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One of the industry’s top loan writers has said that he believes brokers are set to consolidate further in the coming years, with the business becoming more collaborative.
Acceptance Finance credit adviser, and new entrant to the Elite Business Writer’s Top 50, Matthew Mannaert says that as the broking industry evolves it is likely to become less of a “one-man band” profession.
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“I think that in the future we’ll find that there will be more consolidation with broker groups,” he told The Adviser, “it will be a lot more difficult to be a one-man band.”
Mr Mannaert explained that one of the reasons that his company is so successful is because it has a number of brokers that specialise in different types of finance.
“We’ve got guys who specialise in commercial finance, we’ve got a leasing equipment and vehicle equipment specialist and a large network of financial planners,” Mr Mannaert elaborated.
“Because we’ve got a number of brokers, if you have a difficult scenario you can access the information from all the other brokers. You can ask them, ‘Have you seen this scenario before? What would your recommendation be?’”
“Having that instant access to quality information is really good, whereas a one-man band just wouldn’t have that,” he added.
Prominent industry professional John Maxwell, founder and senior finance and business strategist at Cocalex Consulting, recently echoed this sentiment, emphasising that a ‘one-stop-shop’ is simply a selection of professionals who collaborate closely to provide a total solution for clients.
“It’s a smart way of doing business, based on referrals and cooperation,” Mr Maxwell said.
[Related: Brokers are too busy to diversify]
