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A third-party veteran believes offering multiple products is essential if brokers wish to build a sustainable business model and retain clients.
Assured Financial Services managing director Renato Cenedese told The Adviser that home loans are “the door opener”, creating a path to meet the broader needs of clients with a range of different products and services.
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“They then become a client for life if you look after them in every aspect,” Mr Cenedese said. “That’s what you want.
“The key to it is you have got to provide a service or form an alliance with someone else who can provide services in commercial finance, financial planning, life and general insurance.
“It is mandatory that there has to be some sort of second or third product included in a broker’s offering, rather than just the mortgage itself.”
Mr Cenedese said he is currently seeing a huge amount of demand for commercial finance.
“I would say one in four deals I’m writing are commercial deals at the moment,” he said.
As well as creating a new income stream, diversification allows brokers to meet more of a client’s needs, cementing the relationship and setting up a strong foundation for future finance deals, Mr Cenedese said.
“You want to be on their radar when they get to the stage in their life when they want to start creating wealth,” he said.
“That’s where the investment property side comes into it.”
Discover how you can grow your business beyond home loans at The Adviser's upcoming New Revenue Streams event in Sydney on 27 October and Melbourne on 29 October.
The intensive one-day boot camp will get brokers business fit and ready to launch new revenue streams in their business, generate referrals and create simple marketing strategies to reach new clients that want more.
The agenda is packed with seven sessions, including an interactive broker panel where the industry’s top loan writers reveal the secrets to their diversification success.
After a full day of tips and tricks on how to double or even triple your volumes by capitalising on existing clients and boosting new business, brokers will get the chance to hear how to market, present and profit on new revenue streams from the leading product producers in Australian lending.
Networking drinks will wrap up a full day of workshops and give brokers the chance to discuss their next exciting business venture.
Tickets are strictly limited so get in quick to secure yours today! Click here to register now.
[Related: Brokers would be 'mad' not to consider commercial lending]
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