Most brokers see their existing client base as their best option to expand and are actively seeking opportunities to add value within their database, according to recent research.
Aggregator FAST asked 147 of its brokers for their views on the current state of their business and future opportunities in the market.
Of those surveyed, 51% said the greatest opportunity to grow their business in the next year would come from retaining existing clients, followed by 27% who said the best opportunities would come from referral relationships with other service providers.
FAST chief executive Brendan Wright said the research demonstrated the extent to which brokers were actively seeking out ways to better service their customer base.
“Brokers are aware that there is more they can do for their clients than helping them with their home loan.
“Brokers are recognising that the key to adapting in today’s dynamic mortgage market is offering a multitude of services. These can include offering credit advice for a business loan or asset purchase, or helping them manage and protect their wealth through financial planning and insurance.”
FAST is pushing to get brokers engaged with ways to unlock their potential through broadening their client services – in particular commercial and asset finance services – and Wright encouraged brokers to talk to the aggregator about options.
The survey also indicated that 22% of brokers already offer loan advice to small businesses, highlighting the growing demand in this market.
“Commercial lending is set to experience the similar growth in the broker channel as residential, so it’s important brokers to understand the opportunity of catering to this market,” said Wright.
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