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Brokers encouraged to craft business continuity plan

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Reporter 2 minute read

The CEO of an aggregator has encouraged brokers to prepare their businesses for the economic threat posed by the coronavirus outbreak by crafting a business continuity plan.

FAST CEO Brendan Wright has called on brokers to consider drawing up a business continuity plan as a means to prepare for the ongoing challenges posed by the COVID-19 pandemic.

Mr Wright said putting a continuity plan in place for the business and any offshore or outsourced processing operations would enable brokers to focus on emerging opportunities in the marketplace and adapt to the changing needs of their clients.

The FAST CEO also encouraged brokers to stay in contact with customers through the use of technological tools, with borrowers increasingly requiring their support to access relief assistance. 

“Brokers are there to stand by their customers, some of whom will be negatively impacted and face a loss of income due to the state of the economy in response to this health crisis,” he said.

“In these extraordinary times, human interaction from a trusted adviser is what clients need more than anything as they unpack the various stimulus packages that are available by the government to support their business.”

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Mr Wright also outlined the ways in which the aggregator would support its network through the crisis, stressing that FAST would ensure it could continue to offer core services to brokers, pay commissions, maintain communication, and provide mental health and wellbeing support.

In addition, the CEO said the NAB-owned aggregator is working on providing its network with comprehensive information regarding changes in lender policies concerning borrower verification, assistance packages, and commission arrangements for loans with repayment holidays.

The chief executive added that FAST would also provide its network with online training to help them prepare for regulatory changes.

Mr Wright concluded: “FAST is committed to supporting brokers in running their business, providing security now and for the rapidly changing future, especially during these challenging times and backed by the financial strength of NAB. 

“Through every challenge we have faced together, we believe in, and are committed to, the viability of the broker channel. We’re here for you and your customers.”

[Related: Training support still the priority for brokers amid COVID-19 crisis]

Brokers encouraged to craft business continuity plan
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