How to show value to the customer without going too far?

How to show value to the customer

Many DA brokers face the same conundrum when it comes to secured loans. How can they offer a valuable service to their customers without leaving themselves at risk of compliance failures or mis-selling? By their nature, DA brokers like to be in control of their sales. While networks may advise brokers to simply refer more complex cases, directly authorised intermediaries often want to stay involved.

It’s actually very easy to achieve this, if you partner with a good firm that clearly states where the responsibility for the sale lies both to you and, importantly, your customers.

If the broker wants to stay in control of the sale, a good master broker will offer them all the guidance they need to do so, including providing them with a checklist of questions to ask to ensure all bases are covered.

What’s more the partner firm will provide the broker and the customer with a letter which clearly states their role as a packager, outlining the fact the broker is ultimately responsible for giving advice.

This allows the brokers to show his worth to the consumer and keep control of the sale while still having the support and guidance to ensure he is not making any mistakes.

Many brokers use packagers in the first charge market when they go off panel and this process is really no different to that. Indeed, if anything, it is even more straightforward as, in the secured loan world, lenders require much more from packagers – including writing references and instructing the valuation – thus making the broker’s job even easier.

Make sure the firm you partner with prioritises compliance, and includes correspondence with customers in that, and you’ll be able to retain the sale with peace of mind.

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