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An alternative lender has announced the appointment of a new business development manager chosen specifically for his expertise in the broking industry.
In recognition of the growing importance of fintech lenders partnering with finance brokers, FundX has hired former Liberty Financial BDM Phil Foweraker, who has spent over 15 years in the finance industry.
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Mr Foweraker has also worked at Westpac and NAB, however he now sees an opportunity to use this experience to help finance brokers find the fintech partnerships that will allow the “one-stop-shop” model that is becoming increasingly demanded by consumers.
“In the era of convenience, consumers are increasingly seeking out more holistic service offerings from their financial services professionals — finance brokers included,” the new FundX BDM said.
“Rather than being a concern, this growing trend opens up opportunities for brokers to partner with fintechs willing to white label their offerings, in order to allow brokers to provide a far broader range of options for their clients, while strengthening their invaluable client relationships in the process,” he said.
“This also doesn’t need to be a complicated process, as it can be as simple as asking a question or two during the initial fact find process, to identify whether your client has a particular need that could be best met by a fintech product, resulting in a “stickier” client as a result of the broker’s ability to find a unique solution.”
According to a report by research group Frost & Sullivan, the value of fintech in Australia is likely to balloon to $4.2 billion by 2020, emphasising the growing importance of early adoption and adaptation.
“Over the past five years, I’ve personally witnessed a major shift in the broker model, with brokers increasingly diversifying their offering to realise multiple income streams and provide up-to-date client offerings,” continued Mr Foweraker said.
“Aggregations groups have also identified the calling for brokers to diversify and service clients across the gamut of their financial needs, offering white label products to brokers to cross sell in commercial and equipment finance.”
[Related: Brokers in 'unique position' to benefit from fintech: CEOs]
