How to become a Trusted Adviser
The broker-customer relationship is a close one.
When a customer entrusts their mortgage journey to a broker, it’s a massive vote of confidence.
Customers want more choice, better service and someone who’s going to hold their interests, not the bank’s, at heart.
So it makes perfect sense that customers are wanting their broker to help them with all their financial needs. They want a Trusted Adviser – a professional who connects customers with a community of financial services and products, not just mortgages.
Brokers who focus only on mortgages are exposed to the movements of the markets.
When it booms, times are good … when property sales slide, it can be tough. Having a revenue stream that withstands the ebbs and flows of the housing market is not just smart – it’s essential.
Trusted Advisers are utilising their skills to help customers into essential insurances, wealth creation, utilities and finance for their businesses.
Discover below how these brokers are forming stronger customer relationships, expanding their referrer base, diversifying their revenue streams and building a business worth more than their book.
How to add more value to your clients and diversify your business
Asset finance is a booming sector in the finance industry.
When you think Asset Finance, you think personal and work vehicles, office printers, trucks, jet-skis etc. However, it is so much more. Asset is a broad term, and pretty much anything that’s not backed by a property, fits!
Asset finance can cover the personal and commercial needs of clients; from cars to excavators, medical equipment to boats, printers to planes.
It’s important to remember that you don’t have to be a Trusted Adviser all on your own!
Loan Market leading lady, Sarah Thomson director of Loan Market Geelong, has adopted the Trusted Adviser strategy by hiring an asset finance specialist, and includes asset finance in every conversation with her clients.
When Sarah and her team have a document sign-up, they ask all the right questions to introduce clients to the different products available.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.
Find out how Sarah and her team settled 16% more volume by adopting the Trusted Adviser strategy.
Partner with a financial planner and set your clients up for success
Finances are a non-negotiable part of life. They represent a client’s opportunities and options, as well as dreams and aspirations.
As a broker, you will probably find that clients want to talk about finances. This is a perfect opportunity to work with a qualified financial planner and set your clients up for financial success.
Qualified financial planners offer personal protection insurances; advice on budgeting, cash flow and savings; debt management; superannuation; investment; retirement planning and business risk protection.
Look to partner with a financial services professional who is a member of the Financial Planning Association of Australia (FPA). They should provide customer-focused solutions in budgeting, cash flow and savings, which is a massive problem for Aussies who increasingly spend what they earn in a climate where wage growth has been low.
They also should support retirement planning, which is increasing in-demand from Australia’s ageing workforce. People aged over 65 make up about 15% of Australia’s population, but this cohort is expected to rise to between 21% and 23% of all residents by 2066, according to the Australian Bureau of statistics.
Partnering with an adviser adds real value to your customers, delivers something different, builds ongoing customer relationships, grow your business and direct revenue.
Extending the post-settlement service
Brokers help customers get the keys to their new home. Why not help them turn the lights on as well?
In the same way that brokers help customers find the loan product that will best suit their circumstances, they can refer customers to specialists who navigate the ever-growing menu of plans and providers in the utilities sector.
Comparison and connection services companies take the hassle and frustration away from your customers in setting up the necessities of a new home.
Generally, these services are free and examine plans from more than 20 providers across electricity, gas, water, phone, internet and pay-TV to get customers the best deal possible. The specialists are able to pinpoint the right products to suit the needs of the specific household. Therefore giving yours the right solution.
Another add on is a home insurance service which will take care of everything from arranging insurance, removal services, tax depreciation schedules and more. It is your customer’s dream!
It’s a medium for brokers to complete the end-to-end customer experience, and create ongoing relationships, showcasing the full-service offering of a broker.
Becoming a Trusted Adviser is a trusted business strategy
Brokers have never been more popular in the changing regulatory environment, proven by the increase of volume of residential mortgages handled by brokers in Australia. In 2019, it was just shy of 60%!
Many in the industry predict the figure will rise into the future as customers trust brokers to deliver a level of service and results they simply can’t find elsewhere.
Brokers can honour this trust by offering their customers the peace of mind and convenience of handling all their financial needs under a single roof. This is an opportunity for you to diversify your offering, support your customers and grow a business worth more than your book.
If you’re looking to strengthen your business and customer relationships, and open up future areas for growth, talk to the team at Loan Market on how you can become a Trusted Adviser and build a business that is worth more than your book.