Intermediaries must fight for themselves

30 August 2010

The recent petition by brokers claiming they are being elbowed out of the market by big lenders fell on deaf ears.

The government rejected the claim, despite nice PR words saying how important the role of intermediaries is to the economy.

Looking at this objectively, I am not surprised the government did not bite - after all we live and work in a free market economy.

So if the government won’t help, who will? Trade bodies? Mortgage Strategy? The answer is intermediaries themselves.

Brokers have so much to offer and must never forget their strengths. Can a high street bank offer the same level of expertise? No. Can a high street bank offer the same level of experience? No. Can a high street bank offer the same level of impartiality? Certainly not.

So brokers must take a step back and make a note of all their strengths and what makes them special, and ensure these are clearly communicated to their target market.

There will always be people who prefer to discuss their mortgage needs in a high street branch. Equally many will prefer to seek independent advice.

The trick is to understand the motivations and needs of clients, because intermediaries can then connect better with them.

So if you are worried about being squeezed out of the market, don’t rely on others to fight your fight.

Instead, focus on your strengths and understand what your clients need. Let the banks worry about you.