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Jessica Darnbrough
The online revolution could pose a threat to brokers if they don’t move with the times, one industry stakeholder has claimed.
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Speaking to The Adviser, ING DIRECT’s head of broker distribution Mark Woolnough said it is crucial for brokers to move with the times and update their businesses to reflect consumers' changing attitudes towards technology.
“Consumers are doing a lot more of their own research online. And, if most of a consumer’s preliminary research is conducted online, then it is important for brokers to have a strong and visble presence online. They need to evolve with the times and evolve their business model to match the technological expectations of consumers.”
“We have heard through a number of our own industry roundtables and direct dealings with brokers that many don’t have a website. Having a website is crucial in today’s environment because consumers are more technologically savvy than ever,” he said.
“The younger generation doesn’t want to pick up the phone, they don’t want to walk into branches – they want to do everything online and savvy brokers will develop their online presence so that they can effectively communicate with this generation.”
Smartline franchisee Catherine Lezer agreed.
Speaking at an ING DIRECT-hosted roundtable earlier this month, Ms Lezer said she has had to change the way she does business in order to attract and retain younger clients.
“Gen Y does everything online. I will receive texts, emails and Facebook messages from a potential client before I have a face-to-face meeting or even a phone call from them,” she said.
“I think we need to embrace new technology or risk being left behind.”
