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ISCOVER
Emily McLean
With the new financial year upon us, brokers are taking a hard look at their current and potential revenue streams.
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A recent straw poll by The Adviser found the majority of brokers are planning to add an additional revenue stream to their business this financial year.
Of the 145 respondents, 62.1 per cent of brokers said they would boost their revenue streams this year, while 37.9 per cent would not.
The Home Loan Experts’ Otto Dargan is one broker who is looking to boost his bottom line this year, with the broker in the final stages of adding a financial planning stream to service his clients growing insurance needs.
“We have lots of customers with high LVR loans and if any major life events happen they’re in hot water without it,” he told The Adviser.
“The main benefit is we’ll be able to offer our customers multiple products, and it’ll make us more of a one stop shop.”
On the flipside, not all brokers are aiming to implement a new revenue stream this year.
BM Financial’s Frank Bardella, said moving into a new area can be disastrous if you’re not in the know about it.
While his business currently offers a host of products outside residential loans, he’s not looking to offer more this year.
“You’ve got to be good at what you’re already doing. We’re always keeping our eyes open for other things but what we have is keeping us very busy.”
All Finance’s John Swanson is taking a similar approach.
“I don’t want to add another stream just for the sake of it. I want it to boost my profit line so if we were going to do it we’d do it well.”
