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Choice Home Loans principal Wayne Banks-Smith tells The Adviser that working under a brand has no downsides
What are the benefits of being associated with broking brand?
Branded businesses offer a high level of support and they emphasise business growth, planning and good marketing. They also assist with local marketing.
On top of all of that, Choice Home Loans has recently launched an updated version of their software platform, Podium, and that is really helpful in terms of engaging with clients and speeding up the entire loan process.
Are there any pitfalls?
There are none to my knowledge. The fact our parent company [Advantedge] is so big means we have significant strength behind us, which is a really comforting thought in today’s volatile market.
In addition, I know my commissions will always be paid on time. I’ve been in the industry a long time and I’ve seen brokers chop and change their aggregators on a regular basis. However, the decision to switch hasn’t always proven sound, and I have seen many brokers suffer. I have been in the industry for 14 years. When I first started, I joined Choice Home Loans and I have never had a reason to leave.
What are the costs associated with joining a branded business?
The costs are comparable to most other aggregators. I think the pricing is reasonable. I have been with Choice a long time and they have always done the right thing by me. The reality is, while joining a branded business does cost a little more than joining another aggregator as an independent broker, the benefits far outweigh any costs involved. With a branded business, you get unlimited support and leads as well as a great software platform.
Can being associated with a brand help brokers with their lead generation?
Choice Home Loans have provided me with leads for a long time and I have some fantastic clients out of the leads. There will always be some tyre-kickers, but a good broker can sort the tyre-kickers from the keen buyers almost straight away. Thanks in large part to the leads I have received from Choice, these days my business literally feeds itself.
The Choice leads helped me get up and running and continue to do so.
I think brokers forget what is behind the branded piece. They don’t realise how much support and guidance a branded business can offer a broker; they think they are going to pay a huge amount just to be associated with a brand, but that is simply not the case. You pay a little more, but you get a lot more.
I have been approached by many other aggregators over the years, but I have never left because I have never been given a reason to. Choice is a simple and efficient player in the market and I have been very happy with the level of service and support I have received from them.
