is great over the next three to five years. Amazing.
20:4320 minutes, 43 secondsA question that I asked him was this right? Does he see himself as a broker that tries to be a business owner or
Chapter 16: Broker trying to be a business owner vs. business owner providing broking services
20:5020 minutes, 50 secondsdoes he see see himself as a business owner that provides broking services? Yeah, that's two very different things.
20:5820 minutes, 58 secondsAbsolutely. Right. And and and then his response was say, "Yep, I'm a business owner that provides broking services."
21:0621 minutes, 6 secondsWhich and I said, "Amazing. That's cool.
21:0921 minutes, 9 secondsNow, let's have a look at the action that you have uh planned out. It's all coming back to broker trying to be a business owner,
21:1821 minutes, 18 secondsright? So you can tell yourself a one story but the reality is the fact is that you are operating in another.
21:2521 minutes, 25 secondsRight? So once you have that clarity,
21:2921 minutes, 29 secondsthat visibility, then you can then make a decision. Okay, what sort of business and how you want to grow your business.
21:3521 minutes, 35 secondsRight? Now I know some of the brokers will say, "Yep, I'm happy to be a broker." And that's it. I don't want to be a business owner, but I'm happy to be a broker. do end to end.
21:4321 minutes, 43 secondsYep. And that's by design and that's okay. Yes.
21:4621 minutes, 46 secondsRight. You you know and then you're happy to do end to end long hours having the key dependency risk and you know having all the risk in your business and you're happy to wear it and that's okay.
21:5521 minutes, 55 secondsit's their decision, right?
21:5721 minutes, 57 secondsSo once you have that clarity and then you can then grow your business to a level that you are happy with,
22:0322 minutes, 3 secondsright? And and I see a lot of brokers having that um misalignment in terms of expectations and reality.
Chapter 17: Choosing your identity and aligning your actions to it
22:1222 minutes, 12 secondsYeah. I kind of liken it to um a doctor.
22:1622 minutes, 16 secondsDo you know what I mean? Like that's the different risk. Um if you own a doctor surgery, you just have to you have to make sure that the rooms are filled with
22:2422 minutes, 24 secondsthe right doctors in it to deliver doctor services. Um but if you are a
22:3122 minutes, 31 secondsdoctor then you have to fulfill the risk and if you were doing it in a solo office not an officer of office then
22:3822 minutes, 38 secondsyou're at a higher risk because if for whatever reason life happens to you and you are not able to meet the needs of your patients
22:4722 minutes, 47 secondsthen you know the patients become at risk and in this environment it's your your
22:5522 minutes, 55 secondsclients who are going through the loan process. If a ball drops, where do you pass it so that it it's not catastrophic?
23:0423 minutes, 4 seconds100%. Right. And also deprive yourself from doing what's um what's the best
23:1223 minutes, 12 secondsthing for the business, right? If you choose to be a business owner that provides brokering services, right?
23:1723 minutes, 17 secondsYeah. You also doesn't have the capacity because you know you're doing it yourself. Um you know, number one, you are also giving into your fear, your limitations, right? We we know that,
23:2723 minutes, 27 secondsright? And it's not serving you. And the second and and the third thing is that you're also not doing your your business service, right? You're doing your business a disservice.
23:3623 minutes, 36 secondsYeah. And at the end of the day,
23:3723 minutes, 37 secondsbrokering is it's supposed to be a business, not just a service. Um and and
23:4423 minutes, 44 secondsI guess how you want to do it always obviously work to your strengths. That's what we always recommend. But if you are
23:5323 minutes, 53 secondsthe only strength in your system, you also have to remember you're human. And humans have system malfunctions just
24:0124 minutes, 1 secondlike technology. And so when the system malfunctions,
24:0624 minutes, 6 secondsat least have a contingency plan in place um where you can get a locom,
24:1124 minutes, 11 secondsthat's what the doctors use, a locom doctor to come in place um or something like that. I'm not obviously I have no
24:1824 minutes, 18 secondsidea. Do broker locoms exist? No, I I don't know. Maybe CP would know this,
24:2324 minutes, 23 secondsright? Because I haven't come across a locom broker and you know and because I guess that's Yeah. So I've I've I've come come across a locom broker.
24:3324 minutes, 33 secondsNo, I just obviously I'm just ripping out of my brain because I mean as much as I know about brokers from a workflow
24:4124 minutes, 41 secondsautomations point of view, I really am still learning a lot about the broker industry. And this is why we're having these conversations cuz there are
24:4924 minutes, 49 secondsmoments like this where risk does occur and what what services what people can come in place so that one maybe you
24:5724 minutes, 57 secondsdon't lose your business maybe you just take like a three-month holiday um but can get it back. You know if anybody out
25:0525 minutes, 5 secondsthere has ideas feel free to leave a comment below.
Chapter 18: Having a team as a risk mitigation strategy
25:0825 minutes, 8 secondsAbsolutely. Absolutely. And that's where the the the the team the environment comes in really really uh fitting in
25:1625 minutes, 16 secondsthis sense right because you want to take care of yourself maintain your you know and and manage your mental health your physical health your emotional
25:2225 minutes, 22 secondshealth right so you need to have a team that supports you while you support your team as well completely
25:3025 minutes, 30 secondsum and I think this is the gift of everything we're doing because if you want to optimize and scale the way you
25:3825 minutes, 38 secondsgrow it's one kind of knowing who you are as a person and how you want to operate. Whether you are a broker with a
25:4525 minutes, 45 secondsbusiness that you provide brokering for or you're looking to operate as a broker who oh sorry as a business owner who provides brokering services.
25:5525 minutes, 55 secondsNeither is right or wrong. It's whatever works for you. But if you are acting in your own behavior and your own
26:0226 minutes, 2 secondsmechanisms and in your own thinking as a broker who delivers broking services rather than a business owner operating
26:1026 minutes, 10 secondsas a broker services then you know maybe chat to Steven um because it is a
26:1726 minutes, 17 secondsmindset shift because you're obviously when you your behaviors are dictating what you're doing and if you can't
26:2426 minutes, 24 secondschange the way you work slightly from a mindset point of view, then the outcomes are not going to be what you're looking for.
26:3026 minutes, 30 seconds110%. 110%. It all comes back down to mindset, right? Mindset is everything. You know, in anything that we do,
Chapter 19: Mindset is everything: the compounding cycle explained
26:3826 minutes, 38 secondsbusiness, broking, family, you know,
26:4126 minutes, 41 secondspersonal life, right? It's all come back down to the mindset. And the mindset that we have dictates the action that we take. The action that we take dictates
26:4826 minutes, 48 secondsthe experience that we get to experience. And the experience that we get to experience right dictates the belief that we have
26:5726 minutes, 57 secondsright sort of going back in one full circle right when we like you know um whe whether it validates our belief or
27:0427 minutes, 4 secondswhether it challenges our belief to grow better to grow more to grow differently.
27:0927 minutes, 9 secondsYeah. And if you are looking to elevate yourself then this is probably like one of the best conversations you could ever
27:1727 minutes, 17 secondshave. Um because you really don't realize how your behaviors at like because if your outcomes are not matching the goals that you've set for
27:2527 minutes, 25 secondsyourself. There's there's a misconnection in that process.
27:2927 minutes, 29 secondsYeah. Yeah. Yeah. Your outcome needs to match your reality. If it's not okay,
27:3327 minutes, 33 secondssomething needs to happen. Something need to change along those lines, right?
27:3727 minutes, 37 secondsSo that your outcome meets your real your reality. Your outcome meets your expectations. Um, Stephen, if people
Chapter 20: Where to find Stephen
27:4527 minutes, 45 secondswanted to reach out and have a further conversation with you, where should they go and what should they do? Where should they go? I tell you what.
27:5227 minutes, 52 secondsUm, let's hope. No, let let's not hope. There we go. Oh, look at that. You've got a QR code.
28:0028 minutesLook at that. Um, uh, if you're too lazy to use a QR code, it's Stephen Sue coaching.com.
28:0928 minutes, 9 secondsYep, that's the website. Um, you know, connect with me on social media as well.
28:1428 minutes, 14 secondsum you know or send me an email at stephvensweensukucoaching.com. Nice. Easy.
28:2028 minutes, 20 secondsUm if anybody has any further questions for Stephen and I, if you want us to host another podcast, feel free to comment below. Um and do all the good things like share, comment, and like.

Sync to video time

1. Who Stephen Soo Is and Why He Works With Brokers

Stephen spent many years in the corporate financial industry before making the move to coaching. In the corporate world, he observed clearly what worked, what didn’t, and what was being held back by red tape and organisational resistance. When he left, working with brokers was a natural fit: an industry with enormous potential but also enormous personal and business pressure, where most of the support available is technical rather than human.

His coaching focuses on three areas:

  • Mastering the leadership mindset — how a broker thinks about themselves, their role, and their business
  • Generating and sustaining quality commissions — not just finding leads, but building systems that nurture them all the way through
  • Managing risk well — identifying, understanding, and consistently addressing the risks that threaten a brokerage’s sustainability and value

2. Quality Before Quantity: The Lead Generation Principle

One of Stephen’s core principles is that quality must come before quantity in lead generation. His approach is to first build the system — the process, the nurture sequence, the client experience — so that it consistently produces quality outcomes. Once that system is working well, it can be scaled. Trying to scale before the quality is locked in just multiplies the problem.

He is also direct about the risk of clawbacks from poor-quality leads: if a client has not genuinely connected with their broker and felt real value in the relationship, the risk of them refinancing elsewhere — and triggering a clawback — is significantly higher. Relationship quality is not a soft metric. It has a direct financial impact.

3. The Mindset Layer: Why Systems Alone Are Never Enough

A system is only as effective as the mindset running it. Stephen’s NLP (Neuro-Linguistic Programming) background informs how he coaches brokers on the human layer that sits underneath every process, every client conversation, and every business decision.

A key example he raises: showing up to a client meeting at 20% battery when the meeting requires 100%. Every broker knows what it feels like to have a difficult conversation, a personal setback, or a bad outcome from an earlier call — and then walk straight into the next meeting carrying all of that. The question Stephen helps brokers answer is: what reset practice do you have in place so that you can show up as close to full capacity as possible, as consistently as possible?

He also introduces the concept of questioning inherited beliefs. Most of us operate on programming instilled in childhood and early career — by parents, teachers, early managers, and mentors. That programming shapes how we show up, how we lead, and how we communicate. The problem is that not all of it is correct, and much of it goes unexamined.

His example: the common principle “treat others how you want to be treated”. On the surface it sounds right. But in practice, it means projecting your own preferences onto every interaction — bringing your own biases into how you show up, rather than actually meeting the other person where they are. His reframe: treat others how they want to be treated. That shift requires awareness, adaptability, and genuine curiosity about the person in front of you.

4. DISC: Understanding Yourself and Your Clients

Stephen is a qualified DISC consultant, and this framework underpins a significant part of how he helps brokers improve their client conversations, team dynamics, and leadership style.

DISC profiles four primary behavioural styles:

  • D (Dominant) — direct, decisive, fast-paced. Short, sharp communication. No time wasted.
  • I (Influential) — enthusiastic, relationship-focused, persuasive.
  • S (Steady) — patient, consistent, process-oriented.
  • C (Conscientious) — analytical, detail-focused, methodical.

Understanding your own DISC profile helps you recognise your natural communication style and its blind spots. Understanding your client’s profile helps you adapt how you present information, how much detail you go into, how direct you are, and how quickly you move through a process. A highly dominant client wants the bottom line fast. A conscientious client wants the data and the process explained thoroughly before they feel comfortable moving forward.

Stephen’s important caveat: DISC is not a box to put people in. Profiles shift across contexts. Someone might be highly dominant in a business negotiation and much more steady in a personal conversation. The skill is in reading the person in front of you in that moment — and adapting accordingly.

5. The Risks Brokers Are Not Managing — and Should Be

Risk management is one of Stephen’s core pillars, and it is the area he finds most consistently underinvested — particularly among established brokerages that are growing. His view is that the time to manage risk is while the business is growing, not after it has grown. The bigger the business, the bigger and more complex the risks become — and the harder they are to address retrospectively.

The key risk categories he works through with brokers:

  • Mindset risk. The broker’s own beliefs, fears, and programming are the first and most significant risk in any business. If the mindset is misaligned, every other system is working against resistance.
  • Key dependency risk. If the entire business depends on one person — the solo broker — the business stops when that person stops. Illness, burnout, or a life event can be catastrophic. This also significantly reduces the business’s value to a potential buyer.
  • Operating risk. Processes that only exist in the broker’s head cannot be delegated, replicated, or recovered from if something goes wrong. If it is not documented, it is a risk.
  • Financial risk. Cashflow, commission timing, and the impact of clawbacks — particularly devastating for newer brokers with smaller books.
  • Credit risk. Placing deals that are technically possible but carry high default or fall-through risk affects trail income stability.
  • Lead generation risk. Reliance on a single referral source or channel makes the business vulnerable if that source dries up.

6. Broker Trying to Be a Business Owner vs. Business Owner Providing Broking Services

This is perhaps the most important distinction Stephen draws — and it is one that many brokers have never explicitly considered.

He works with brokers to ask themselves honestly: am I a broker who is trying to run a business? Or am I a business owner who provides broking services?

These are two fundamentally different identities, and they produce two different sets of behaviours, decisions, and outcomes. A broker trying to run a business tends to remain the centre of every activity — every client call, every deal, every problem. A business owner providing broking services builds systems, teams, and processes so that the business can function and grow beyond their personal capacity.

Neither identity is wrong. Choosing to be a solo operator who delivers exceptional broking end-to-end is a completely valid business model. The problem arises when a broker says they want to grow a scalable business — but continues to operate as if they are the only person who can do anything. The actions do not match the intention, and the business stagnates.

Stephen’s coaching process helps brokers get clear on which identity they are actually operating from — and then align their actions, team structure, and risk management accordingly.

7. The Compounding Effect: Positive and Negative

One of the frameworks Stephen uses in coaching is the idea of the compounding cycle:

  1. Mindset dictates action
  2. Action creates experience
  3. Experience shapes belief
  4. Belief feeds back into mindset

This cycle works in both directions. Positive mindset produces positive action, which creates positive experiences, which reinforce positive beliefs. But the reverse is equally true. A negative or limiting belief produces cautious or avoidant action, which produces limited outcomes, which reinforce the original belief.

If a broker’s outcomes are not matching their goals, something in this cycle is misaligned. Stephen’s coaching is about identifying where the break is occurring and intervening at the mindset level — which is where the most sustainable change happens.

8. AI as an Enhancer, Not a Replacement

Stephen is measured and positive about AI in the broking context. His view is that AI is an excellent enhancer — a tool that gives brokers back time and capacity to do more of the high-value, deeply human work: building relationships, having genuine conversations, and showing up fully present for clients.

Where he draws the clear line is in the belief that AI can replace the belly-to-belly element of broking. In a profession built on trust, personal connection, and guiding people through one of the most significant financial decisions of their lives, the human element is not a feature that can be automated away. It is the core of the value proposition.

9. Key Takeaways for Brokers

  • Get your quality system right before you try to scale for quantity. A broken process scaled is just a bigger broken process.
  • Your mindset is the first risk in your business. If your beliefs are not aligned with your goals, no system will fix that.
  • Challenge your inherited programming. Some of what you were taught is wrong — or at least incomplete. Be willing to examine it.
  • Learn your DISC profile — and use it to read and adapt to the people around you, whether that is clients, team members, or referral partners.
  • Decide which identity you are operating from: broker trying to be a business owner, or business owner providing broking services. Then align your actions with that decision.
  • Start managing risk now, not when the business has grown. Key dependency risk, operating risk, and mindset risk are all easier to address early.
  • Build in a reset practice so you can show up with full capacity across back-to-back meetings and client interactions.

10. Practical Next Steps

  1. Reflect honestly on whether you are currently operating as a broker trying to run a business, or as a business owner providing broking services. Are your daily actions consistent with the identity you say you want?
  2. Identify the top three risks in your business right now. Are they documented? Do you have a plan to mitigate them?
  3. Explore DISC profiling for yourself and consider how it might help you adapt your communication with different client types.
  4. Build a personal reset practice — even a five-minute routine between meetings — so you are not carrying the emotional residue of one conversation into the next.
  5. Reach out to explore working together.

Episode Links

▶️ Watch the full podcast: https://youtu.be/GgMeBbPnqUk
🎧 Listen on Spotify: https://open.spotify.com/episode/4oU9lZOykhktfMu22cCKJL?si=3OUikpkdSmiFctv5gW6NTg

🌐 Website: https://stephensoocoaching.com/

📧 Email: stephen@stephensoocoaching.com

⚠️ Disclaimer: This content is for educational and research purposes only and does not constitute financial, legal, or business advice. Always conduct your own due diligence before implementing systems, tools, or operational changes in your business. Some links or recommendations mentioned may be affiliate partnerships, meaning we may earn a commission at no additional cost to you if you choose to engage with a product or service. All opinions remain independent and based on research and experience.

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Stephen Soo Coaching helps brokers and executives simplify strategy, strengthen leadership, and implement systems that drive consistent growth without burnout.

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