It is never easy to build a business as a finance broker, especially in a crowded market, where everyone is trying to get a leg up on the competition. One way to invest in the betterment of your career is to expand your referral network.
Tim Lemon, senior business development at ORDE Financial, explained how to find the best people in your local area to act as referrers to brokers.
And guess where Lemon thinks brokers should start? “The path of least resistance,” he said, when looking for a potential referral is to look at the customers you are already dealing with.
“You’ll find that most customers will have an accountant, financial planner they’re already using,” Lemon said. “Or if they are doing a purchase, they would have a solicitor or conveyancer, or even the real estate agent that sold them the property.
“I think a great idea would be to get the customer to do a long introduction and reach out to those potential businesses, see if they’re currently working with the broker. If they’re not, introduce yourself.”
But what if they’re already working with a broker? Well, it wouldn’t hurt for brokers to try and stand out.
“I think to help you sort of stand out, talk about more specialised products like SMSF Alt-doc credit impaired,” Lemon said. “I think if you really do want to stand out, every broker can ride a PAYG (pay-as-you-go) loan – yeah, really focusing on more of those nichey products.”
It would also do brokers good to “think outside the square.”
“Looking at things like coffee shops, your local butcher, maybe a hairdresser – businesses that have high foot traffic, a lot of repeat customers,” Lemon said. “Go introduce yourself, show what you can do, what you do.”
“There’s also the bit more unique things out like debt negotiation companies, liquidators, solutions focusing on family law, I think that free financing mortgage areas – those types of things. They’re the really media referrals that you wanna have a chat to,” Lemon said.
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