View more on these topics

Comment: It can do you good to let go

Packagers can provide the right solution for out-of-the-ordinary clients

One of the hardest things any broker can do when it comes to their business and client base is hand over control. It is a major psychological hurdle.

After all, entrusting a long-standing and lucrative client to a third-party packager or master broker brings about a degree of reputational risk. But my advice is to make the leap.

The reason for this is that handing over control, as odd as it sounds, is the quickest way to add more control when it comes to running your business. It enables you to scale your revenue with no additional costs, which equals more profit and money in the bank.

Now, as a packager, you would expect me to say relax and pass the work our way. But that is not entirely true.

Keep control

I am not saying you should hand over control of the bread-and-butter part of your business; the straightforward owner-occupier and buy-to-let loans and protection that often goes with them. Keep those and good luck to you.

If you are going to hand over control of a client, you should only do it with the cases that are not your natural fit. That way, you can focus on the ones that do not swallow up hours of your valuable time, sometimes fruitlessly.

Be realistic

By directing non-standard, complex or slightly out-of-the-ordinary deals towards packagers, your client will get the finance they need more quickly while you will earn almost the same for doing very little.

And it goes without saying any packager will be happy for you to ringfence the insurance element of a case, so you get to benefit from that side as usual. The spare time you have created should also enable you to push the lucrative protection side of your business even more.

Accepting that a particular case is not one for you is certainly not an admission of defeat; a white flag saying you cannot do it. On the contrary. It is a rational strategy for running and growing a business — one where you do not have to hire the extra help or expertise in-house to achieve your goals.

Above all, it is a way to control your own financial destiny.

Mark Dyason is managing director of Thistle Finance



Kent Reliance hires BDM for London and Essex

Kent Reliance has appointed has appointed Matthew Butt as a senior development manager for London and parts of Essex. The lender, part of OneSavings Bank, has hired Butt to boost relationships with brokers in these regions. Butt has more than 10 years experience in the financial services sector, including 7 years at Nationwide, and more […]

lifetime lease purchases

What is a lifetime lease purchase?

Lifetime lease purchase deals involve raising finance but not on current properties. Rather, they are taken out when consumers move home. They are called lifetime lease schemes. Although not identical to sell-and-rent-back options, they are unregulated too. Lifetime leases are designed for clients who want to move but either cannot afford to or don’t want […]

Andrew Montlake-Coreco

Market Watch – Weather change with calm front

While the Spring Statement was pretty much what the Chancellor promised – dull with outbreaks of nothingness – the latest Bank of England Monetary Policy Committee Meeting was much more exciting and gave a further indication on the future path of interest rates. Things are starting to get tense as two members are now voting […]


News and expert analysis straight to your inbox

Sign up