While the opportunity to work independently and be the master of one’s own schedule is a major attraction to joining the broking industry, the head of an aggregator group has highlighted the crucial importance of cultivating a support system to navigate challenges which are much more difficult to weather alone.
“It’s important to recognise the value of building a strong supporting network,” said Brendan O’Donnell, managing director of Liberty Network Services (LNS).
“It can be lonely out there, especially in the current environment. Without a strong support network, you run the risk of hitting a wall and burning out when now, more than ever, brokers need to stay in touch with their customers – providing help, guidance and comfort in navigating their finances.”
Industry participants require a firm foundation upon which to build their network which, according to O'Donnell, underscores the importance of selecting an aggregator.
“Brokers need to step back and be truthful with themselves about their strengths and weaknesses. When you identify those, then you can identify the gaps to inform your choice of aggregator,” he explained.
“It’s important for brokers to consider their options and choose an aggregator that genuinely aligns with their business goals and personal values.”
The tumultuous past few years in the industry have emphasised the importance of seeking out not only technical support, but emotional aid.
“The emotional support is especially critical in challenging times. Working with lenders and working with consumers, there can be some moments of frustration,” said O’Donnell.
“When all of that presses down on you, you need to be able to access support, and it’s important to have a sounding board for ideas.”
While some aggregation businesses have their BDMs working with a large base of brokers, LNS takes a more personalised approach to facilitate this more holistic support.
“When selecting an aggregator, ask those hard questions. If their BDMs are dealing with 100 to 200 brokers, how are they going to have time for you? What does that look like?”, said O’Donnell.
“Here at LNS, our network sales managers are capped at 30 advisers. Obviously, there’s an investment required [to do that] – but it pays dividends. Our managers can have more frequent engagement with our advisors, can coach better, can help with marketing and sales plans.”
“We’re a boutique operator. We’re different, and we deliver.”
