How this award winner settled 16% more volume by adopting the Trusted Adviser strategy.

Sarah Thomson, director of Loan Market Geelong, settled 16% more volume by adopting the Trusted Adviser mentality with every customer; offering what no one else can.

Becoming the Trusted Adviser, is a strategy to be a professional who connects customers with a community of services and products, not just mortgages. We already know that at an increasing rate, customers are turning to brokers and by-passing other financial institutions.

In 2018, broker market share hit an all time high of 59.1% according to the folks at the MFAA, meaning that nearly 6 in 10 of all new residential loans were acquired by a mortgage broker. The rising activity proves customers find security and peace of mind when dealing with brokers. This is why now is the opportunity to expand your focus and better service your customer. So what’s available to you as a Loan Market broker? And how can you become the Trusted Adviser?

Sarah and her team of eight believe in a holistic approach to finance, they introduce a variety of services to every client. This is a driving force to their success and encourages repeat business.

These services include:

  • Wealth Market,
  • Asset Finance,
  • Loan Market Go (Loan Market’s own product backed by NAB),
  • Home Now (utility connection)

The integration of these services not only makes very happy customers (who doesn’t want all their financial solutions in one place?) but also led to an increase in settled volume by 16% and landed Sarah the Regional Broker of the Year award at the 2019 Australian Broking Awards. It was a big year.

So, what’s it all about?

At Loan Market you can choose to implement one (or all) of these services into your business;

1. Protecting the customer – Wealth Market

Wealth Market advisers are qualified in financial planning and are members of the Financial Planning Association. They support the Loan Market network by building ‘sticky’ relationships with clients, providing them with ongoing, quality financial advice. Helping everyday Australians to enjoy financial freedom today, and future-proof their strategy for tomorrow.

In 2019 Sarah was named #1 referrer to Wealth Market in the Loan Market network of over 528 brokers. She says the post-settlement follow-up focuses on awareness around Wealth Market, the importance of wills, and risk protection. Doing this has enabled her to continue to service client needs beyond their initial transaction.

Did you know?

One in three households has a home loan and Australians owe $1.45trillion in mortgages yet at least 60% of Australians lack the insurance cover to pay their mortgage if something unexpected happens. As brokers, we can’t give advice but we can encourage due diligence. Many homebuyers rush through the home loan process to settlement and ignore one of the most important questions. If you couldn’t work, who in your family would pay the home loan? Wealth Market advisers are available to discuss these matters in depth with clients.

2. Be more than mortgages with Asset Finance

When Sarah and her team have a document sign-up, they ask all the right questions to introduce clients to the different products available, including;

  • Are you looking to get a new car in six months time?
  • How much do you have in super? Across how many accounts? And so on.

Sarah says the beauty in asking these questions is that if she’s previously arranged a home loan for a customer and they come back for a car loan or another request, a lot of the prep work is already done, making the asset financing easier. Sarah sees this as business protection, thinking about how she can make her business balanced and weather any market challenges that are outside her control.

When a customer is looking to purchase a car Sarah and her team are able to help them on the spot. They have a dedicated in-house asset finance specialist who last year settled over $1 million in asset deals, double that of the previous year.

Loan Market understands that not everyone has an asset specialist, so we offer specialists to refer to, and provide training for brokers who wish to diversify with asset, the Asset Finance Accelerator program. The program runs for 7 weeks and teaches brokers how to write asset finance.

Loan Market’s asset finance panel has increased from 14 to 20, and is now one of the largest panels in the industry. We now strengthening our asset panel is key to help our brokers diversify their business.

3. Offer what no one else can with Loan Market Go

Loan Market brokers like Sarah are increasingly turning to Loan Market Group’s White Label product, Loan Market Go, for greater certainty in a shifting lending environment.

Sarah has remained in the Top 10 users of Loan Market Go, and says she sees value in it’s quick turnarounds for quality submissions, dedicated ‘scenarios team’ hotline to get good customer outcomes and the digital enhancements that make the loan application process easier.

Backed by Advantedge, part of NAB, Loan Market Go bolsters the Trusted Adviser relationship between the broker and customer, limiting the cross-selling a client would typically be subjected to through a direct bank channel.

4. Reduce household bill shock with Home Now

Sarah’s focus on residential finance means a large majority of her clients are first home buyers and occupiers. Home Now, the White Family Group’s utility compare and connection service, allows Sarah and her team to see the home loan process right through to move in day, getting clients’ electricity, gas, internet, water and phone services set up. In the last 5 months, Sarah has referred over 30 customers to Home Now, helping them take the hassle out of setting up the necessities of a new home, and nicely completing the end-to-end customer journey.

How Loan Market is creating Trusted Advisers

So a part from providing the extra business plugins. How does Loan Market help create Trusted Advisers? By launching our Trusted Adviser Program (TAP), with the goal to help transform brokers from mortgage specialists to professionals who connect customers with services for broader financial goals. TAP is a 12-week program that gives brokers the tools to grow referral and business opportunities from within the group. The program consists of workshops, online tutorials, weekly accountability meetings and feedback forums.

Article in a glance:

  • Becoming the Trusted Adviser, is a strategy to be a professional who connects customers with a community of services and products, not just mortgages.
  • Sarah Thomson, director of Loan Market Geelong, settled 16% more volume by adopting the Trusted Adviser mentality with every customer; offering what no one else can through
    • Wealth Market,
    • Asset Finance,
    • Loan Market Go (Loan Market’s white label product),
    • Home Now (utility connection)
  • Wealth Market’s qualified financial planners help everyday Australians to enjoy financial freedom today, and future-proof their strategy for tomorrow.
  • Sarah integrates Wealth Market as part of her offering, and was this year named #1 Wealth Market referrer in the Loan Market network.
  • Sarah sees asset finance as another part of her offering, as well as providing business protection and balance. Sarah has a dedicated in-house asset finance specialist who last year settled over $1 million in asset deals, double that of the previous year.
  • Loan Market Group’s White Label product, Loan Market Go, provides greater certainty in a shifting lending environment. Backed by Advantedge, part of NAB,
  • Sarah uses Loan Market Go because of its quick turnarounds for quality submissions, a dedicated ‘scenarios team’ hotline and the digital enhancements that make the loan application process easier.
  • Sarah’s focus on residential finance means a large majority of her clients are first home buyers and occupiers. Home Now, the White Family Group’s utility compare and connection service, allows Sarah and her team to see the home loan process right through to move in day, getting clients’ electricity, gas, internet, water and phone services set up.
  • Loan Market is working to create Trusted Advisers through the Trusted Adviser Program (TAP), with the goal to help transform brokers from mortgage specialists to professionals who connect customers with services for broader financial goals.

To learn how you can offer what no one else can with Loan Market’s plugins. Click here.

PUBLISHED September 27th, 2019 IN Stories and insights

Sandra Bujak

Sandra is part of Loan Market's communications team and has a keen eye for writing, a love for content creation and all things social. When she's not scrolling through insta, you can find her enthralled in a podcast or book.