The Growth Series

Podcast #74 - The Future of the Advised Broker Market


In episode 74 of the Growth Series podcast, Gurpreet Chahal, Corporate Account Manager at Accord Mortgages, speaks to Greg Cunnington, Chief Operating Officer at LDN finance, and Oliver Peace, Managing Director at James Leighton Financial Services, about the future of the advised broker market.

Gurpreet starts by asking how brokers feel about the future, and Greg states that since there will always be a need for specialist advice, there is definite potential for growth. 

Oliver agrees, but stresses that brokers’ ability to thrive depends on their knowledge and skills, as they must add value and be able to positively influence clients’ decisions. This, he says, is particularly important as economic shocks such as Covid, the Ukraine war and rising inflation have added to the complexity of the market.

Greg is then asked about what challenges lie ahead, and says he believes brokers need the correct tech support infrastructure in place to thrive, along with sufficient manpower in their support teams.

Next, Gurpreet asks if the advised market will become more important as clients are presenting with more complex needs. Greg believes it will, noting that factors such as rising interest rates means even “vanilla” clients need extra advice and support.

The conversation then turns to how clients’ needs will change over the next decade. Oliver says it’s unrealistic to think affordability will keep pace with house values, and customers will need even more support as economic challenges continue. As a result, he believes lenders will have to get more creative and market themselves better to consumers, as many won’t understand what help a broker can provide.

The group moves on to the wider topic of the opportunities and threats posed by technology. Greg believes modern tech solutions are now very good and genuinely add value, improve productivity and help to create a better client journey. Oliver agrees, saying that brokers must embrace technology and use it correctly, as consumers are now used to easy tech-based processes with other firms. 

Gurpreet then asks about how the industry keeps up with regulatory changes, and Greg acknowledges it’s a real challenge. However, he says brokers who keep clients correctly informed if a regulatory change directly affects them will have a client for life.

Greg predicts big changes in the market over the coming years, as it becomes more professionalised, more diverse and increasingly focused on specialist areas such as buy-to-let and self-employed clients.

Oliver adds that specialist lenders will capture more of the market, which could lead to top lenders launching sub-brands to tap into these opportunities and maintain their market share.

The Growth Series is a dedicated resource that aims to help mortgage brokers grow their business using communications and digital marketing techniques. For more hints and tips on how to grow your business, you can sign up to the Growth Series for free, here.

01:22 to 46:07:

  • Introduction to the guests
  • Future of the broker market
  • Challenges in the market
  • How brokers can grow
  • The importance of the market in the future
  • The changing needs of clients
  • Do clients appreciate the need for advice
  • How can brokers best demonstrate the value they add?
  • The impact of technology
  • Regulatory changes
  • Predictions for the next decade
  • Advice for brokers

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