How is cross-selling different when you’re a broker?
If you’re a Banker, find out how cross-selling is different when you’re a Broker…
A core part of your role as a Banker is to understand what your clients are trying to achieve and help them to do it. In most cases you will focus on their main need (like their home loan) but may also extend into other areas like mortgage protection insurance.
All makes perfect sense – right?
We agree – but how does cross-selling as a Broker differ from what you do now? In a nutshell, there are 3 key differences.
Freedom to choose who you deal with
Like in your current world, you’re not licensed to provide advice on other products like life insurances – so you refer this off to a specialist.
As a Broker you do the same but with one important difference. You are entirely free to choose who you refer to and by extension the range of products they can offer your clients.
A far more flexible option.
You choose how you’re remunerated for the services you refer
Having complete flexibility around your choice of referral partners (e.g. Accountants, Financial Planners etc) also means that you’re free to negotiate how you get remunerated for the business you refer.
This could be in the form of income your referral partner shares with you for business they complete or it could be in the form or referrals back to help you grow your core business – lending.
No detrimental impact on your core income if you don’t cross-sell
As a Broker, the extent to which you cross-sell other services to your clients has no detrimental impact on your core income (lender commissions) e.g. if a client settles a loan with you and decides to take or not take insurance protection via your referral partner, your lender commission is unchanged.
At Choice Home Loans we firmly believe in the importance of running a diversified mortgage broking business so that our Broker’s clients are fully looked after. To support this we have established ready-made referral partners our Brokers can refer to or they can form their own independent relationships – it’s entirely up to them.
For more information about how Choice Home Loans can support your transition into Broking please connect via the contact form below or download our Banker to Broker brochure
Contact Choice Home Loans
Call us on 1800 188 288 or drop us a line via the contact form below if you are interested.
All enquiries are kept strictly confidential and we will only use your personal information to arrange the appointment, so there’s never any harm in looking!
Complete the below enquiry form and one of our Business Development Managers will be in touch shortly.
* Choice Home Loans respects your privacy and will only use your personal information to arrange your free appointment.