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“The consumer wants more from us,” said Jason Back in the latest episode of Business Accelerator.
“They’re looking to us for financial lifestyle guidance beyond looking at just their residential mortgage. [They’re after] asset finance, commercial, SMSF, what it looks like for transition to retirement. They want so much from us.”
This shift means clients are no longer just asking brokers to facilitate a loan.
They are looking for holistic financial lifestyle guidance that looks at their entire balance sheet – from mortgages and car loans to investments and even those recurring subscriptions that impact servicing.
The 4 archetypes of the future broker
So, what does this client-centric broker look like? Back outlined four distinct archetypes that are emerging as successful models:
- The wealth creator: Focused on investors, SMSFs, and complex lending strategies.
- The community connector: Deeply niched, working within specific communities – be it a local area, a cultural group, or a network of professionals. They build business through powerful local networks and referrals.
- The order taker: A highly efficient, process-driven operation that competes on scale and streamlined service for more straightforward transactions.
- The educator: This role is central to the future. These brokers provide invaluable debt structure advice, financial literacy, and strategic guidance, positioning themselves as educators first and brokers second.
The most future-proof businesses will likely blend elements of these archetypes, but the core differentiator will no longer be the loan product – it will be you and the unique signature experience you provide.
Becoming a connector and an adviser
A major opportunity lies in becoming a hub for your clients’ needs. This doesn’t mean becoming an expert in everything, but rather becoming a master connector.
By having a network of trusted professionals you can recommend, you move from being a service provider to a crucial partner who makes your client’s life easier. That’s how you turn a customer into a raving fan.
The next step is expanding the advice proposition. While current licensing creates boundaries around formal financial advice, there is a growing need – and demand – for brokers to provide strategic guidance on debt structuring and financial health.
The industry may need to grapple with modernising its licensing framework to better reflect the advice clients are already seeking.
How to market yourself in the new era
Differentiating yourself in a competitive market requires a shift from conservative service to confident storytelling:
- Your digital presence is your first impression.
- Audit yourself.
- Leverage the power of testimonials.
- Share your value, not just your product.
The final word: Don’t be your market’s best-kept secret
The broking industry is famously conservative, often keeping its head down and focusing on the work. But the future belongs to those who can articulate their value.
“We need to tell the world that we’re doing some amazing things. So, team, don’t be shy about telling the world how great a job you’ve done for solving the complex problems of your clients. Because that’s what people want,” said Back.
The brokers who will win are those who build a values-based brand; focus on the clients’ entire journey; and embrace their role as an educator, connector, and trusted adviser. It’s no longer about the loan – it’s about the relationship that surrounds it.
[Related: How to future-proof your brokerage by putting the customer first]
