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Jessica Darnbrough
One second tier lender has started proactively advocating the importance of diversification to the third party distribution channel.
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In the last 12 months, Bankwest has helped almost 500 brokers diversify into business broking, with the lender accrediting 475 brokers since 1 October 2010.
Speaking to The Adviser, Bankwest’s head of commercial broker sales Aaron Milburn said the flat market has created a good opportunity for brokers to diversify their core offering and generate other income streams.
“It is a hard market at the moment, as such, diversification has become essential to the survival and success of a broker,” he said.
To help brokers diversify their offering, Bankwest has launched complementary training sessions in each state to help the third party understand business broking.
“At the training sessions we show brokers the types of deals they can lodge and how to lodge them,” Mr Milburn said.
“We have had a really positive response to our training sessions and they have definitely helped us accredit more brokers.”
Mr Milburn said the lender’s World Cup tipping competition – launched earlier this year – had also helped generate a lot of interest in business broking.
“We had hundred of brokers enter the competition, which was really overwhelming,” he said.
“The competition really exceeded all of our expectations and showed us that brokers are willing to diversify away from residential mortgages and we want to make sure we do whatever we can to support that.”
Daniel Green took home first place in the tipping competition, while Joe Garcia took out second place and Leah Brunderlin placed third.
