Branching Out - Resimac

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SUCCESS THROUGH DIVERSIFICATION Insurance Residential Lending Financial Planning Ballast Accounting Commercial Lending Superannuation Call Ballast today about joining the Award Winning Team 1300 270 942
Improving the ‘one-stop shop’ Diversifying your offering opens the door to opportunities not available to brokers who restrict themselves to residential loans A recent online straw poll conducted by The Adviser revealed that while 30 per cent of brokers cross sell three or more products on average, 23 per cent still avoid cross selling altogether. A similar survey in August 2010 found 32 per cent sold three or more products while 20 per cent of brokers did no cross selling. Is there a reason why nearly one in four brokers confines themselves to writing residential loans? Certainly, not wanting to be a jack of all trades and a master of none is a legitimate concern – particularly for brokers new to the profession and for some small brokerages. That said, the benefits of breaking into new areas to create a more diversified broker proposition are undeniable. And while there are challenges, being forced – or perceived – to be a jack of all trades does not have to be one of them. In this Broker’s Guide, we aim to show you not only why diversifying your services can deliver you tangible business benefits but also why it doesn’t need to be that complicated. For many brokers, offering insurance products is standard editor’s letter practice. But there are other ways in which to broaden your proposition, including offering commercial, specialist/nonconforming and SMSF loans as well as equipment, debtor and short-term financing. We cover all of these areas in the Broker’s Guide. The benefits include repeat and referred business – through exposure to professionals across a number of areas – as well as stronger relationships. Being able to offer a broader suite of services to residential mortgage clients can also be a powerful differentiator in an increasingly competitive marketplace and subdued property market. It’s not just about adding a new string to your bow. Diversification involves taking smart, strategic steps to broaden what you offer your clients, thereby sharpening your competitive edge and boosting your business’ revenue. Jessica Darnbrough Editor branching out / 01
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Branching Out - Resimac

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