Loan Officer Leadership Podcast

052: Chris Nooney: Closing an additional $18MM with Financial Planners.

February 12, 2020 Steve Kyles
Loan Officer Leadership Podcast
052: Chris Nooney: Closing an additional $18MM with Financial Planners.
Chapters
Loan Officer Leadership Podcast
052: Chris Nooney: Closing an additional $18MM with Financial Planners.
Feb 12, 2020
Steve Kyles

In this episode, Steve Kyles interviews Chris Nooney discussing a strategy that brought in $18MM alone. Chris takes us step by step through the simple process of working with financial planners

Show Notes Transcript

In this episode, Steve Kyles interviews Chris Nooney discussing a strategy that brought in $18MM alone. Chris takes us step by step through the simple process of working with financial planners

Speaker 1:

Welcome back to the loan officer leadership podcast designed to help you grow your business by giving you practical tools, tips, and strategies. Here's your host, Steve Kyles. Hey guys, welcome back to the podcast. This is my favorite time of the week and this week I've got a very special,

Speaker 2:

a friend and guest with us on the podcast. My good friend Chris Nooney. What's up brother? Hey buddy. Thank you. Thank you. Appreciate you having me. Yeah man. Well, I've got to tell for you guys who have been listening to the podcast, uh, when we did that crazy event back in October, insanely tactical, I've got to tell you that Chris was one of the very first guys that I reached out to because as you know, in Houston we have the loan officer collective. And so Chris about, I don't know, may or June of last year, uh, I reached out to you and ever since we've been not only fast friends but brother, we're seeing some great things happen in the Houston market with a loan officer collective and the relationships that are being built as well as the ministry and just making a difference in people's lives. Somebody I'm telling you, if this is a unlike anything that I've seen in the industry in 18 years.

Speaker 2:

Yeah. Well, and it's, and for our listeners, we talk about relationships in the priority of relationships and I've got to tell you, Chris has become a dear friend and today I've got you on the podcast because, uh, we were talking just a few weeks ago and one of the strategies he is using is something I felt like our podcast listeners needed to hear last year. Well, first let me tell you a little bit about Chris. Um, he's been in the business, uh, for nearly 18 years. So you got in in 2002. I got in in 2003. Uh, you're married for 20 years. Congratulations. A long time. That's a long time. And then you got two boys, 14 and 11. And so, you know what it's like to have kids around the house. You're a university of Houston graduate. Congratulations. Go kooks go kooks uh, passionate about ministry and making a difference.

Speaker 2:

Hey, and you know, I remember one of the very first things you invited me to as we built our friendship was, uh, you're better a get together luncheon yeah. In Houston where y'all bring in ministries and meet the needs of those ministries each and every week. It's pretty amazing to help, uh, you know, bring business people in and show them how they can use their business to help meet ministry needs. Absolutely. Well, in a couple of things, uh, you love scuba diving, underwater photography. Come on for a very, very long time. I like it. Hey, and one of the things that we're going to be talking about is you're actually CMPs certified, uh, which is a certified mortgage planner. And the reason why I wanted you on the podcast. Not only are you a great friend, but you're using a strategy today that helped you fund.

Speaker 2:

When you told me this a couple of weeks ago, I literally almost pulled my, I remember driving in where I was at, almost pulled over. I'm like $18 million in additional production from this one strategy. That's it. 18 million. And it's a blue ocean strategy if you do it right. Well, we were talking about that even today. And so Chris, first off, here's what we want to know is tell us a little bit about your journey. Tell us about yourself and then what we want to know is what are you doing to add an additional $18 million in your pipeline a year? Oh man, this is loaded. So by default, probably much like you don't remember how I got into the mortgage industry, but got in and couldn't have T, couldn't tell you what a 10 Oh three was. And if it was a four 80 credit score, a 700 I didn't know I was just wanting to do loans.

Speaker 2:

Um, you know, fast forward 15, actually fast forward five years in, um, started to see the writing on the wall when the refi boom ended. Right. And it's like, all right, so now what do we do? We got to focus on purchase business. Yeah. And, uh, I was with a company that, uh, was focused on basically having all of the originators get their CMPs designations and it was something that was new that nobody had heard of, uh, as a certified mortgage planning specialist through the CMPs Institute. So we went through that in 2006 and for us, the rest was history. Um, you know, it, uh, that designation and just the strategies that we learned through that, um, you know, really separated us and that's what skyrocketed and propelled our production, you know, over that, over that, you know, the next 15 plus years. So, you know, the, the focus, uh, I kind of started to switch, I had a life event in 2016.

Speaker 2:

Okay. I had a heart attack. Right. Who would've thought, that's so great. 44 years old. Thought I was healthy. Yeah. And things get put into perspective. So I had a a, I just had a mindset shift. I had been working with financial advisors but had not really made that the core and the forefront of, uh, my practice or my business. So we made a conscious, a conscious decision to continue to work with the agents that we had relationships with. But uh, you know, there are, and it's like a Starbucks. How many, how many realtors are there, how many? 1,000 in Houston. How many loan officers are there? [inaudible] all going after the same, yeah, the same business and the most underserved market is financial advisors. So in, in one of the things that I think is interesting, and by the way, he manages a wildly successful branch of Goldwater bank and he's a top a, I'd say you're a top 1% or in originators and you've now got a strategy that's bringing you 18 plus million dollars a year around financial planners.

Speaker 2:

And I think you, you, you can, you know, we're looking for legs of marketing. We're looking, you know, you've got realtors or a leg of marketing, you've got hopefully your past clients or a leg of marketing, then you've got your sphere of influence, which may not be, um, a past client, but they have the ability to refer you. And what you did was you added another one called financial planners. That's right. Okay. So how do we go after financial planners? How to like take us back to when you started someone who's listening and saying, okay, 18 million, that's as much as some people do in a year. A lot of people, um, how do we start to roll out something that can be effective towards financial planners? How'd you start, man? I'll tell you, it really is not as hard as it may seem. I mean, it, it's actually easier to approach a financial advisor than it is to approach an agent.

Speaker 2:

Okay. For business. Think about this, think about something. We see people financially naked all day long, right? We look at their income, their assets. Yeah. And are we going on and asking the questions, you know, are you prepared or how does your debt look right? Are you prepared for retirement? Do you have college savings plans that are set up for your kids? And that literally just goes hand in hand with what a financial advisor advises. Right. So are you doing that in every loan consult? Are you doing it primarily with the ones that are being referred by financial advisors? 100% of the loan consults we do. We, we follow that strategy. We're looking at long and short term finance and investment objectives. So we're teaching people the correct way of leveraging or borrowing. And that falls right in line with financial advisors. So not only do we have the ability of referring somebody that has come to us to a financial advisor, but that opens up the book of those financial advisors to come back.

Speaker 2:

And the best part about it is they're not shopping, you know? Yeah. It's a collaborative effort between the financial advisor and yourself and that client. And it doesn't matter if it's new home construction, if it's a resale, they're not shopping. They are literally listening to the both of you because they trust their financial advisor. Yep. And if the financial advisor says, here's who I want you to talk to, they got to their views. Wow. So as you start employing this strategy and you realize this is something that can be a game changer, cause you're right, the realtors, it's a constant hamster wheel. I mean, you and I both know you're, you're, I mean you've got them and then some. Yeah. Well, and it's still, people need to know it's a big part of your strategy, but this is a bigger part of your strategy as far as this is your real focus.

Speaker 2:

Very much so on. And I'll tell you, you know, we, um, we've always followed metrics and you know, over the past 15 years we had a database of about 600 realtors and we narrow that down to about 300. Wow. And in going through and looking at a lot of the relationships that we had, which we had some very, very close and solid relationships where you pull the rabbit out of the hat, you even do their personal loans, and where are they? 10 years later they had 15 other loan officers knocking at their door. Let's have coffee. Let's do this, let's do that. And those relationships, as much as you think they're going to last and they're going to be longstanding, they're not. You may really have a true solid two to three agent relationship that's going to last 10 plus years. Sobering. It's real. Well, it's sobering. Well, the reason why I'm quiet is because you're 100% right. I literally, you won't believe this, but I was using a group text. I'm setting it all up and I'm learning how to not only use it but be effective with it. So I created a group called my top agents. I couldn't figure out who to put it.

Speaker 2:

Well, I mean I've got my good ones in my friends and, but I mean after five I was like, I almost feel embarrassed and it's not, it just, it's because that door changes man. People call on or their life changes, your life changes. And I just realized, wow, I felt real shallow. So, but in financial planning, how did you identify who to go with or to go after? Did you pull up a phone book? Did you, although those are extinct, but did you Google, that was funny, wasn't it a dude? I mean, how did you know who to go after? How did you identify it? Honestly, Ben referred to a financial advisor, um, by a client that I had. Um, he said that he wanted me to talk to his financial planner and I said, sure, no problem. So the financial advisor actually came and met me in the office and he became my financial advisor.

Speaker 2:

And this was back in 2005 and I thought, man, what a brilliant way of of uh, originating loans or, or meeting people and getting business. Um, he lasted for about three years. He was a little bit older, but really, really nice guy. And then was introduced to my personal financial advisor that I met in, I think it was 2007. He's been my advisor ever since and literally took that relationship and it just, it moves through his entire office. Wow. Now we are dealing with not just his office, but a practice they purchased in San Antonio with 220 advisors and one in Corpus Christi. Wow. So, and what happens is when you become the household name within that firm as the GoTo, yeah, the phone just rings and it rings and rings. Yeah. How many, uh, well, it, it's interesting. So you're taking almost the same strategy that you would take with an agent, which is start close.

Speaker 2:

Start with the people that are taking care of your financial planning or ask your clients who do you know, like, and trust, or do you have somebody you would recommend? That's exactly it. Hey, so talk, talk about that. What? Okay. So you earn the trust of one of them. How do you start to branch out into that office? What did you do? What are you doing to stay top of mind? How do you communicate with them or network with them? So at least three times a year, we are having our, our planning and growth, uh, vision. And I will do an annual, uh, analysis for each one of those advisors because a financial advisor isn't thinking, Hey, you know what? My clients that are in their homes for two, three, four years, we need to look at what their cashflow looks like, right. All they're thinking about is, Hey, we're managing the assets, making sure the estate wills, all of that is in place and they're just managing assets.

Speaker 2:

So when we do the annual review and we're looking at what their equity position is in the home, how much, you know, what their leveraged position is, how much they could potentially either pull out to eliminate non-qualified debt or improve cashflow. That money then can become invested that can go towards, you know, retirement funds, college savings. So it really marries into our CMPs, which is really the same strategy that financial advisors use. And the best part about it is with my CMPs designation, I get to teach financial advisors and they get CE credits. Wow. So that's a game changer. Yeah. When you get to stand in front of a room, they get continuing education credits, which they need just like just like a realtor every year and then you're closing for the business. That's right. And guess who's not doing it? Nobody else. That's right. That's why it's blue ocean strategy.

Speaker 2:

You're like, I don't know where everybody else is at. It's a backstroke right now, man. There's huge opportunity. I mean, if you're an originator and you do not have a relationship with a financial advisor, shame on you. Yeah. Well, so let's talk about somebody. So there's a couple of things and I bet the listeners are thinking, okay, C a M P S do you have to have that designation to go after financial planners? My first thought is no, but it probably helps. Correct. You don't have to have the designation to go after financial planners, but you do have to have that designation in order to instruct and teach them to give CE could give T to give CE credits and Gibran is who is over that, right? Correct. Dubrovnik. Let's start at the CMPs Institute, I think in 2005 if I'm not mistaken, but a quick shout out, like how would somebody find out more information about a CMPs designation?

Speaker 2:

I believe you go to cmps.org and it'll take you through the tutorials. What you can do. He'll either come out, if it's a large enough group, he'll do an in person training or you can actually do it online. Yeah. Um, it really is a, it's pretty, it's brilliant because you get an a D taxation, different strategies. What happens, you know, family members pass, you know, with estates. I mean, it really is a, it's pretty in depth deep dive into going, well you're becoming more than an order taker. That's right. Like very few people know strategy around financial planning. That's huge, bro. Yeah, it's, it's been a, uh, it's been a game changer for us and everybody in my office has carries their CMPs designation specifically for that reason because I mean, literally less than 1% of the originators in the country have that designation. That's huge.

Speaker 2:

Why more don't, I don't know. Um, but it's, uh, it's, it, it separates you from every originator that's out there that literally is saying, here's my rate, here's my fee is going to get your business. Or here's an estimate net that you know, there's some software out there, whether you can a planning analysis and say, Hey look, here's how much you can say, but it's much deeper than that. You have to be able to get into the different tax strategies and understand cashflow, leverage, what all of that means in order to educate them. Because what a consumer is hearing is, here's my rate, can I get your business? But when they're talking to us, what they're hearing is what are your long and short term finance and investment objectives. We're going to teach you how to create wealth outside of the home by using your mortgage as a financial instrument.

Speaker 2:

So when you begin to separate yourself and, and yeah, you have to, you have to be scripted and it's just repetitious. Well that's what I was laughing at. That's a brilliant script. It's well, okay, so walk me through it. Just I'm, I'm being nosy and curious. Okay, so you do that. What software are you putting it in? What are you doing anything different? Is it? We've got Tori. So while we carry a separate CRM, but we use the CMPs, um, they have a software that whole software that really takes you through and it's, it's very in depth. Yeah. That's interesting. Hey, and so when you're giving advice like that, you are just scripting using a piece of your scripting. So we say it as if, Hey, we're going to give you a clear mortgage plan. We're going to walk you through, but I don't go into tech strategy.

Speaker 2:

That's a, that's a fascinating way to move through it. But you have to understand tax strategy. Yeah, that's right. In order to have those discussions and not what the gospel of Google says, right? Yeah. You can Google, Hey, what tax bracket if you make X amount of dollars. Right. It's a little bit deeper than that. Yeah. Well, and the funny thing is in with that kind of knowledge, you and I were talking about the high profile clients, which you do not disclose, but we were talking just about how interesting it is that you get great opportunities because of your strategic approach to mortgage financing. And you're truly the expert. How many leads a month do you think you're getting now from financial planners? Got three today, today. One uh, one of them, one of them that I got what is today? Friday on Wednesday. Yeah.

Speaker 2:

Um, you know, it's, it's one of the leads that originators kind of dream of you, but when you speak, when you speak that language, yeah. And the person on the other side is in that industry, then yeah, it makes sense. But you know, when you get a 2.6 million referral yeah. And they're not talking to anybody else and everything that you're saying is exactly what they do. It's a game changer. Da December it was a huge month. Um, by the second and the sixth of the month we had 3.7 million funded in two loans and it was two of those were financial advisor referrals. That's huge. So how many leads a month do you think you're getting a, I'd say probably 13 to 14. That's huge. And so let's talk about somebody who doesn't have a CMPs designation. How do they begin the process? If they say, I want to go after financial planners, I want to build relationships and I want to solve a problem.

Speaker 2:

First thing you do, first thing you need to do it just like you do with an agent. Yeah. You need to find a financial advisor. It doesn't matter how much money you make. Start close. You need to establish relations. That's right. Hey, who do you know? Who do you know? Who do you do that two like or every, even if you have a referral that comes from an agent or somebody that's in your sphere who's a financial advisor that you use and if they don't have one. Yeah. Now you have a referral to a financial advisor. Yeah. Just by saying who's your financial advisor, but you've find a solid referral to a financial advisor and make them your advisor. That's you, and then you begin to work them in the relationship. Yeah. That's how you start. That's it. One call at a time. It's another ship at a time.

Speaker 2:

It's not hard. Now, once you meet the financial planner, what does that look like? Whether it's coffee or lunch, you sit down. It is literally just like an agent. It's just like an agent. But you're going to sit down and say, Hey, you know what? Where do you see your business in the next five to 10 years? What are your growth plans? Because ultimately you're helping them grow their business. Right. And they in turn are going to refer you clients that will not leave. That's amazing. Okay. It's that easy. Yeah. Well let me ask you this. Do you have a list you're going after or now has it just been built over time with Europe? It's been, it's been built over time. We are, can't give out all the secrets podcast. Somebody we're working on a, uh, uh, pretty much a much larger strategy. Um, not just, I mean we don't, we don't want a thousand advisors, but what we want a strategic relationships, that's huge where we can then plug our originators in to those relationships.

Speaker 2:

Yeah. Well, and I love, um, I love what you're doing. I think it's a brilliant in, in like you've said a couple times a blue ocean strategy. Hey, what? Um, okay. Any other thoughts on financial planners and advisors that you want to share with the audience? Who's saying, I think this is going to be a focus for me in 2020 I'll tell you right now, they are starving for qualified originators to be part of their teams. That's amazing. They want to create teams. Yeah. Just like we create teams as originators. A financial advisor needs an estate planner. A solid attorney. Yeah. Right. They need their compliance. They need their loan officer. I love it. And their insurance people. I'm your man. That's you're building a core. You're building that, that group. Yeah. Within other, I call them pods. Right? You just have these pods of advisors that you're working with.

Speaker 2:

Yeah. And it really is that easy, but we make it a lot harder than it is, man. I just absolutely love it. You know, it's so easy to go looking for the next shiny object. And here's the one literally in your backyard. I'm thinking of a couple of financial planners I currently work with. Why have I not been proactively, you know, they'll refer periodically. Uh, I got one last week from my financial planner, but I've not really leaned into them as, let me be a part of your strategy. Here's what I tell you to do. I tell you to go to those financial advisors and say, what if I could show you not only how to improve and increase your, your business and your PR, your production and your bottom line because guess what? They're paid commissions as well. But what if I can place every one of your clients in a better financial position?

Speaker 2:

Have you done a mortgage planning analysis with each one of your clients to see if we can improve cashflow? Because if we can, that's more money that's invested for you. And immediately their wills are going to start turning. Yeah. And they're going to go through their entire base. They're going to start calling all of their clients saying, we need to look, we need to do a mortgage planning analysis, a mortgage review or mortgage review. And I'm going to bring Chris Nooney it and you just suit up and walk in. I love it and close it. Hey, we'll talk to, okay. So man, this is a great strategy. I am thrilled that you're, uh, here sharing this. Um, and when we release it, we're going to have our loan officer collective. You're going to share this idea with the lunch and that we've got in Houston, um, next Friday, next Friday.

Speaker 2:

It's second Friday of every month in the Houston market. So watch the loan officer leadership Facebook group for more info. Hey, and do this. Are there any other strategies you're winning in right now? Something else you say? You know what, that's something that you guys need to know because I feel like we're winning in that. I honestly, not from a business standpoint, but personally. Yeah. Yes. Talk. Um, my Workday is centered around number one, my faith. Number two, my family. Yeah. And then my job. So I'm at the office usually by eight, eight 30. Yeah. And I make sure that I'm out of the office by three 30 for the rest of the day so I can be home with my kids when they get home because I'm not going to miss them growing up. That's huge. And the business will take care of itself. So how did you go from workaholic who had a heart attack?

Speaker 2:

Thinking you're healthy to an amazing father with a work life balance and making a huge impact. Oh man. So I wasn't a good father before then, Steve. No, I'm kidding. Honestly, when you lay in a hospital bed for three days and all that goes through your head was all the goes through your head was purpose. Wow. Was I the husband I was supposed to be the father I was supposed to be. And it was, I'm making a difference in God's kingdom and am I using my business the way that God intended for me to use it and that that changed everything. That's huge. Well, thank you for spending your afternoon with us here at the podcast and I've got to tell you, I'm thankful for your friendship. You know, I remember, um, we, I was at a lunch event and it was Clint who said, Hey, you gotta meet this guy.

Speaker 2:

And I said, well, I gotta meet him cause he's just like, you [inaudible] loves people and is a huge personality. And I got that 10 30 at 10 30 texted. I'm like, who's this text you right down. And I said, Hey clips that I got to meet you. Awesome. You invited me to the a get together and I watched you guys a combined business and purpose at a level I'd never seen. And so if you're in the Houston market, reach out to Chris. He's in the Facebook group, but of the things that he's passionate about and that I saw firsthand, there was something like 30 nonprofits in a room with maybe 200 people. And each nonprofit was at a certain table and they would have the needs of the nonprofit listed out. And by the time that lunch was done, every nonprofits immediate needs were met for that month.

Speaker 2:

Whether it was school supplies, whether it was paper, you know, whether I remember it, just the oddest things, but it was, these are the needs and because of the lunch that you are helping spearhead every one of them. And, uh, those needs were met. And I literally remember going home and say in staff, I saw something today I've never seen where there's a combination of business and a combination of making a difference in the lives of this community and brother, you inspire me every day to get better. Um, I'm thankful for your leadership. I'm thankful for your leadership in Houston. You know, it's fun whenever I can say, Oh yeah, is a good friend of mine and I feel like I get elevated because of your friendship. It's very humbling. Um, you know, we're just doing what we're called to do. You know, Mickey who works with me, um, 18 years we, uh, after we read a pretty amazing book.

Speaker 2:

Yeah, it changed us in a, changed how we looked at money because money really is spiritual. It's not the love of money. It's how we apply those funds because we're stewards of God's money and it's the word is a Voda. Your work is, your worship is your service. It's all the same. There's no difference. And you know, to bring business people in to use the, our resources and our talents. It's not about money. It's about using our relationships. It's about using our contacts to meet all of these needs. Now what does that do to us as business people? It gets us involved. Yeah. See, ministry doesn't understand business. Business doesn't understand ministry, but when you bring both together, they begin to understand each other. Oh yeah. So you know, our money runs out, but our networks don't remember that. Hey, and you know what's funny is whenever you see the money you're bringing in makes such an impact, what does it make you want to do a watch to date when you want to make number one, make it number one, it makes you want to give more.

Speaker 2:

But number two, God's going to give you more because you're doing what you're supposed to be doing with it. Yeah. So you become a distribution center. That's it. It doesn't stop and get bottlenecked with you, but you're making kingdom impact. Man. That's huge. Well, we are honored. I'm honored to call you friend. The podcast is honored to have you here and I'm excited for you to share a couple of nuggets that next, uh, in next week's launch. And it actually, you guys will be listening to. It's tomorrow's lunch, and so just thrilled to be on this journey together. Guests remember this on the podcast. Be purposeful in your growth, relentless in your effort. Anything worth doing is worth doing badly.

Speaker 1:

Just get started. [inaudible] thanks for listening to today's episode. We want to invite you to subscribe, rate, and share the podcast. When you do it helps us get the word out so others can benefit from this great content. Make sure to join our community and continue the conversation in our loan officer leadership Facebook group. Join us next Thursday as we release a brand new episode.