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LMG is helping brokers build bigger and smarter businesses. With a choice of service plans to suit differing business models and needs, LMG is the biggest home for brokers in Australasia.
When did you start working with the broker channel and why?
LMG launched in March this year representing the amalgamation of Loan Market; BYOB (Bring Your Own Brand) businesses; and the former PLAN Australia, Choice Aggregation, and FAST brokerages under the single aggregator.
As Australasia’s largest aggregator, LMG is reimagining the way aggregators partner with broker businesses to reflect the many different ways brokerages want to operate, with multiple service plans to suit their differing needs.
While the LMG brand is new, our experience and commitment in the broker channel stretches back to 1994 in Australia, beginning with Ray White Financial Services. Almost three decades on, LMG brokers are sought out by the spectrum of customers — from first home buyers to experienced investors to small-business owners — and a diverse range of referrers for our unique commitment to client service.
Brokers are integral to the financial ecosystem, putting choice and greater solutions and outcomes in the hands of customers.
When the industry started in Australia, the broker-client relationship was formed over mortgages. Over time, the relationship broadened to more than just home loans, taking in asset finance, commercial finance, and even through to utility connections — an important service as households feel the pressure of rising living costs.
Why is a strong broker channel important to you?
A strong broker channel delivers choice and service to customers on their financial journey — fundamental rights for everyone.
Brokers connect customers to a cross-section of lenders. Brokers use their expertise to home in on which solutions are best for the clients’ individual situation, saving customers countless hours on their finance journey.
At LMG, we’ve never considered a settlement as the end of the broker-client relationship. We’ve invested a lot in the post-settlement service our brokers provide their clients.
Whether the client is looking to refinance, renovate, purchase a car, scale up their business with additional equipment, or leverage the equity in their home for an investment property, LMG’s brokers maintain a close relationship with their clients that provides lifelong benefits. (Importantly, LMG brokers benefit from personalised automated communication tools that keep the relationship fresh while they continue to service new clients).
Prior to the best interests duty being introduced, there was concern among the industry about the burden of the new regulations. At LMG, we viewed BID as a gateway, not a roadblock, to a new future for brokers. We utilised tech to do the heavy lifting on compliance so LMG brokers stayed safe in the new environment and the time between the first meeting and lodgement was shortened.
What is the company currently focused on/top area of work at the moment in terms of broker channel?
As brokers now account for seven in 10 home loans originated in Australia, the opportunity to become trusted advisers to clients across all their finance needs has never been better.
At LMG, we’ve assembled state-based subject matter experts in the separate offerings of residential (led by Andrea McNaughton), asset finance (Tom Caesar), and commercial finance (Stephen Scahill) to help our brokers diversify their revenues and build smarter businesses.
Utilising the Nodifi platform, LMG Asset Finance provides the industry’s best origination platform for brokers to lodge car, equipment, and personal loans themselves. This supports both specialists and referrers to run their asset finance business.
LMG Commercial Finance has dedicated specialists around the country who offer expert training and support:
- Networking and upskilling through Commercial Finance-focused events
- Access to lenders that offer niche commercial and business finance solutions
- Governance of a Commercial Referral Hub
With technology and support to write or refer deals — including digital referral hubs — brokers can take advantage of the industry’s largest network to generate more income.
What kind of tools and support do you offer brokers? And how do brokers access them?
The award-winning MyCRM is LMG’s central platform for brokers. It drives every component of brokers’ businesses from capturing leads through to post-settlement care, deep diving into a brokerage’s performance and managing referral partners.
LMG’s marketing tools focus on automation with a personal touch. Whether it’s My Lead Generator, Social Post, or Reviewr, we’re committed to helping brokers win more market share and grow.
Broker success managers approach all their support activities with best practice training and Kaizen-driven insights that underpin productivity for brokers. They ensure our brokers spend less time on unproductive activities and more time to offer a brilliant customer experience.
While LMG is Australasia’s largest broker community, we have many communities under our roof where business owners and their teams can liaise with like-minded professionals. Commercial finance specialists collaborate via Commercial Connect Circle, Young Business Owners (YBO) connects business owners under 35 who are hungry to take their businesses to the next level, and our network’s women come together to support each other to be the best they can be under our recognised Leading Ladies group.
Why should a broker look to partner with you?
As a family company with family values, our mission is to support other family-owned businesses to be more successful.
For over 29 years, LMG has helped brokers and business owners navigate industry uncertainty, technological evolution, and business change so they can do what they do best.
By partnering with LMG — with your brand or ours — our people, software, and services work together to give you and your team the capability to do more for your clients.
Backed by our award-winning tech, we make it easier for brokers to deliver great customer outcomes and run better, more profitable businesses.
To better support brokers and their businesses, we provide a choice of service plans to suit our members’ differing business models and needs to help brokers:
- Stay ahead of the market using innovative, award-winning tech solutions that do the heavy lifting on lodgement and compliance
- Diversify their revenues and build smarter businesses
- Attract and retain more clients with industry-leading marketing platforms and expertise
- Deliver a superior customer experience at every touchpoint — digital and in-person
Be part of Australia’s most progressive broker community. To find out how LMG can support your ambitions, contact the team at LMG today.
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