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Brokers are too busy to diversify

by John Maxwell10 minute read

Being part of a one-stop-shop financial services hub does not mean you must go out and study more to get a range of diplomas to serve your clients' every need.

I’ve recently spent a great deal of time researching the state of play and the current economic climate on the mortgage broking industry. By doing so I have been able to speak to many brokers to gauge their position within the debate of ‘specialist vs holistic advice’. At present, my research has revealed a split vote. And those on each side of the line are firmly entrenched in their views.

Personally, I’m in favour of the ‘holistic advice’ argument. However, if you’re not prepared to completely commit to the plan of providing a full spread of professional services for your clients, then it’s best not to attempt the transition.

There are many benefits of being part of or creating your own one-stop-shop business model. Having each division under the one roof gives your business greater control of your business direction, cash flow and stability. It’s a big task to develop a one-stop-shop system.

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It takes a robust business plan, enduring commitment, extreme focus, and resilience to complete the task no matter what. It’s definitely not a game to be played by amateurs. However, if you are up for the challenge then I suggest engaging a specialist to ensure you win the game. The outcome is both satisfying and extremely rewarding, and none more than the appreciation and testimonials from your clients that you have taken over a great deal of the ‘heavy-lifting’ and a great deal of money stress.

There’s not just one way to create a holistic advice model for your clients. If you can’t or are not willing to build it yourself, then it’s a smart strategy to join an advanced system and reap the benefits.

I’ve heard many brokers say they’re too busy writing loans to try and become a ‘jack-of-all-trades’; they’d rather just be a specialist. I challenge that view and would even go far as to suggest that view is avoiding the topic all together.

If you’ve been to see a doctor recently, you’ll know that the Medical Centre is a highly evolved and effective one-stop-shop where a client can access every medical professional required, at the one centre.

The financial services industry can learn a lot from this model. The key word is ‘synergy’. A one-stop-shop is simply a selection of professionals who collaborate closely to provide a total solution for the clients’ benefit. It’s a smart way of doing business, based on referrals and cooperation.

I believe the financial services industry has the ability to be even more advanced by embracing the technology movement and partnering with fintechs.

If your focus is centered on your clients’ needs, then this will make total sense and starting or finding an advanced system will be at the top of your list.

 

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