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While diversification is tough, the challenge is worth the reward, More Group’s Aaron Upcroft has said.
More Group is one of the country’s most seasoned diversification brokerages, having combined conveyancing with home loans for the past decade.
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Speaking to The Adviser, the brokerage’s chief executive officer, Aaron Upcroft, said integrating additional services into a broking business is “tough, time consuming and incredibly beneficial”.
“Building two businesses definitely comes with its challenges,” he said.
“There is a lot of set-up work involved in establishing two businesses. More importantly, it is vital for a brokerage offering multiple services to offer all of their services well.
“But while diversification does have its challenges, the benefits are varied,” he added.
“If you are dealing with a client and offering more than one service, client retention is higher. They are stickier, which provides bottom line benefits both now and down the track.”
Meanwhile, according to a recent The Adviser strawpoll, almost 50 per cent of brokers are contemplating adding a further revenue stream to their business this financial year.
Of the 158 respondents, 48.1 per cent of voters said they would add a new revenue stream to their business, while the rest were unsure.
