Education and upskilling can propel brokers’ knowledge and confidence to tap into the opportunities diversification presents, writes FAST CEO Brendan Wright.
At FAST, 60 per cent of our brokers are now offering business lending solutions in addition to their residential offering. This is an impressive figure and a clear indication that they are certainly not standing still. It should also ring an alarm to those brokers yet to diversify. Your peers are certainly rising to the challenge – do you really want to be left behind?
Being in a position to meet more needs of your existing client base not only strengthens your current client relationships but can help you attract new clients too. By expanding your business into commercial finance, you can diversify your revenue streams and help your business grow to reach new levels of success and profitability.
Commercial and business finance is fast becoming one of the most exciting growth opportunities for the industry and I urge brokers who haven’t yet made the move to get on board.
If the thought of diversification seems daunting and complex, education is one sure-fire way for you to build your knowledge and confidence so you can get in now and start meeting the existing needs of your client base – because if you’re not, someone else will.
Education and upskilling – your best investment
Education has got to be a key focus for brokers who want to stay ahead. At FAST, we practice what we preach and as part of our commitment to education, we recently announced our scholarship program for brokers to take part in the new MFAA Equipment & Commercial Finance Education Series.
The scholarship program offered the opportunity for brokers to learn how to meet the broader needs of their existing client as well as to grow their client base. We were excited to fund 14 scholarships for brokers to complete the series and we also supported some of FAST’s partnership managers and support team to enrol.
It’s been great to hear some of the feedback from brokers who have now completed their modules. Many say that the scholarship has given them the confidence to delve into a new area of broking or to really ramp up their existing commercial offering. As a result of the success of the scholarship, we will be extending the program to ensure that four brokers annually can benefit from the scholarship.
I’d highly recommend brokers consider taking part in an education series such as this - it gives brokers the opportunity to learn the powerful tools for diversification, strengthen their offering and enhance their consultancy skills.
Learn from those around you
Of course, education doesn’t always have to be formal. There are other ways you can improve your knowledge in new areas of business. Here are some more ideas:
- Speak to your aggregator - Your BDM should be able to help you find the right product support and training to get you started.
- Learn from your peers - You might also want to talk to other brokers who work in the commercial lending space and try to find those who have already combined their residential and commercial offerings. This will help you build your familiarity with the space.
Just as the broker channel has ramped up in the residential finance market, we believe commercial finance is the next big growth opportunity. At FAST we have the confidence to say that the brokers who can cater to SME needs, will be best positioned to lead the industry.
Remember, the biggest mistake is not doing anything because if a broker does not meet the full spectrum of their clients’ needs, someone else will.
Brendan Wright will continue to help brokers across the country learn how to unlock their potential in this blog series.