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While there is certainly opportunity to transition into a specialised broking role, it can’t be done on a whim.
Things like agriculture or healthcare are highly niche and require an understanding, said Accendo’s Trent Carter.
For example, the agribusiness side of broking requires a deep understanding of agriculture. This is why brokers from rural communities who have a background in farming often go down this path, he said.
Despite it being highly specialised, agribusiness is extremely important for keeping farmers afloat and Australia fed. There can be great opportunity in this niche area of lending.
“The food bowl needs to be looked after. I’m big on. I’m a big advocate for agri. I’m certainly no agri expert but work with brokers who do specialise in that space and it is a specialised skill set,” Carter said.
“I don’t think it’s a space you could certainly dabble … [but] that’s a good presence to have because farmers will remember a long time the people who are there through the tough times.”
Despite how important it is, this area of broking is largely under-represented, Carter said. This highlights a big opportunity to delve into this space, which he said is happening now.
“We certainly are seeing more brokers enter into it, but not by the volume of general industry or say healthcare even, or other industries where people tend to specialise and can get sort of the same knowledge relatively quickly. It is highly specialised,” Carter added.
“There’s a lot more that goes into it than just a profit and loss and understanding that. You’ve got to understand the rainfalls and the geographical locations and international trade markets and demand for products and all those types of things. Not to put anyone off if they’ve got a passion for it. I say go for it but just make sure you’re informing yourself first.”
Unfortunately, recent trends have seen a drop in the need for agribusiness. As recently covered by Broker Daily, the trouble some farmers had with crops in 2024 resulted in a fall in loans for NAB.
However, these trends are seasonal and once it picks up again there will likely be an influx of farmers needing specialised loans.
Brokers looking to expand offerings may need to put a more concerted effort into understanding agribusiness than other forms of lending. However, there is certainly an opportunity to grow.
Related: Demand for agribusiness drops alongside crop production
The transcript of this podcast episode was slightly edited for publishing purposes. To listen to the full episode of Finance Specialist, click below:
