Dominion Lending Centres (DLC) has become the first mortgage broker network to have its own prominent in-house economist.
The company announced today that Sherry Cooper, formerly BMO’s star Chief Economist, is now Chief Economist at DLC. It’s a head-turning move for Canada’s largest brokerage house, for various reasons.
For one, Cooper is one of the most respected economists on the street, the type of professional that’s typically accessible full time only to large corporations. This move clearly indicates DLC’s intention to position itself more like a financial institution than just a brokerage firm, and in that sense it’s a powerhouse move.
Economists of Cooper’s pedigree also don’t come cheap. She’s a best-selling author, well connected to Bay Street and the federal government, and a prolific speaker. In fact, in her BMO days she was known to speak at over 200 engagements in a single year.
“We went after the very best,” says DLC President Gary Mauris. “Sherry will be regularly speaking at our events about the economy, and will be providing regular analysis and clarity around anything going on within the Canadian/world markets that may affect our industry or economy. She will be our go-to media spokesperson and brings extreme credibility to our ongoing pursuit of becoming a financial authority and thought leader within the financial service sector.”
Her hire gives DLC a top-notch analytical mind to help DLC brokers and clients sort out the complexities of interest rate and home buying strategies. Moreover, the company says DLC broker owners and agents will have direct access to Cooper for economic-related questions.
“Our agents will use Sherry’s background, perspectives and marks on their websites along with a giant video library explaining the various triggers that affect things like housing costs, interest rates, job numbers, oil prices, the Canadian/US dollar and emerging markets trends. Sherry will also advise DLC and help us build upon the tremendous relationships we already have with the Canadian Financial Institutions.”
Simultaneous with Cooper joining the firm, Kelly Walker, VP Marketing, says DLC will be phasing out Don Cherry as its marquis spokesperson.
“2015 is our year to bring credibility in the space,” says Walker. “That is Gary’s mandate. If we can add validity to the broker space, it’s a win for the industry.”