Innovation is way ahead for brokers

22 March 2010

The hope I had for my new year resolutions has now disappeared, in traditional fashion.

So to keep my spirits up I have taken to looking for optimistic signs in the market so my clients can stay positive until they hear more about the implications of the Financial Services Authority’s Retail Distribution Review and Mortgage Market Review.

And there are reasons to be optimistic. Recent surveys highlight a growing number of vacancies in the financial services sector.

Meanwhile, one has to be upbeat about the fact that there are rumours almost every week about new entrants into the mortgage market.

Moreover, an Office of Fair Trading study has found that estate agents would be more successful if they were innovative in the way they approach the market.

It criticises the traditional methods agents employ along with uncompetitive fees that highlight the fact that most have not moved into the 21st century.

Of course, this is music to the ears of a business consultant. I am convinced that if brokers are to capitalise on new opportunities they too must employ innovative business models.

This is because the public will demand value for money and seek out brokers who offer a proposition that is different from the rest while treating customers fairly.

And thinking about 21st century business models I’m left to ponder why the Post Office has seen a rise in mortgage lending. Maybe it is giving customers what they want.

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