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ISCOVER
Staff Reporter
One industry figurehead has claimed the online revolution could potentially pose a threat to brokers.
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Ballast’s general manager Frank Paratore said brokers need to start diversifying their current service proposition in order to combat the threat of “online sales”.
“It’s a legitimate business concern that must be considered and not simply dismissed,” he said.
According to Mr Paratore, the more a broker diversifies their core proposition, the more likely they are to hold on to their client long term.
“Statistics show and prove that the more directly related the entire service offering provided by one group, the greater the loyalty of the customer and the less likelihood that the customer leaves,” he said.
“Consumer sentiments are changing. We need to adapt to the changing markets and focus on being relationship based rather than transactional based. People buy from people, and people want value.”
While Mr Paratore stresses the broker experience is one that can’t be easily replaced with an online offering, he said financial services diversification and redefining the service and value proposition needs to be focused on in order for brokers not to become complacent.
