Brokers are leaving money on the table in 2021
As published in thornmoney on Sep 2, 2021 9:13:10 AM www.blog.thorn.money
Many brokers are missing out on easy revenue by not fully investigating and assessing the full financial needs of their clients.
We spoke with one of our thornmoney BDM’s, Aris Lockhart to get his perspective, on the ground.
Although many brokers know about and even have access to a range of business finance solutions nowadays, most aren’t going into detail and confidently discovering the clients’ full financial needs beyond the main application for their mortgage or commercial loan.
“Those brokers who are firmly adding products such as Debtor finance and Invoice financing into their product suite, and needs analysis, are creating a new realm of passive style income for their business.”, Aris said.
One broker who does this well is, Peter Nikolaou from Peak Capital. Peter is primarily a commercial finance broker who seized the opportunity to ensure his clients can access all the business finance solutions they need, in one place.
“A common time I would use these facilities is when my client has already reached their property lending limits. The clients’ Invoices are another asset within the balance sheet, my clients can utilise to easily top up their cashflow needs.” Mr Nikolaou, said. “Generally, all I need to check, is which accounting software they’re connect to and confirm they are invoicing upon completion of the sale or service.”
Lacking of awareness about newly changed business finance products can result in missing out opportunities for brokers. Image courtesy of thornmoney
One of the reasons why many brokers are not extending their product suite is a lack of awareness and understand of these types of products. Business finance solutions have taken a huge leap forward in recent years to enable mortgage brokers to easily assess and provide more solutions to their clients, in 2021.
Our products require almost no work on the brokers part, except for asking a few questions to reveal how you can further assist your client to grow their business. Our products now use cutting-edge technology to take the pain out of the client signup, and a broker referral.
Your clients can quickly and easily connect their online application to their accounting software, enabling them to access funds to grow their business in as little as 24-48 hours, once connected. This means you get paid quicker too! Gone are the times, as a finance broker, waiting for days to receive a scenario answer, only to miss the deal and waste valuable time”.
Thornmoney's solution
Thornmoney have two accessible BDM’s to support brokers to learn about our products and answer any questions. Whilst Aris supports the NSW, ACT, QLD, and NT regions, Chris McCall looks after VIC, SA, TAS, and WA brokers.
“As a thornmoney BDM, I spend most of my time speaking to brokers and simply connecting them to our digital solutions hub. Once my brokers find out how easy it is, they can’t wait to just get started. It’s one of the easiest ways to grow your business revenue if you’re already dealing with business owners or want to break into this sector fast.” Aris added.
Aris concluded. “Many of my brokers have scaled their business using this low-touch product. Some are simply contacting their existing clients and writing new business every week, easily. There’s not much else for you to do, really!”
Thornmoney recently released a new range of invoice and debtor finance solutions, allowing your clients to access fast business funds, when they need it. The signup is paperless and connects directly to their preferred accounting software, so it’s quick and easy. Best of all, there are no monthly fees, and the client only pays for what they use.
We’ve taken the hassle out of providing business cashflow solutions to your clients. Easily and seamlessly grow your revenue streams whilst giving your clients another reason to stay with you.
For more details about the thornmoney simplified business funding solutions, and to connect with your allocated BDM, visit our website.