Delivering good outcomes for small business customers via the third-party channel was the focus of a summit hosted by a major aggregator this month.
The delivery of good outcomes for small- to medium-sized enterprise (SME) customers dominated discussions at FAST’s Commercial and Asset Finance Summit held earlier this month in Melbourne.
The fourth annual summit brought together commercial and asset finance brokers, and included interactive educational workshops and regulatory and industry updates from the Mortgage and Finance Association of Australia (MFAA) and the Commercial and Asset Finance Brokers Association (CAFBA), as well as lender panel sessions.
Keynote speakers at this year’s event were the CEO of the Institute of Public Accountants (IPA), Andrew Conway, and NAB’s general manager of performance and operations, Nicole Devine.
FAST CEO Brendan Wright commented: “We’re committed to supporting brokers to thrive and build successful and sustainable businesses. It’s no coincidence that FAST brokers account for more than a third of all commercial loans originated via the third-party channel.
“In my mind, this largely comes from FAST brokers having a deep understanding of business and a client-first approach — which I’m proud to say came through, perhaps stronger than ever before, at this year’s Commercial and Asset Finance Summit.”
Brokers can help alleviate stress
Further, the social value of brokers and accountants for SMEs was also discussed at the summit.
In his address, Mr Conway highlighted some initial findings of the IPA’s upcoming Small Business White Paper, which was developed in partnership with Deakin University.
Mr Conway said: “A startling point to come out of our latest round of research is around mental health.
“The results suggest 69 per cent of small business owners are stressed, anxious or depressed, and 70 per cent cite their small business as the primary cause of this.”
Mr Conway also pointed to findings that highlight the role that industry professionals play in assisting SME clients in achieving their objectives.
“Encouragingly, 95 per cent of respondents said engaging a professional adviser, such as accountants or brokers, reduces that stress,” the IPA CEO added.
“All of this points to the important role accountants and brokers play, not only in helping small business clients achieve their business goals, but also in improving their personal life.”
If you are suffering from depression, anxiety or are living with mental illness, or you’re worried about someone else, talk to a GP or health professional or contact one of the 24/7 crisis agencies below.
SANE Australia helpline – 1800 18 SANE (7263)
beyondblue support service line – 1300 22 46 36
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