A new report has identified some alarming trends about the mortgage broking industry’s relationship with online channels.
Lead generation company Wealthify.com.au surveyed Australian mortgage brokers in June and identified a number of significant findings about the impact of digital channels on the third-party industry.
The Wealthify Broker Digital Pulse survey asked whether brokers have a functional website; only 79 per cent said "yes" while 21 per cent admitted they do not have a website for their business.
Of those brokers that do have a website, only 57 per cent were confident that it was mobile-friendly; 9 per cent said that their website was not mobile-friendly and 34 per cent were unsure.
“I’m flabbergasted by these results,” said Wealthify CEO Darren Moffatt. "Here we are twenty years into the internet age and a good chunk of brokers still don’t even have a website.
“These days a website is a basic requirement for doing business and establishing credibility with customers. I worry for these brokers. Digital disruption is coming and pure online players are already rapidly growing market share."
While he says that smart operators "are all over it, and investing into digital" as consumers increasingly search for brokers on smartphones, those who don’t even have a website—let alone an online strategy—are "very, very exposed".
“Education is the key, but time’s running out," Mr Moffatt warned.
Wealthify has thrown its support behind brokers by partnering with The Adviser’s Bootcamp Digital Marketing events.
The one-day event will also take place in the following locations:
– Brisbane - 22 August at Brisbane Convention and Exhibition Centre
– Sydney - 24 August at Doltone House - Jones Bay Wharf
– Melbourne - 29 August at Melbourne Convention and Exhibition Centre
It will teach brokers how to implement quick and effective low-cost strategies to attract more business, master the basics of SEO, get a glimpse of what success in digital marketing looks like, and discover partners that can help formulate efficient digital marketing strategies.
The full agenda for this one-day event is available at The Adviser's Bootcamp Digital Marketing 2017 website.
If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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