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Time for brokers to make better use of resources

The 2013 MFAA Conference saw the coming together of the who's who of the mortgage industry and Australian Broker was there to glean some pearls of wisdom from some of the biggest names in broking. This week we turn to Steve Kane of Advantedge who says it's about time brokers made better use of the resources already available to them in order to capitalise on the resulting opportunities.

Video transcript below:

Stephanie Zillman, Australian Broker TV
Stephanie Zillman:
 The 2013 MFAA Conference saw the coming together of the Who’s Who in the mortgage industry and Australian Broker was there to catch up with some of the biggest names in broking.  Steve Kane of Advantedge said it’s time for brokers to make better use of the resources they already have and capitalise on the resourcing opportunities.

Steve Kane, Advantedge
Steve Kane:  The customers are looking for additional products, they are looking for risk based products, they are looking for the broker to take the opportunity to advise them of the other things they need, they need to be assisted with.  I think that the move away from just transactional business, NCCP licensing has meant that there is a more holistic approach to the way in which brokers manage and deal with their customers.  Now it’s time to take advantage that they are moving to the next level to ensure that they do become the true trusted advisor of the customer and they provide the customer with more services than simply the mortgage.
 
Stephanie Zillman:  On the other side of the equation Kane says as brokers increasingly become seen as the trusted advisor to customers, brokers must ensure they are offering a comprehensive service.
 
Steve Kane:  I think demand for a cross sell always comes up, it’s not about that in reality, it’s about because of the information the broker now has, the usage of that information in a positive way to assist the customer to meet all their needs, rather than just filling in a transaction for a mortgage.  I think that is the real challenge for most brokers, improves efficiency, but it also improves the relationship they have with their customer and enables them to improve their business because they are having more products, more services and a greater relationship.
 
Stephanie Zillman:  Kane adds that offering more of the same, year in and year out isn’t going to cut it in an increasingly competitive market and brokers must diversify their offering in order to stay relevant.
 
Steve Kane:  I think the very first thing is to actually take every year an objective look at the way in which your business operates.  And that might be by way of using methodology like Kaizen or other types of business improvement programs to ensure that you actually look at your business rather than simply be in the business doing the day to day grind.  Very important to stand back, understand a clear strategy, understand how you are going to implement that strategy and then measure and look at the performance of that strategy against  your plan over time and then refresh and look at your business every year to see the way in which you have operated.
 
Stephanie Zillman:  This is Stephanie Zillman reporting for Australian Broker TV.