Philip F. Smith put a plate that spells “LEAD GEN” on his Lambo because he firmly believes that lead gen is the best way to a six-figure income. And he’s not only using the business model himself, he’s also teaching it to others, so they can make money and be their own boss. Livin’ the American dream and all. The question here is this: is his mentorship worth your time and money? Find out in my Loan Broker Network review below.
From the name of Loan Broker Network, it’s not revolving around lead gen alone, but the importance of it on being a loan broker. Together with Kevin Harrington, the OG “shark” in Shark Tank, Philip created this course to equip his students with skills to make money out of brokering services. But first, Philip, being a very proud entrepreneur and lead gen expert, will flex all the grandeur of doing their thang – those that you can replicate yourself by signing up for the course. Yeah, I’m talking about him boasting his sh*t repeatedly like he had down a few beers in the course’s introductory video.
The flexing ain’t that bad, though. After a few minutes, he calmed down and went straight to discussing the opportunity behind their course… Well, not really since he’s able to reiterate yet again how he wants to help others to live their life on their own terms while charging the most affordable fee that he can. Sure, buddy. Do you really have to say it like a broken record? I think not.
After a few more nonsense fluff, Philip mentions that you might want to stay until the end if you fit the following: You want to work from home, you want to go on more vacations, you want to spend more time with you fam, you want to quit a 9-5 job, and you want extra income with a side hustle. The said side hustle? Generating leads that’ll pay for the services of loan brokers.
It’s like the opposite of Family First program I’ve reviewed before. In Family First, they’ll usually provide the leads for you, albeit sh*tty, and you’ll be the one to close ‘em out. Here, you’ll be the one to set up the funnels (template and proprietary software provided by Philip) to get the leads while the sales team of Philip will close the deal for you. You’ll get a commission once they close your lead, the one you enter on their so-called portal.
Besides getting the leads, everything will be done for you. From the words of Philip himself, all you gotta do is complete a two-step quick and easy process: step one is to generate leads, then step two is to repeat step one. Rinse and repeat.
Of course, generating leads for loan brokers is easier said than done. The funnel they’re suggesting is full of parts that won’t work without you feeding it lots of money. And it’s not only about the paid ads (which is already pricey AF), you’ll also have to shell some subscription cash out for the email marketing and sms service you’ll use here. They do include referrals and LinkedIn invite hunting as an alternative (free) traffic source, but it’ll require too much work and grinding out. Y’know, opposite of the side hustle promise.
Most importantly, I don’t think you can simply set up funnels to get anyone interested in using a loan broker service. As a comparison to Family First again, I think those who want to use a loan broker service are much much rarer than those who want to avail insurance. And obviously, not every lead, as rare as they come, will be closed out. So, this just means zero commission for you. Personally, I wouldn’t even touch a biz like this, not with a ten-foot pole, who’s not paying me for leads. Especially when the leads here will probably require boatloads of money to get.
In conclusion, I wouldn’t recommend Philip and his course. His mentorship is not worth your time and money. Aside from the concerns I mentioned above, I’m also not down to pay the steep price of Loan Broker Network that costs $997 for one time payment, $597 for two monthly payments, or $482.21 down payment and $190 five monthly payments. All the talks of wanting to make his course affordable, yet here we are. Not only is the one time payment option inherently pricey, but also the additional cost for the rest compared to the first option is quite insane. Bullsh*tting as usual, what’s new?