A combination of open banking and best interests duty could help to bolster the broker proposition says FBAA managing director Peter White
This Suncorp BDM feels inspired by assisting the growing businesses of both brokers and customers
- 2018 Commercial Lenders Roundtable
- Top 10 Brokerages 2018
- 2018 Brokers on Aggregators
While the pandemic has been a challenge for many brokers who were used to meeting face-to-face with clients, the rapid move to a digital presence is something they can now use to their advantage, says Dino Pacella.
MPA spoke with the business coach and founder of National Finance Brokers Day about the ways brokers can continue to thrive in the current environment.
Broker as trusted finance advisor
When it comes to maintaining a successful business, being able to offer a wealth of knowledge to clients is an indispensable tool that brokers can leverage.
“You want clients thinking of you when then think of any of their finances.”
For this reason, says Pacella, keeping well-informed is essential.
“There is a lot of news around government packages, loan repayments being deferred, first home buyers and investors.”
“The more you stay up to date, the more of that trusted adviser you become.”
He recommends staying close to BDMs and aggregators as well as participating in webinars in order to stay on top of the game.
“Continue working with your aggregator and industry association to fully understand your compliance requirements when dealing with clients over video calls.”
“They can also assist with education around generating business opportunities.”
Leveraging tech for customer retention
When it comes to generating new leads, Pacella says brokers should look at “what’s hot.”
“If you're a broker whose main business is residential lending then ensure your focus is capturing the hot areas of the market, such as the first home loan deposit scheme or low rates for refinances.”
He says the tech changes of the past month will be key when it comes to customer retention in the current environment.
“Use the changes that have been implemented during the past few months to your advantage.”
“Have the technology work for you and your existing clients. Keep them updated through apps, emails, social media groups and use the flexibility of video to tee up those check in calls at a time suitable to your clients.”
The future looks bright
The ability to be agile and strategic means the broker population looks set to benefit from an increased market share moving forward.
“Along with service and products, for me, brokers have two other skills which they use daily to set themselves apart and that's their ability to adapt to change along with their ability to plan.”
“These strengths, through added product offerings from a large portion of the industry, such as residential brokers offering business lending, has seen increasing numbers of consumers using the broker channel as their preferred method when seeking out credit.”
You can find out more insights into the broking industry at this year’s National Finance Brokers Day.
- The importance of staying current
- This Is Why I See the Broker Market Share Continuing To Rise