Customer relationships work in many directions
I spend so much of my time speaking to mortgage brokers about how they improve relationships with their customers or how they try to make things easier for their customers, it’s interesting to hear from those who are doing the same for mortgage brokers.
In this issue we hear from both aggregators and BDMs about how they are continuously working to improve relationships with brokers.
Looking at the Brokers on Aggregators survey results (from page 16) as well as the recent aggregator roundtable, I’ve had a chance to speak to a number of aggregator groups. They have all talked about how much they were focused on education.
Whether it be keeping brokers up to date with changing lender policies, training on new systems or teaching them about what diversified products they can offer, there has been a lot to focus on.
In the pressures and challenges of the last year, it is no surprise that brokers placed a heavier priority on their aggregators’ compliance support.
Despite there being no immediate threat to trail commissions, diversification is still top of everyone’s minds
I also spoke to a number of BDMs for this issue and they have been no strangers to the growing importance of compliance.
As they have guided brokers through the challenges of the last year, their roles have also become more complex.
Whether they work for a bank or they work for an aggregator, BDMs are trying to keep on top of the appetite changes and help brokers workshop deals when they don’t fit the right criteria.
But for most, if not all, of the BDMs I spoke to, they really love their job and building solid relationships with brokers. There are also some other great interviews in this magazine which demonstrate how the industry is pushing forward after the tumultuous period it has seen. Despite there being no immediate threat to trail commissions, diversification is still top of everyone’s minds.
I had a great chat with Pepper’s CEO (page 46) where he talked to me about how the lender was working to educate brokers and support them with its new commercial offering.
I also spoke to Suncorp, which is also focusing on its education on brokers, particularly with its small business loans. Keep reading to see how your aggregator fared in our survey and enjoy the issue!