With almost two decades of experience in the banking industry, Dino Pacella knows his stuff. The business coach spoke with MPA about the current challenges facing brokers and why this year’s NFBD will go a long way in raising awareness of the industry.
A celebration of broking
Pacella started working in the broking industry about eight years ago as a BDM; and as a business coach with more than 17 years’ experience in the banking industry, he has plenty of insights to share.
About five years ago he launched National Finance Brokers Day, an event that aims to build positive awareness of the industry.
“I set up NFBD a year after I started within the industry as I realised that even though half of all home loans are written by brokers, there was, and still is, a large portion of Australians who don't exactly know how a finance broker can help them and what products or services they have access to.”
“Given the change that has been forced upon everyone, this year's NFBD event is aimed at helping Australians with their finances through paying off debt quicker, growing wealth through property investing as well as highlighting how the role of the broker has changed and what consumers can do to take advantage of this.”
“It's celebrating the work brokers do by providing insightful recommendations and guidance from influential industry professionals.”
Navigating the challenges of our times
Not being able to meet customers face to face during COVID-19 has proved a challenge for brokers who weren’t already set up with a digital means of communications, says Pacella.
In addition to this, assisting large volumes of clients facing financial hardship has also been trying for many.
“The number of these enquiries and even some of the complexities of them, have seen some brokers face challenges like never before.”
“There have also been lenders who have tightened certain credit policies which has made searching for the most appropriate product for a client more challenging than what it was at the beginning of the year.”
“So, there's a need now to understand more lenders’ policies – maybe an additional five to seven that brokers may not have been using all that frequently previously.”
He says brokers can overcome these challenges and continue to thrive in the market by staying current and relevant.
“Continue seeking out updates directly from the horse's mouth, use your BDMs, use your aggregators and jump on as many webinars that you can.”
“The industry has been through a lot of changes over the past two years but we have shown the country our strength through what brokers do best and that's continuing to put the clients first.”