eChoice general manager of product and services Kon Shizas speaks to The Adviser about how the aggregator is helping brokers diversify into asset and equipment finance.
Tell us about eChoice and its involvement in the asset and equipment finance space.
eChoice has had a long-term involvement in asset and equipment finance, but has recently taken a much more focused approach to this segment of the market. With the recent launch of our strategic relationship with Mildura Finance, a specialist aggregator of asset and equipment finance solutions, we have created another integral layer to an ever-broadening client service proposition for our broker network. We are giving our brokers the power to diversify their revenue streams by having the tools in place to support the changing needs of a broader demographic of borrowers. This is empowering for them and their businesses.
What sort of customers look for this type of offering?
This offering appeals to those looking for funding solutions that will further simplify and streamline their financial arrangements and obligations. It will appeal particularly to those customers who already trust and rely on their broker to deliver for them.
What are the bottom-line benefits brokers can expect by adding asset and equipment finance to their business?
At eChoice, we’re all about finding new and innovative ways to help their bottom line, so one of the easiest and most financially rewarding ways to increase profit margin is for brokers to offer additional solutions such as asset and equipment finance.
Unlike a home loan, the gestational period for an asset and equipment finance deal is much shorter. This means the turnaround time of commission payments is incredibly quick, which is invaluable for brokers trying to manage and improve their cash flow.
How does eChoice support brokers offering asset and equipment finance?
For us, support to our broker network is critical, including all brokers who choose to be part of our eChoice asset equipment and finance program. No matter what their experience, or whether they have the time to deal with the transaction at any point, the level of support we provide corresponds with the level of involvement the broker chooses to make in the transaction.
Time-poor or newer brokers not yet experienced with asset and equipment finance can simply refer business to Mildura Finance and allow them to manage the transaction, whereas more experienced brokers wanting to maximise their income can take a more hands-on approach with the application process.
eChoice have chosen to partner with Mildura Finance because we know they share our commitment to offer clients a superior standard of service in a professional, reliable and consistent manner. This makes the decision easy for brokers – they know that whatever their level of involvement, their client is in excellent hands.
Would you encourage brokers to explore this space?
I would absolutely encourage brokers to investigate this opportunity. I am a strong advocate of diversification and asset and equipment finance has a valuable part to play. For our broker network, this is yet another tool in the eChoice toolkit to help brokers become a one-stop shop for clients and future-proof their business.
As well as that, by offering a broader range of services, brokers are able to create more effective and genuine relationships with their customers, which results in repeat and referral business, not to mention happy customers.
For brokers looking to diversify their business with asset and equipment finance, what should be their first steps?
First and foremost, get in touch with an industry-respected and experienced partner to help educate and guide you through the process. eChoice’s relationship with Mildura Finance and the integration of their IT platform and sale processes with our own have made the journey for new brokers a very simple and empowering one. Every one of our brokers who have tried it has not looked back.
What do you envision asset and equipment finance to look like for brokers in the future?
I envisage brokers taking a much more proactive approach towards asset and equipment finance opportunities moving forward. This will be facilitated through brokers and their service providers integrating the offering into their core sales processes and IT platforms to help deliver products more efficiently and effectively.
It will also increasingly feed into the all-important complete service proposition of the mortgage broker, helping distinguish them from other specialised professions by building deeper relationships with clients.
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