MPA asks brokers who have successfully diversified for their top 3 tips on how to expand and boost your bottom line.
MPA asks brokers from several successfully diversified businesses for their top three tips on how to expand.
Gareth Croy, director/principal licensee, Your Future Strategy:
1. Look at adding the services to your business through adding another specialist, rather than providing the service yourself. It is hard to learn another industry and provide that service whilst remaining a specialist at writing loans.
2. Start by working with your clients to understand and document their objectives. This will provide valuable insight into what opportunities exist to cross-sell to the client.
3. Join a group that provides a range of services that you can tap into, rather than trying to add all the services yourself, otherwise it will take you a long time to add and establish all the services.
Andrew Sawyer, owner manager, Mortgage Choice Cloverdale:
1. Start on the diversification journey by doing the easier things first – i.e. building insurance, nil-advice insurance referrals. These initiatives should be part of your current processes and don't require any additional funds.
2. Moving into financial planning will require a significant (and ongoing) investment of time and money, so you need to ensure that the business is of sufficient size to resource your efforts.
3. If you're unsure about the need to diversify your business then seek out brokers who have already made the transition and ask them to share their motivations and learnings.
Mick Ward, finance specialist, Daley Finance Brokers:
1. Diversify for more reasons than just the additional income that it may earn.
2. Choose the areas to diversify your business in carefully, not just for the additional commission it might generate, but also for the income that it might well protect and save, and the additional referrals it may produce.
3. Stick to what you not just know how to do well, but what you are an expert in.
Dean Lear, executive director, Berkeley Capital Partners:
1. Carefully plan your expansion and only embark on it when you have time to devote to it.
2. Do not take your eye of your existing business.
3. Utilise your contacts and networks in the market to assist you with your expansion.
Scott McCartney, general manager, Let’s Finance:
1. Understand your clients’ needs and goals.
2. Understand your legal obligations.
3. Ensure you have the right people and processes on the ground.
Carl Weston, director, Austral Lending Solutions:
1. Value yourself and your service.
2. Listen to your gut feeling.
3. There are no short cuts… you get back what you put in.
For more essential advice on diversification, pick up MPA 14.5 – on desks now.
Gareth Croy, director/principal licensee, Your Future Strategy:
1. Look at adding the services to your business through adding another specialist, rather than providing the service yourself. It is hard to learn another industry and provide that service whilst remaining a specialist at writing loans.
2. Start by working with your clients to understand and document their objectives. This will provide valuable insight into what opportunities exist to cross-sell to the client.
3. Join a group that provides a range of services that you can tap into, rather than trying to add all the services yourself, otherwise it will take you a long time to add and establish all the services.
Andrew Sawyer, owner manager, Mortgage Choice Cloverdale:
1. Start on the diversification journey by doing the easier things first – i.e. building insurance, nil-advice insurance referrals. These initiatives should be part of your current processes and don't require any additional funds.
2. Moving into financial planning will require a significant (and ongoing) investment of time and money, so you need to ensure that the business is of sufficient size to resource your efforts.
3. If you're unsure about the need to diversify your business then seek out brokers who have already made the transition and ask them to share their motivations and learnings.
Mick Ward, finance specialist, Daley Finance Brokers:
1. Diversify for more reasons than just the additional income that it may earn.
2. Choose the areas to diversify your business in carefully, not just for the additional commission it might generate, but also for the income that it might well protect and save, and the additional referrals it may produce.
3. Stick to what you not just know how to do well, but what you are an expert in.
Dean Lear, executive director, Berkeley Capital Partners:
1. Carefully plan your expansion and only embark on it when you have time to devote to it.
2. Do not take your eye of your existing business.
3. Utilise your contacts and networks in the market to assist you with your expansion.
Scott McCartney, general manager, Let’s Finance:
1. Understand your clients’ needs and goals.
2. Understand your legal obligations.
3. Ensure you have the right people and processes on the ground.
Carl Weston, director, Austral Lending Solutions:
1. Value yourself and your service.
2. Listen to your gut feeling.
3. There are no short cuts… you get back what you put in.
For more essential advice on diversification, pick up MPA 14.5 – on desks now.
