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One successful commercial business writer has urged brokers to remember that the third-party channel continues to occupy a “very important” position in the broader banking system.
Axius Partners managing director George Giovas says he believes there will always be a rate of attrition in the industry, given its nature, he is hopeful that as the third-party channel becomes more institutionalised in its approach and members are better trained, more people will view broking as a “genuine long-term career”.
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Mr Giovas said one way to change new entrants’ perception of the industry is by making them “think less about being brokers ... it’s all about being becoming advisers that seek to [partner] with their clients”.
“You are very much the old-style relationship manager that must understand the client’s needs, business and motives ... and that offers solutions for their financial requirements,” he said.
Mr Giovas said the third-party channel is important for borrowers who find it difficult to speak to their bankers. He said it is much easier to approach a broker.
“That’s why I think that it’s a genuine channel to market ... certainly for broader banking organisations, it’s a very important channel and is growing in significance rapidly,” Mr Giovas said.
“I think brokers shouldn’t underestimate their relevance to the client and to the banks, and whilst they’re working for the client, they’re also somehow an extension of the bank.
“They should never undersell themselves, but equally they should always be looking to improve their capability set and the way that they interact with financial organisations.”
[Related: Broker extends training program to address industry’s attrition rate]
