Aggregator diversifies broker service

Staff Reporter Monday, 14 Mar 2011 1 minute read

Staff Reporter

Vow Financial is set to diversify its brokers’ core offering, by giving them the opportunity to offer clients vehicle and equipment financing.

In 2010 this form of lending generated more than $12 million in settlements and $330,000 in brokerage for brokers that were part of the Vow Financial network.

Vow chief executive officer Tim Brown said the aggregator was pleased to now be able to offer this extended service to all its brokers while also improving on it.

“And to improve it we’re about to launch our online application system. This will give our brokers access to our own CRM system (secure access so they alone can view their own clients) that will allow them to track the progress of a submission,” he said.

According to Mr Brown, brokers that diversify into other key areas not only secure a new source of cash flow that allows them to maximise the income potential of their client base, but they can also insulate themselves against changes in mortgage commission structures.

“But most importantly it means they will be able to build a firewall around their clients by being able to offer another additional service other than a home loan. In a very real sense they are moving from being a home loan professional to an all-round financing specialist,” he said.