Tech knowledge gaps are costing brokers sales

He said brokers who had good platforms they didn’t properly understand were as likely to be missing out on sales as brokers with bad platforms.

However, brokers who have good systems and know how to use them will free up more time for core business and find it easier to cross sell, he added.

A recent poll on The Adviser found that 52 per cent of respondents were very happy or content with their system, while 48 per cent were unhappy or investigating other options.

Power Finance owner Joseph Raad said he had a positive opinion of his Vow Financial platform, but that he had been costing himself sales because he had been much too busy to master it.

He said he was missing out on the chance to use all the information uncovered during client conversations.

“There’s just so much information about our customers on the platform, and we’re not mining it properly. As soon as we make the time to do that, we’re going to increase our business,” he said.

“I’ve got a lot of business clients. I should be contacting them about self-managed super funds, leasing, business finance – there’s a lot of stuff I should be talking to them about.”

Loan Wize co-owner Jon Colley said his Connective platform had been serving him well for the past four years because he had taken the time to learn about its features and input lots of data.

“It provides impressive reporting information, but it’s only as good as the data you put into it,” he said.

Mr Colley said one of the platform’s key feature is that it shows Loan Wize where its business is coming from, which allows it to properly control its lead generation spending.

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