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If you've been anywhere within the financial services and property sectors, you will be acutely aware of how quickly the industry is changing. Change is no stranger to this neck of the woods; however, the pace at which the environment is evolving is possibly setting the pavement on fire.
Virtually in any given week, for some time now, we have seen amass of legislative changes, regulatory changes, policy changes as well as political changes with the recent election which affected in one way or another, the whole professional services and financial services sectors.
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These rapid changes are threatening to change the industry like never before. Hence, it's important for brokers to evolve with it or risk the dangers of falling between the cracks and losing touch with the industry — both in reference to colleagues as well as clients as the way we buy and sell is changing.
Technology is presenting both challenges and solutions to marketing, access to information and ease of connecting and conducting business. Mastering the art of business is both increasingly challenging as well as rewarding. Thus, the time has come to embrace the changes. As the old saying goes, 'feel the fear and do it anyway!'
Tech-savvy brokers are well positioned to gulp up an increasing share of the market. The fintechs are delivering a wide array of solutions and some are even stepping into the financial services arena whilst the door is left propped open for the taking. Smart professionals are rediscovering the strength of diversification and professional alliances, and barriers are being broken down within each corner of the allied professional services.
For example, accountants have discovered the renewed benefits of working together with brokers and financial planners due to recent regulatory advice changes. The lead generation problem has been attended to by several new websites driving not just the millennials to discover online financial services options and solutions. Robo-advice is fast penetrating the financial services industry as a tonne of money is directed to producing the most robust and timely solutions. Every corner is seeing changes, benefits and evolution.
Brokers can also capitalise by broadening their scope and assessing the benefits and solutions presented by the peer-to-peer movement, commercial finance and other value added services. All in all, these changes in my opinion are for the better, and will provide opportunity for those intentional and savvy enough to embrace the changes and tolerate some short-term pain.
