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In the latest episode of Broker Daily’s Business Accelerator, hosts Alex Whitlock and Jason Back discussed how putting the customer first can open valuable opportunities for brokers.
Firstly, however, Whitlock and Back discussed the need for brokers to adopt a mindset of curiosity regarding the diverse financial products available to them.
Back said that many brokers feel intimidated by the prospect of diversification.
“When we talk about diversification, I think people get a little bit spooked thinking they need to be an expert in those fields,” he said.
“I think there’s this natural curiosity that brokers need to have to ensure they understand the bare minimums.”
Whitlock echoed these sentiments and urged brokers to prioritise a deep understanding of their clients’ needs rather than becoming overwhelmed with training on various products.
“The first thing is focus on the customer rather than worrying about upskilling on a range of products that you don’t have a customer for yet, or starting to daunt yourself with the confusing array of different training and accreditations and so forth,” Whitlock said.
“Listen to the customer, hear, and understand. Look back in and check and see what you’ve got access to without worrying about the details. Be aware of what you can provide through your current providers and through affiliate accreditations.”
Back emphasised the importance of client interactions, saying that when clients approach brokers, they typically disclose their entire financial situations to secure a loan as this presents brokers with valuable opportunities to communicate their ability to assist with other financial matters.
He recommended that brokers engage regularly with their client base to uncover additional services, such as car financing or personal loans, and suggested using surveys to gather insights into client needs.
Additionally, trust emerged as a central theme in their dialogue. Back advocated for brokers to differentiate themselves by clearly articulating their commitment to clients’ best interests.
He recommended that brokers prominently feature their adherence to best interests duty on their websites, reinforcing their role as trustworthy advisers.
The discussion also addressed broader concerns regarding financial literacy among the public.
Both Whitlock and Back expressed apprehension about the general understanding of financial products and emphasised the importance of brokers embracing their expertise.
They highlighted the necessity of providing valuable advice, particularly as the industry transitions towards a more advisory model in the future.
In conclusion, Whitlock and Back encouraged brokers to focus on understanding their clients’ needs and to fully utilise the support available from aggregators.
By fostering a sense of curiosity and committing to holistic client service, brokers can enhance their value proposition, position themselves as trusted advisers, and ultimately improve their business outcomes in an increasingly competitive environment.
The transcript of this podcast episode was paraphrased for publishing purposes. To listen to the full episode of Business Accelerator, click below:
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