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Jessica Darnbrough
A new survey has found more brokers are diversifying their core services to include products such as insurance.
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According to a recent The Adviser straw poll, 67.7 per cent of brokers admitted to selling risk products as part of their insurance offering.
Of the 158 respondents, just 32.3 per cent said they were not offering risk products.
On top of that, almost 50 per cent (48.1 per cent) of brokers said they were “planning” on adding an new revenue stream to their business this calendar year.
Liberty Financial’s John Mohnacheff said these statistics were unsurprising.
According to Mr Mohnacheff, data from Liberty shows that once brokers have diversified once, they are more inclined to do it again and again.
“As brokers begin to experiment with diversification they realise it is not as difficult as they thought,” he told The Adviser.
“They realise it is important to provide more products to the borrower as it makes them more relevant to the client and the relationship stickier.
“The fact is, the more relevant you are to the borrower, the more times they will return.
“For brokers who don’t diversify, I think there is a level of fear involved. They are worried about looking silly in front of the client or making a mistake.
“To that concern, I tell brokers to think about the time they wrote their first mortgage – did they feel confident the first time they wrote a home loan?”
