New program could bring ‘dead leads’ back to life

The program is a broker-tailored version of the platform that Budgeting Works uses to provide budgeting services to consumers.

“Brokers get the benefit of grooming clients who aren’t ready today, and it builds their sales funnel,” Mr Bondin told The Adviser.

“As we manage the client’s cash flow to get them from where they are when they spoke to the broker to where they’ve got to be, the broker has got full access to the client’s progress, which allows them to see the exact time they can go back to that client and write business.”

Program designer Matt Punter said he noticed that the company’s platform closely applies to the broking industry, which triggered his idea to launch the program in September.

“What I realised is that we’ve got something which allows brokers to make use of ‘dead leads’,” he said.

“The broker can’t do anything with them right now, but they can incubate those clients for a period of time to get their savings deposit together or clean up their credit.”

Brokers are required to pay a licence fee to access the program. Giulio Avian, director of non-conforming specialist Fundsnational, is one broker who has signed up.

Mr Avian told The Adviser that the program helps him consolidate debts for his clients so they have a better chance of switching to a mainstream lender.

“I feel that by using the program, I’m following the NCCP guidelines by helping clients negotiate and consolidate their debt, as well as maintaining the ongoing commitment levels of the client,” he said.

“The program also enhances the performance of my book as well as the credibility I have with my lenders, and helps me maintain my contact and involvement with my client, which is one of the biggest challenges brokers face.”

[Related: Budgeting essential to investing]