Asset Finance: Vision Aggregation Provides Flexibility and Support

Asset Finance Vision Aggregation Provides Flexibility and Support

Mortgage brokers often have a love-hate relationship with asset finance. These are the 5 most common issues we see:

  1. Do Nothing: Brokers do not see Asset Lending as a core activity, so don’t do anything about it.
  2. No Marketing: Brokers know a little bit about asset finance or leasing, but don’t feel confident enough to market it as a service.
  3. Lack Direction: Brokers may receive occasional referrals, and don’t quite know how to handle the sales, credit, and lender research processes.
  4. Lose accreditations: Brokers obtain a few accreditations (which isn’t that helpful for their clients) and lose some due to inactivity.
  5. Reluctance to income share leading to low earnings per hour: Brokers hesitate sharing commissions, so may go down the track on a transaction only to spend as much time as a home loan transaction without being adequately remunerated.

So, that leaves the question, what should a mortgage broker do?

3 Options for Mortgage Brokers

The main options most brokers have include:

  • Nothing: the broker can tell their prospect ‘Sorry, we don’t do that’.  They lose potential income and possibly lose a longer-term home loan lead as well.
  • Refer out: they partner up with another broker, or another asset finance specialist who do the deal. This may involve no remuneration.
  • Full upskill: spend a lot of time upskilling, gaining accreditations and gaining full understanding of the asset finance industry. This takes time and brokers may take their eyes off their core business.

We would recommend AGAINST doing nothing. As brokers, anytime we refer out a finance opportunity, we are exposing ourselves to losing customers and income.

Vision Makes it Easy

Vision recommends brokers find an easy solution where they can balance:

  • Having a solution: which is robust and provides great outcomes for client.
  • Easy: don’t spend too much time away from core business.
  • High earnings per hour: earn some money.

Vision has this solution for the busy broker, and it gives brokers ease, choice and income.

Asset Finance: Mentor Workshop

Vision aims to partner with industry leading experts. In this case, Vision partners with Platform Finance.

Vision hosted a monthly workshop for its 30+ group of mentees. Co-hosted by Platform Finance, Australia’s leading provider of Asset Lending to the mortgage broking industry, we covered this topic in detail. The workshop covered 5 main areas:

  1. Introduction to Asset Lending.
  2. Guide through some sample transactions.
  3. Understanding the Sales Process.
  4. Options for brokers – Tick and Flick verse Hands on the Wheel.
  5. Introduction to their comprehensive software portal.

The workshop was well attended and gave brokers that dynamic, easy option they need which will:

  • Empower NOW: Empower them to offer Asset Lending.
  • Look after clients: Partner with experts so that the client is happy with their broker.
  • High earnings per hour: Earn good money without taking their eyes off their core business.
  • Educate along the way: The broker will learn more along the way as they ‘co-pilot’ transactions with the experts.
  • Upskill when ready: If the broker wants to upskill, they can do that down the track, when the timing is better.

How Vision can help brokers

Vision Aggregation are industry leaders in helping brokers build a successful business. This includes advising on dynamic and tailored approaches to diversification into areas such as Asset Lending. At Vision we are committed to providing tailored and bespoke support to all our brokers. We pride ourselves on being “Brokers Supporting Brokers”.

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