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In the latest episode of Broker Daily Uncut, a duo of elite brokers outlined what is on their mind now and into the future.
Keeping up with the ever-changing world of tech and regulation was the key theme for both Dr Lisa Bridgett, director and principal broker at Stellar Finance Group, and Candice Joseph, director and principal broker at Entourage.
For Joseph, investing in tech going forward will help streamline processes. Becoming less reliant on the human element and making internal processes easier to manage are key for Entourage.
Bridgett is implementing similar techniques for growth. A big consideration to be made is promoting the commercial and asset finance side of her business.
She is leveraging AI to drive visibility on this arm of Stellar Finance. From helping write e-books to developing landing pages, AI is assisting in the marketing and promotion of her company.
Keeping up with technology is vital for the modern business. NAB’s executive, commercial broker and equipment finance sales, Chris Thomas, spoke to Broker Daily recently and outlined the competitive advantage a tech-savvy company has.
However, managing this change is different to how it was. What was once a five or 10-year vision is now a two-year one. The constant evolution requires businesses to remain vigilant and adaptive.
Ever-changing regulation was also a key concern for Joseph and Bridgett. Especially amid an election where policy is introduced constantly, it can be hard for brokers to keep up with regulatory changes.
This is true for lender policies too. Interest rates, borrowing capacity, product offerings, and more can convolute a broker’s role.
“You have to remain adaptable when there’s so much change,” said Joseph. “And I think that is a challenge for us brokers on the ground because what might work with one bank won't necessarily work with another bank.
“It’s just about being solution focused and finding a way forward no matter what. And I think having people in your corner like the respective bank BDMs is super important because if you don’t have good relationships with them, then you’re not going to feel like you’ve got any support within the bank to go and bat for you on the other side.”
Bridgett agreed that regulatory changes shift how brokers operate. For her, the introduction of government grants and the first interest rate drop in over four years have spurred investor activity.
“It’s getting so busy now and I’m seeing this real increase in the amount of purchases I’m doing versus refinances where it kind used to be the other way around. And with that comes a lot of the first home buyers and then with that comes all of the grants and you just have to have your finger on the pulse,” she said.
“You need to know exactly what’s happening with all of these grants. The ever-changing climate, the different rules, new grants that are popping up, old grants that are falling off.”
This is where challenges meet opportunities. The excitement around tech and the increased investment in it can help mitigate challenges with regulatory changes.
As a broker’s climate shifts, tech can be a helpful asset to reduce the tedious tasks and allow time to keep up with regulation.
Both Joseph and Bridgett agreed that tech will shape the future of broking. It pays to be proactive and ahead of the curve.
To listen to the full episode of Broker Daily Uncut, click below:
