Branching Out - Resimac

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