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Jessica Darnbrough
Brokers that are serious about growing their business and their bottom line must cross sell additional products to their client database, one industry stakeholder has claimed.
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Speaking to The Adviser, National Mortgage Company’s chief executive Angelo Malizis said brokers that don’t diversify risk losing their clients to the banks or other brokers.
In addition, Mr Malizis said brokers miss out on additional income, which can ultimately help them grow their business.
“There are many benefits associated with cross selling. The more products you can sell to your customer, the closer they are to you,” he said.
“if you can convince a client to buy two or more products from you, not only does this tie them closely to you, but it also proves that they value you and the services you can provide.”
Mr Malizis’ comments come just one week after new data from The Adviser revealed that almost one in four brokers do not diversify at all.
The recent straw poll found, 22.9 per cent of brokers do not cross sell any additional products to their clients, while 17.6 per cent of brokers only cross sell one product on top of the residential mortgage to their clients.
A similar survey conducted in August 2010 found that 20 per cent of brokers didn’t cross sell any products while 32 per cent sold three or more products.
