The New Year could mean new business opportunities for brokers.
NAB Broker’s general manager distribution John Flavell told The Adviser that the introduction of licensing and regulation could help brokers boost their bottom line in more ways than one.
Mr Flavell said the introduction of legislation would hopefully enhance how accredited brokers are perceived by consumers, government, and other key stakeholders.
“Brokers will inevitably be seen as being more professional by consumers. Any industry that is licensed and regulated is deemed reliable and trustworthy,” he said.
With this in mind, Mr Flavell said brokers were in the perfect position to introduce a fee for their service.
And, by all accounts, consumers would not be put off by the fee as long as they know they are receiving quality advice from a professional broker.
“I speak to a lot of customers and there is an expectation out there that they would pay a broker a fee for the service they provide,” he said.
“There is a real shift in that direction. And I think with the introduction of licensing and regulation, brokers are in a good position to make the transition to this business model.”
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