The value of a packager in a far from normal world
In extraordinary times, extraordinary decisions are being made on a daily basis. Some of these might be deemed relatively mundane under ‘normal’ circumstances but we are currently operating in a world which is far from ‘normal’ even though many of us are trying to maintain a ‘business as usual’ attitude where possible, albeit from home!
What this period has done is bring the best out of many people and highlighted some strength in adversity. Working remotely means that people have to better understand their roles and that these roles are clearly defined, although there remains cause for concern and it’s interesting to note how intermediary firms are currently coping and how they view the future.
Making Contingency Plans
United Trust Bank’s latest broker sentiment survey found that just 30 per cent of brokers have plans in place to deal with a significant reduction in business volumes. It also found that 60 per cent of brokers are “substantially reassessing” their business outlook for the year, which a few months ago, saw 37 per cent predicting business growth of over 10 per cent in 2020. When asked about making contingency plans, 15 per cent of respondents replied that they have none so far but are making preparations, while 11 per cent replied in the negative to both having plans and having any intention to form any.
There are different types of worries facing clients which require additional levels of intermediary help. Advisers are required to support clients with financial worries and those in need of payment holidays. This is important, time-consuming work but it sadly does not help pay the bills.
How packagers can help
However, there are also still cases out there which require speed, specialist knowledge and established relationships to find the right solutions to match individual client needs. Especially when lenders are pulling products left, right and centre. These are also the types of cases which continue to highlight the value attached to packagers and our relationships with a variety of specialist lenders.
Referring your clients
Intermediaries who don’t have such referral relationships in place could be missing out on valuable revenue streams and potentially closing the door on some alternative lending solutions for their clients. Not to mention being in the position to pass over time-consuming administrative burdens, allowing more time to concentrate on the shifting needs of your existing clients and other revenue generating activities – whilst also earning a referral fee in the process and maintaining full client retention.
The service can manage regulated and non-regulated referrals on bridging, commercial, later life lending (including Equity Release), specialist residential, buy-to-let and other areas of the specialist lending market.
The aim of the service is to offer broker partners, and their clients, easier access to specialist advice on cases that may be potentially time consuming, require expertise outside of their core business or where they simply don’t have necessary the permissions in place. We will deal with the client directly and cover all compliance and regulatory needs.
So, we urge brokers to engage with packagers as they can quickly recognise how to move forward with certain cases and have valuable relationships with specialist lenders who can provide the right solution in a timely manner. These might just be the types of relationships which make a real difference in helping more clients than you might think and helping your business to survive and prosper over the short, medium and longer terms.
Want to keep up with all the changes in Specialist Lending?
Visit our website each day http://www.impactpackaging.co.uk/intermediaries/news.asp to see our daily update!
Alternatively, call us on 01403 272625 to help with all your specialist finance cases.
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