This article was written by us for the influential In Touch magazine for Iress / Trigold brokers.
Why working with a commercial master broker can help you achieve increased income revenue
Many intermediaries are missing out on additional business because they are not aware of the positive impact of working together with a master broker. We’ve put together a short guide which explains how master brokers can help intermediaries.
Financial advisers are experts in what they do but cannot be expected to be experts in all areas of finance. When a client comes to you with a funding requirement which is outside your normal environment, such as the purchase and re-financing of commercial investment properties, trading business, limited company buy-to-lets and second charges for business purposes, this is where a master broker (packager) can add real value. Master brokers often have various areas of expertise and knowledge and will enable you to retain your client and extend your relationship with them. Many intermediaries are missing out on additional business because they are not aware of the positive impact of working together with a master broker.
Faster processing times
A master broker can collate the information for your client’s application, carry out the required searches, due diligence and instruct valuations (where necessary) and they can ensure that the paperwork is filled in correctly. When it comes to submitting the application, they work very closely with lenders and receive a high level of service from them, which can result in faster completions. They resolve time-consuming issues such as legal blocks with lenders so you do not have to, which leaves you to concentrate on your day-to-day business.
New relationships with lenders
If you are dealing with a specialist area of finance, you might not have the same relationship with lenders you have for other forms of finance. Working with a specialist master broker will widen the circle of lenders you have access to, meaning more products and more options to suit your clients. Some lenders have restricted panels of intermediaries whom they work with, so there are some products that would not even be available to your clients without the support of a master broker. These strong relationships also mean that in the long run they can influence product developments as they work so closely and consistently with the lenders.
The same dedication you show
A good master broker will work as hard for your client as you do. They will make your cause their own and make sure everything is right for your clients. A master broker will fit their working relationship around you, working directly with clients or solely with yourself, depending on your preference.
Intermediaries who have not worked with a master broker before may have questions about how the relationship would work. A good master broker will be open with you about how they operate, the lenders they work with, the specialist areas they work in, and their credentials should be freely available, on their website, for instance. After all, just as you want relationships with your clients to have substance and longevity, a master broker will want a long, fruitful relationship with you, which requires trust and openness on both sides. You will be able to provide the expertise your client needs in most of the cases clients present to you, but master brokers are there for those occasions when you are not able to assist.