The four principles to helping brokers succeed

Loan Market chairman Sam White praised broker engagement at its Hobart conference

The four principles to helping brokers succeed

The broking industry is closer than ever after a year of uncertainty and increasing regulations, said Loan Market chairman Sam White, who is working to continue the growth of the channel.

Speaking to MPA at the group’s Game On conference, White said the event had been terrific to see the engagement of the brokers. With workshops, panel discussions and presentations, the group of brokers who gathered in Hobart were upbeat and interactive.

White said, “They have been through a year of uncertainty and it’s really good to be able to talk about the positive opportunities rather than the potential negatives.”

He praised the culture of the Loan Market network, saying culture was a critical part of any group and particularly with what the industry had been through, it provided a common bond and now, a reason to celebrate the wins.

The group is focusing on four key principles to help its brokers. The first is saving time; how can brokers cut unnecessary time waste out of their businesses?

“Some of that is through technology, some of that is through training and coaching to get the ability to get quicker answers from banks. Or automation; how you can do marketing automation,” he explained.

The second principle is helping brokers stay safe. Particularly with all the regulations, how does a broker know their business is solid and compliant?

The third principle is helping brokers grow. “That’s mainly through helping them find customers through referral sources and helping them bring new revenue streams, asset finance and improving process in their business,” he said.

The fourth and final principle is helping brokers find and keep customers, and this includes digital nurturing of their customers. “We see brokers who see a customer today and then maybe not for another year and sometimes people forget in that time, so that work is wasted. We’re doing stay in touch programs and we’re seeing more customers come back,” White explained.

So far, since the federal election, White said he’s seeing much more positivity and a “huge energy”. Volume has picked up, brokers are back, business is growing, and the banks are open for business.

Going back to the piece about culture, White said it was important to focus on after Commissioner Hayne raised issues about it.

“We need a culture in the group that can really support each other. That supportive engagement has brought us together. Moving forward it’s going to be really important,” White said.