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Brokers reveal how they’re developing stronger relationships with clients on the back of a new research report.
Released by aggregator Connective and ANZ earlier this year, the research report, The Broker Effect: Why Borrowers Choose Brokers, revealed that 77 per cent of borrowers “crave human connection” along with a fully digitised process and that 85 per cent of borrowers want brokers to make them feel at ease during the home loan process.
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According to the report, borrowers seek a deeper understanding of their options from brokers to help them feel more in control during the process, with 47 per cent of experienced borrowers indicating that the most valuable thing brokers can do is clearly explain the differences in loan options available to them.
Speaking to The Adviser, general manager lending at Partners Wealth Group, James Thompson, said that the crux of the report has revealed that brokers are “becoming more relationship based”.
“Previous to where we’re at now, [these relationships] have been very transactional in nature,” he said.
Mr Thompson added that he sees the role of a mortgage broker is evolving, with brokers becoming more of a “relationship manager”.
“I suppose [it’s] this concept of a trusted adviser, where [it’s] not just about being there for one transaction, [it’s] about being there for big life events as well,” Mr Thompson stated.
“It’s the responsibility of the broker to understand the short-, medium- and long-term goals of an individual.
“The transactional nature [of the industry] is a dying breed. Australians want more and they want to have that connection. They want someone that’s on their side and trust is one of the biggest things.”
Indeed, the latest research released by Agile Market Intelligence in association with the Finance Brokers Association of Australasia (FBAA), entitled the Consumer Access to Mortgages 2023, revealed that the mortgage market share that brokers enjoy is fundamentally built on trust between a broker and client.
The report found that 86 per cent of mortgage broker clients trust their broker, with 44 per cent indicating “complete trust”, while 83 per cent of mortgage broker clients said they will continue to turn to brokers for assistance for their next mortgage application.
Adding to this, Ming Yang, director of Ming Finance, said that prioritising communication with clients and acting as a constant anchor only helps the client in the long run.
“I think the most important thing is that you really need to understand what the clients actually want,” she said.
“Maybe 80 or 90 per cent of our clients ask, ‘What’s the best advise you can give me’? It’s a very common, if not the most common question.”
[RELATED: Trust ‘key to client loyalty’: FBAA]
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