Is 5 a Magic Number?
1 May 2025
Richard Howes
1 May 2025The number 5 is quite a pivotal number in life and business. It’s amazing to recognise things that come in five and which can be translated into business. The number 5 holds significance in various contexts, including numerology, spirituality, and mathematics. In numerology, it often symbolises change, adventure, and freedom, representing the desire for new experiences and exploration. Symbolically, it can also represent the human side, associated with the five senses.
All areas relevant to a mortgage broking firm.
It got me thinking of a recent event we held with Paradigm firms, with help from the Bank of Ireland for Intermediaries team and UK Business Mentoring, where we discussed with the attendees matters pertaining to their business, both now and for the future.
It was interesting to hear what mattered to the business owners for their business, areas such as time management, people management, consistency of performance of their business, issues around technology, all came well before, lenders & their service, obtaining new clients, regulation, etc. The meeting aimed to listen to what matters to them for their business and offer practical help and tested examples to improve and help both individuals within the business and the owners, so they are better informed as to where both their employees and their business could go and get to.
It also looked at how the future for these businesses could look and what help is available for them:
As the Kinks sang :
“I know you’ve got a lot of good things happening up ahead
The past is gone, it’s all been said
So, here’s to what the future brings,
I know tomorrow you’ll find better things”*
All of the attendees had been in business for five years or more, it has to be said that reaching the five-year mark is a significant achievement for any mortgage broking business. In an industry that is both highly competitive and, five years signals more than just survival—it represents stability, credibility, and the foundation for long-term success. The journey to this point is often marked by lessons learned, systems refined, and relationships built and stabilised.
Maybe the five-year point is a turning point where the business moves from establishing its presence to scaling and solidifying its reputation.
In the early stages, businesses face the challenge of building a client base from the ground up. The first few years typically involve learning how to deal with the nuances of lender policies, (after all brokers nowadays need to remember the policies of up to 80 plus lenders depending on your distributor of choice), in addition to understanding the needs of different borrower profiles, and fine-tuning the end-to-end process to create a seamless client experience. By year five, hopefully, the business has developed streamlined workflows, refined its service offerings, and, most importantly, gained the trust of clients and third-party introducers.
As we know, trust and reputation are everything in any industry, and mortgages are no different, indeed, it may be heightened given the stakes for customers. A business that has been operating successfully for five years has likely earned repeat clients and referrals, which provide the foundation and continuance for sustainable growth. Research would indicate clients tend to be more comfortable working with brokers who demonstrate longevity, seeing it as a sign of reliability and competence.
Financial stability also becomes more tangible at the five-year mark. In the early years, cash flow can be unpredictable as the business looks to grow and test against fee structures, commission and procurement fee levels. However, after five years of completion in mortgages, protection, G.I. and other areas, a business will typically have a healthier pipeline, better forecasting abilities, and systems in place to manage fluctuations. This makes it easier to invest in marketing, staff, technology, or even expand into new markets or service areas such as commercial lending or asset finance.
Indeed, this is an area which we believe will be tested as AI comes into a business operationally, perhaps as opposed to managing or controlling relationships. The brokerage of the future (As the Kinks sang!) can adapt and adopt AI for the good of the business and the good of service standards, whilst maintaining the brilliant relationship skills brokers have with their clients.
At Paradigm, we now have relationships with skilled practitioners in this field who see this area as a hybrid of people and machine working together for the best outcomes in a professional and timely manner and would be delighted to discuss these further with you.
Moreover, we find that compliance becomes second nature after five years. It was interesting to note with our attendees how far down this was as an issue, thus, they are comfortable with their knowledge and the requirements needed to run a compliant business, and we hope Paradigms performance with them in this regard! With five years of experience, a business typically has robust compliance processes in place, reducing the risk of failed audits, penalties, or client disputes. This allows the broker to operate with confidence and focus more on growth rather than just staying afloat.
Team development is another critical benefit of reaching the five-year milestone. Whether it's hiring administrative support, bringing on junior brokers, or collaborating with referral partners, a business at this stage is often in a position to delegate and scale. The founder moves from being “in” the business to working “on” the business—shifting their focus to strategy, leadership, and long-term planning. It is this area that caused the most debate in our meeting and one which was fascinating to observe, does the owner stay the largest new business writer, indeed should they, does the business benefit from this, or should the owner stand back, “employ mini me’s” train and nurture these new advisers and grow the business that way.
In conclusion, the workshop we ran for our firms was a fascinating exercise in understanding the issues today's brokerages face. If you would like to be part of our next session, please get in touch with your Business Development Manager. Your business does not have to be 5 years old, you could be starting out, or have been on your journey with your business for several years, but taking time out to look at your business might open some new thinking which allows you to go to a new level and we would be delighted to be part of that or help you recognise that.
* The Kinks:
Songwriters: Ray Davies
Better Things lyrics © BMG Rights Management, Kobalt Music Publishing Ltd.
All areas relevant to a mortgage broking firm.
It got me thinking of a recent event we held with Paradigm firms, with help from the Bank of Ireland for Intermediaries team and UK Business Mentoring, where we discussed with the attendees matters pertaining to their business, both now and for the future.
It was interesting to hear what mattered to the business owners for their business, areas such as time management, people management, consistency of performance of their business, issues around technology, all came well before, lenders & their service, obtaining new clients, regulation, etc. The meeting aimed to listen to what matters to them for their business and offer practical help and tested examples to improve and help both individuals within the business and the owners, so they are better informed as to where both their employees and their business could go and get to.
It also looked at how the future for these businesses could look and what help is available for them:
As the Kinks sang :
“I know you’ve got a lot of good things happening up ahead
The past is gone, it’s all been said
So, here’s to what the future brings,
I know tomorrow you’ll find better things”*
All of the attendees had been in business for five years or more, it has to be said that reaching the five-year mark is a significant achievement for any mortgage broking business. In an industry that is both highly competitive and, five years signals more than just survival—it represents stability, credibility, and the foundation for long-term success. The journey to this point is often marked by lessons learned, systems refined, and relationships built and stabilised.
Maybe the five-year point is a turning point where the business moves from establishing its presence to scaling and solidifying its reputation.
In the early stages, businesses face the challenge of building a client base from the ground up. The first few years typically involve learning how to deal with the nuances of lender policies, (after all brokers nowadays need to remember the policies of up to 80 plus lenders depending on your distributor of choice), in addition to understanding the needs of different borrower profiles, and fine-tuning the end-to-end process to create a seamless client experience. By year five, hopefully, the business has developed streamlined workflows, refined its service offerings, and, most importantly, gained the trust of clients and third-party introducers.
As we know, trust and reputation are everything in any industry, and mortgages are no different, indeed, it may be heightened given the stakes for customers. A business that has been operating successfully for five years has likely earned repeat clients and referrals, which provide the foundation and continuance for sustainable growth. Research would indicate clients tend to be more comfortable working with brokers who demonstrate longevity, seeing it as a sign of reliability and competence.
Financial stability also becomes more tangible at the five-year mark. In the early years, cash flow can be unpredictable as the business looks to grow and test against fee structures, commission and procurement fee levels. However, after five years of completion in mortgages, protection, G.I. and other areas, a business will typically have a healthier pipeline, better forecasting abilities, and systems in place to manage fluctuations. This makes it easier to invest in marketing, staff, technology, or even expand into new markets or service areas such as commercial lending or asset finance.
Indeed, this is an area which we believe will be tested as AI comes into a business operationally, perhaps as opposed to managing or controlling relationships. The brokerage of the future (As the Kinks sang!) can adapt and adopt AI for the good of the business and the good of service standards, whilst maintaining the brilliant relationship skills brokers have with their clients.
At Paradigm, we now have relationships with skilled practitioners in this field who see this area as a hybrid of people and machine working together for the best outcomes in a professional and timely manner and would be delighted to discuss these further with you.
Moreover, we find that compliance becomes second nature after five years. It was interesting to note with our attendees how far down this was as an issue, thus, they are comfortable with their knowledge and the requirements needed to run a compliant business, and we hope Paradigms performance with them in this regard! With five years of experience, a business typically has robust compliance processes in place, reducing the risk of failed audits, penalties, or client disputes. This allows the broker to operate with confidence and focus more on growth rather than just staying afloat.
Team development is another critical benefit of reaching the five-year milestone. Whether it's hiring administrative support, bringing on junior brokers, or collaborating with referral partners, a business at this stage is often in a position to delegate and scale. The founder moves from being “in” the business to working “on” the business—shifting their focus to strategy, leadership, and long-term planning. It is this area that caused the most debate in our meeting and one which was fascinating to observe, does the owner stay the largest new business writer, indeed should they, does the business benefit from this, or should the owner stand back, “employ mini me’s” train and nurture these new advisers and grow the business that way.
In conclusion, the workshop we ran for our firms was a fascinating exercise in understanding the issues today's brokerages face. If you would like to be part of our next session, please get in touch with your Business Development Manager. Your business does not have to be 5 years old, you could be starting out, or have been on your journey with your business for several years, but taking time out to look at your business might open some new thinking which allows you to go to a new level and we would be delighted to be part of that or help you recognise that.
* The Kinks:
Songwriters: Ray Davies
Better Things lyrics © BMG Rights Management, Kobalt Music Publishing Ltd.
