People do not tend to associate the mortgage sector with small businesses, but there are lots of brokerages in the UK that fit that description. It is easy to see how an advisor can benefit from joining one of the big firms after doing their CeMAP training course, but how can they thrive at a smaller brokerage?
Technology solutions can really help a small broker firm to challenge larger ones on a more level playing field. For starters, it will enable mortgage advisors to complete applications more quickly, which will help both the advisor and the company to build a good reputation.
Another way in which tech can help is by increasing the number of lenders and products that they have access to for their clients. Many of the high street lenders, plus niche specialist ones, use tech platforms like Twenty7Tec and that can help advisors at small brokerages to close any gap.
Push for industry access
Those organising industry events are sometimes guilty of focusing too much on the big brokerages when considering who to invite. Smaller ones and their advisors must push for equal access.
Small is personal
Many people prefer to get help from smaller firms because they see them as offering a less impersonal service and as having more time for each client. That is an area of the market that advisors working at small brokerages can make their own. They should promote themselves as offering just that sort of personalised advice service to their potential clients.