Balanced Portfolio Boosts Brokers: Finsure

Data analysis conducted by leading aggregation business Finsure Group has found that residential brokers settling around 100 loans per year have been benefitting from having access to a diversified lending portfolio.

Finsure CEO, Simon Bednar, said the ‘sweet spot’ for successful brokers appears to be engaging with approximately 15 different banks, so having a balanced lending panel available via an aggregator is more important than ever.

 

“This balanced approach suggests that these brokers benefit from a diversified portfolio without spreading themselves too thin, enabling them to offer varied products while maintaining strong lender relationships,” he said.

“Our analysis found ‘more’ isn’t necessarily better when it comes to lenders. It’s about finding the right mix of lenders that gives the mortgage brokers in our network access to leading products, whilst also offering new opportunities for them to tap into a new client base.

“Whenever we onboard a new lender, we embark on an educational campaign through masterclass, coffee clusters and ongoing communications to our network which not only promote the brand but teach brokers how they can be used to grow their own client base.

“Most recently we onboarded HSBC, which was eagerly anticipated by hundreds of our members, however hundreds more didn’t have a lot of experience with them. It’s only after brokers have attended the follow up masterclasses or our coffee clusters that they really started to understand what clients use.”

Finsure’s Head of Diversified Partnerships, Damien Thompson, said the same applies for asset finance brokers.

 

With Finsure having partnered with digital non-bank lender MONEYME this month, he acknowledges that onboarding a lender is only half the work.

“The follow up during the first three months of joining are crucial to brokers embracing the new lender and unlocking more for their business,” he said.

“Asset brokers tend to have strong views about which lenders they use, but it’s a constantly evolving industry. There are a lot of niche products out there, so over the last 24 months, our focus has been to partner with lenders we know will fill a gap in our product offering and ensure our brokers have a full complement of loans at their disposal.

“We are now in a really good place with our panel and have already started to see the positive impact it’s having when attracting asset brokers to our network.”