A Broker Support Manager’s Tips for Growth in FY22
Get your business on track for growth in FY22 and find out where you should ‘step on the gas’ with these tips from Connective Broker Support Manager in NSW, Yash Dave.
EOFY is almost here. What are your top tips for brokers to end the year off right and get set up for future success?
End of financial year is a great time for brokers to be introspective about their business. I am a firm believer of the famous saying, ‘If you fail to plan, you plan to fail’.
Like any business, at the end of the day, you want to have a healthy bottom line on the balance sheet.
EOFY is the best time to review the processes you have adopted over the last 12 months to figure out if they are best suited for your business. It’s also a great time to review your sources of business. With referrers, for example, assess which ones need more attention and which ones can be dropped.
I suggest taking a deep dive into the last 12 months to understand your return on investment; this can really help you make a better plan for the next 12 months.
Why is EOFY a good time for residential brokers to think about diversifying?
We at Connective are big on encouraging our brokers to have a diverse stream of income to safeguard their business in case of uncertainties. We believe it’s important for our residential brokers to also explore asset finance as another stream of regular income. Here are two easy ways to get started with this:
- EOFY is a great time to remind your current customers that you’re not just a mortgage broker, but a finance broker. Step on the gas with a few EOFY marketing emails and you may just land a few quick asset finance settlements.
- Connective has an industry-leading platform called Quick Asset Finance. This platform is so simple to use and navigate that even new brokers can get comfortable talking about asset finance after spending just an hour on the platform.
What are the biggest growth opportunities for brokers right now and how should they tap into this market?
Brokers write approximately 60% of all home loans in Australia. Connective has the largest number of brokers in Australia. We at Connective believe broking as an industry is growing from strength to strength, hence brokers have been extremely busy in the last 6-10 months.
The biggest growth opportunity now is the fact that our cash rate is at an all-time low. Customers are encouraged to get into the market and buy homes. We encourage brokers to make use of the Connective marketing tools to help their customers navigate this extremely hot marketplace and grow their business.
What are the core services you provide your brokers and what can you do for brokers that maybe they don’t realise?
We do a thorough onboarding and induction with any broker who joins Connective, including training them on how to maximise our CRM software, Mercury Nexus, and assisting them with getting their accreditations so they can start writing loans.
As a Broker Support Manager, we do a whole lot of things behind the scenes for our brokers, like helping them customise their Mercury Nexus account so they can set up workflows and automations that are tailored to their business, team and customer needs.
You used to work for the Big Four banks. How has that experience helped you in your role as a BSM?
Having worked as a residential lender myself, I’ve gained a lot of knowledge about lending. This helps me troubleshoot lending scenarios with brokers and coach new-to-industry brokers with their submissions.
Having a strong understanding of Responsible Lending/NCCP/BID helps me in my current role as a Broker Support Manager as brokers call on us for guidance and we need to keep ourselves up to date.
What made you decide to join an aggregator like Connective?
When I was working at ANZ, I used to see a lot of brokers walk into our branch with their customers to sign their Loan Documents. A whole lot of those brokers aggregated with Connective and spoke very highly of their experience, which gave me a lot of confidence when I applied for the BSM role. I truly believe ‘confidence comes from conviction’. We are the best aggregator in the industry and that makes me extremely proud of where I work.Drive your business forward with Australia’s leading aggregator. Get our free info pack.