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The general manager of a leading mortgage aggregator says the industry has and will continue to work through the peaks and troughs that result from ongoing regulation and market conditions.
Blake Buchanan, general manager of aggregation at eChoice, says regulation is part and parcel of the industry.
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“Brokers that are here to stay understand that and in terms of fortifying their business are well prepared for any scenario,” Mr Buchanan told The Adviser.
He says brokers are “resilient to changing environments” by swaying volume flows (purchase to refi), embracing diversification programs and improving their overall processes, which allows more time for business development and servicing of existing clients.
“The brokers that have really thrived over the past year have been able to quickly identify market trends and plan for the future by maximising the full suite of tools provided by their aggregator and capitalising on the specialist knowledge and experience of the support teams around them,” he says.
“Keeping on top of news via industry media and being inclusive of daily and weekly updates, property reports and PD days is also an essential investment of their time — as well as spending quality time on relationship building.”
The mortgage market has faced ongoing challenges over the last 12 to 18 months, driven by increasing regulation and tighter lending from the banks. Meanwhile, the final outcome of ASIC’s remuneration review remains uncertain.
According to Mr Buchanan, the most successful brokers are those that are investing in themselves and always evolving. One of the challenges for brokers, he says, is embracing technology enhancements and identifying genuine opportunities for cross-sell.
“Brokers should be looking to cater to more of their client’s finance and lifestyle needs to boost their overall value proposition and maximise the customer experience. This will serve the dual purpose of leading to greater industry retention and contribute to improved public awareness of the critical role they can play.”
