Powered by MOMENTUM MEDIA
the adviser logo
Broker

Brokers encouraged to craft business continuity plan

by Reporter4 minute read
Brendan Wright

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.

Advertisement
Advertisement

“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.”

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]

brendan wright ta

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

CEO Sleepout Pepper Money

Mortgage industry raises more than $160k in CEO Sleepout

On 23 June 2022, several CEOs and directors in the mortgage and finance industry spent a night without shelter to...

READ MORE
alex whitlock

New membership program revealed for The Adviser

Members will be able to access exclusive sales and marketing strategy, business intelligence and exclusive market...

READ MORE
Hot property TA

Hot Property: The biggest property headlines from the week 27 June to...

Welcome to The Adviser’s weekly round-up of the headline stories and news that are important not only for the...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more