Branching Out - Resimac

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feature / self-managed super funds Mary Sartinas: A personal word “The first SMSF loan I wrote was back in 2009. Setting up that first loan made me realise that once consumers became better educated around the legislative requirements involving SMSFs, there would be a greater demand for this type of lending – which is clearly the case right now. “Whilst it’s not our role to advise clients whether an SMSF structure is appropriate for them, it’s imperative to have a thorough understanding of the legislative requirements, the legal structure and lender policy, without which we can’t be effective in our roles as brokers. “As a broker, you become very closely involved with coordinating the legal teams that represent the client and the bank. You also work very closely with the accountant and the financial adviser. I find myself being the co-ordinator between all parties involved because quite often there are gaps in the communication so brokers need to take hold of the reins and make sure the deal is done. “Some areas of the bank are still coming to grips with the legislative requirements so the entire application can be slow and drawn out. “We also don’t know what legislative changes there may be in the future for gearing in SMSF’s. It’s a constantly shifting platform and we’ve got to be conscious of that before we get too comfortable.” 32 / branching out clients for brokers. According to White, “SMSF’s will be distributed through agents who are then affiliated with brokers, so I expect brokers to take the majority of SMSF lending in the years to come.” Mr D’Alessandro and Ms Sartinas, meanwhile, are seeing most of their referrals coming from accountants who are keen to increase their share of the SMSF market in the property sector. The opportunity to diversify a service offering based on increasing interest in investment property purchases through an SMSF is clearly not confined to brokers and financial planners. The SMSF market, however, is a “lucrative” one for brokers, according to Ms Carter. “Growth is happening in the purchase of properties in the inner suburbs, mainly around large developments,” she says. “It won’t be long before the competition heats up in this area.” And as St George’s Darren Little puts it, SMSFs are ‘coming of age’. Self-managed funds are allowing brokers to capture a niche market and add a new item to their diversification toolkit. Education remains a work in progress – and is vitally important for a broker who wants to succeed in the SMSF space – but Mr White emphasises that the effort is well worth it. “SMSFs can increase your income, double your asset base and provide you with that ‘client for life’,” he says.
Motoring to success Motor vehicle leasing is an increasingly popular way for brokers to diversify their offering jon moodie Motor vehicle leasing is an increasingly popular ‘non-core’ offering that many brokers are incorporating into their product suite, says Macquarie Leasing’s Jon Moodie. A skilled broker can potentially earn around $350 to $400 per hour for a standard motor vehicle lease. “When brokers ask us how they can tap into what can be an excellent incremental source of income,” Mr Moodie says, “we recommend three simple steps: review their existing client base; implement a tailored and proactive marketing strategy; and develop some basic asset finance skills.” Reviewing and segmenting your existing client base is a simple and effective way to identify asset finance opportunities. Brokers should look for clients who are business owners or self-employed – these clients typically use asset finance to fund their vehicles. Macquarie Leasing / profile jon moodie executive director PAYG individuals who require a car for work purposes (such as sales representatives) can also be a source of business. Review not only how many clients have vehicle leasing requirements, but also the number of leases held. Many brokers find it’s more than they expect. After segmenting their client base, brokers can tailor specific, regular marketing and promotional campaigns. One successful approach is to offer to arrange pre-approvals and/or limit facilities for clients with motor vehicle finance for their next purchase. “Brokers should not assume their clients are aware they also provide a leasing service,” Mr Moodie says. “The key is to be proactive to make sure clients speak to you about finance before heading off to the car yard.” Finally, it is important to develop some basic asset finance knowledge. Macquarie Leasing provides regular group-based training sessions, webinars and presentations for brokers, usually in conjunction with our aggregator partners. Individual sessions can also be arranged and we support our accredited brokers via a Business Support Team when assistance is needed. Brokers can also expand their offering – and their bottom line potential – to other asset classes, such as equipment finance. The three simple steps outlined above apply equally to these assets. We find brokers are pleasantly surprised at how quick and easy it can be to transact a deal. Isn’t it time you joined them? branching out / 33
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