We sat down with recently awarded MFAA Life Membership recipient, Tony Schelling FIML of Mortgage Choice in Darwin to discuss his 30-year career journey.
1. Congratulations on your retirement and well-deserved industry recognition. Tell us a little bit about yourself and your leadership journey.
Originally a country boy from Victoria, I moved to the Northern Territory in 1981 with the Commercial Bank of Australia, which later became part of Westpac. I spent about 15 years in banking and finance before transitioning to finance broking in 1995. Observing the need for industry regulation and professionalism, I advocated for improvements and helped to establish industry association presence in the Territory. I’ve learned that employing a diverse team with complementary skills was crucial for business growth. My involvement with the AIM group, which later became the IML group, provided valuable management and leadership training. Which I later applied to enhance the mortgage and finance industry. Now, I am focused on transitioning out of the industry, reflecting on my evolving journey and the lessons learned.
2. What drew you to a career in the mortgage broking industry?
With a farming background and a strong community involvement, I transitioned from banking to finance broking in 1995. I was motivated by the opportunity to educate people about finance while earning a commission from banks. Upon moving to Darwin, I faced challenges as there were no lenders on my panel willing to operate in the NT. I leveraged personal relationships from my banking days to establish connections and secure lending partnerships. Balancing work and family life, I focused on providing valuable financial education to clients, viewing it as an opportunity to share my expertise in a time before modern digital resources were prevalent.
3. What has been a career highlight for you?
Early in my career, I focused on achieving high loan volumes, quickly reaching impressive numbers with around 20 loans per month and eventually 50, which we were really proud of. By 1998-1999, I recognized the need to address industry professionalism and advocate for fair recognition of efforts, especially for brokers in country areas compared to those in major cities.
A significant highlight for me was successfully proposing a new recognition model for brokers in rural areas, which led to the acknowledgment of their hard work and improved industry standards. This success also allowed me to participate in rewarding industry events, such as trips to the Cook Islands and Vanuatu, where I could engage in meaningful discussions and business growth.
I also championed mandatory attendance at annual conferences for all industry members to ensure equal training and education opportunities. Some of my most notable achievements include receiving a national award in 2008 for small broker businesses and being awarded a life member of the MFAA group this year. Personal highlights include working with my wife in the business (which is very different to working with other colleagues in the business), balancing family life, and contributing to the business’s success.
4. How would you best describe your leadership philosophy?
One thing I’ve learnt in my career is that it is so important to hire people with diverse skills rather than those who are like myself. I learned that bringing in individuals with different expertise helped overcome industry challenges and improve my business model. By allowing employees to advise me and challenging my methods, they made my work life easier and more effective. I prefer to hire staff on salary while encouraging those who want to earn commission to start their own business within the business. My leadership approach is to be honest, self-aware, and open to feedback, relying on my team’s skills to address my own shortcomings.
5. If you could give your young self some advice – especially in the early years of your career in the NT – what would it be?
Reflecting on my career, I’ve found the importance of planning and transition. The first five years were focused on growth and experimentation, driven by the need to support my family. I experienced challenges and setbacks, including an unsuccessful model change and the GFC, which highlighted the need for better planning.
I didn’t plan for my exit or future direction, instead, I was reactive to circumstances year by year. It was only after discussing my situation in 2016 with a mentor and creating a 5-year plan that I began to address my future more strategically. I’d recommend regularly reviewing and planning for the next 3-5 years and avoiding the mistake of running a business without a clear long-term strategy. I’m now focused on finishing my current role before deciding my next steps.
6. What is your key to a sustainable career?
Don’t do what Tony Schelling did! It’s important to take substantial breaks when you can. I regret not fully disconnecting from work and relying on short breaks, which didn’t provide real rest. When you have the chance to, take longer, uninterrupted breaks—such as a full three weeks when possible—to truly recharge. Staying physically healthy is also crucial for maintaining mental well-being and managing stress effectively. Find and pursue personal interests outside of work, even if you love your job, having interests outside of work helps to achieve a balanced and fulfilling life.
7. As you prepare to enter retirement and begin your next chapter, is there anything you are particularly excited to be doing?
At 60, I’m not ready to retire but I want to apply my accumulated skills in new ways. I’m hoping to use my management and people skills to assist others across different industries, not just those involved in my current business. I’m also planning to focus on improving my personal health and rebuilding relationships that have been neglected, particularly after the stress of COVID. My goal for the next few years is to enhance my well-being and support others in achieving success while also pursuing activities I am passionate about.
