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Top 6 Issues Facing Finance and Mortgage Brokers PDF Print E-mail
Thursday, 02 September 2010 19:00

We recently asked brokers to share what they think are currently the 2 biggest challenges they face.

...here are the top 6 issues in order of importance:

  1. Legislation & Compliance
  2. Retaining Clients & Obtaining Referrals
  3. Tough Competition for business
  4. Differentiation from other brokers
  5. Market Uncertainty (Property pricing & Interest Rates)
  6. Reducing Commissions

No doubt you can relate to some or maybe even all of these issues, but what can you do to overcome or minimise them?

Some of them you can't do much about because they're out of your control such as property prices or interest rates.

Remember the old saying - "Don't worry about what you can't control".

I know, easy said than done, but our advice is to shift your focus away from these uncontrollable issues and towards the ones you can control - not only will this get your mind off the uncontrollable but will have a positive impact upon your business not to mention your levels of stress.

But what to focus on is the big question.


We suggest that you focus on the 2 key issues that will have the greatest long-term impact on your business, and one of these should be differentiating yourself from your competition.

The best way to grow a stong brokerage is to continue to focus on building your client base, servicing them well and giving yourself a "Point of Difference" to your competitors.

Differentiation can be achieved through:

  1. Offering a unique service e.g. Debt Reduction or Budget Planning
  2. Offering add-on products e.g. Income Protection, Life Insurance
  3. Under Promising and Over Delivering
  4. Listen and Provide Solutions
  5. Have more expertise
    Differentiation is one of the best ways to win new business in such a competitive environment and a by-product of it will be more clients that are more satisfied and therefore more likely to refer you to their family and friends.
    Training to consider that will provide you with unique products & services PLUS more expertise includes:

         


         

         

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