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One leading aggregator has advised brokers to capitalise on a “growing demand” for commercial lending.
A FAST survey of 147 brokers found that 22 per cent already offer loan advice to small businesses, which it said highlighted the growth in this market.
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Chief executive Brendan Wright said brokers needed to understand the potential of commercial lending because the sector is set to grow at similar rates to residential finance.
He added that brokers need to offer clients a range of services if they want to succeed in today’s market.
“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,” Mr Wright said.
FAST could help brokers create new revenue streams through its asset finance referral service and by linking brokers to financial planners and insurers, he said.
The FAST survey also found 51 per cent of respondents thought that existing clients represent the greatest opportunity for them to grow their business in the next year.
Another 27 per cent said the greatest opportunity would come from referral relationships with other service providers.
