Asset Finance uptake continues to surge – what are the opportunities for brokers?
As businesses continue to fight-off the effects of the pandemic, thornmoney is backing brokers wanting to secure their share of a growing $40 Billion asset finance sector.
Thornmoney has recently launched a new Asset Finance product line to complement their existing Debtor Finance products. Since the December 2021 launch, broker referrals continue to rise says thornmoney BDM, Andy Cusworth.
where are most of your equipment finance client referrals coming from?
‘Most of our referrers are either brokers or accountants, said Mr Cusworth. When I say brokers, mostly I mean asset finance and equipment finance specialists. Brokers love our new Asset Finance products, but many are still learning about the benefits of our Debtor Finance solutions, whilst on the other hand, Accountants tend to go for the Debtor Finance more often’.
‘We’re really committed to our brokers, especially those who are actively growing their businesses. We’re making ourselves highly accessible to our broker partners when they need us. These types of brokers love our technology-based platform and how quick and easy it is to access and fund their clients’ loans.’
what types of clients are you seeing referred most from your brokers?
‘Typically, these clients are businesses who provide goods & services to other businesses. Businesses like; labour hire, importers, wholesalers and manufacturers, logistics – transport & freight companies, and equipment hire. They’re usually clients looking for guidance from their savvy broker or accountant. Many are not seeking finance due to insufficient business, on the contrary, they are accessing the required additional assets or cashflow to support their business growth from an influx of new contracts.’
‘We’re seeing confidence and business activity in the market increasing. Many of our broker partners are reporting upticks in their revenue and that’s pleasing to hear.’
how do you think you add the most value to your brokers and accountants?
‘Just like any top broker, we’re good at taking the time to get to know the client and asking the right questions to understand their broader goals and intentions. It helps us understand which product(s) are right for them at that point in time.’
‘Similarly, it’s also the reason we are prioritising our time with our referring brokers because they also know the questions to ask their clients and they provide us with the right documents to make quick decisions to fund their clients fast’.
Mr Cusworth continued to say what he values most is working with brokers who love their trade. Additionally, he loves working with brokers who know their way around the products, documents, and understanding the client’s financial position. It makes it easier for both of us to meet and exceed the clients’ expectations time and time again. There’s nothing more rewarding than a happy client and an equally happy broker partner.
how can thornmoney help brokers grow their business?
G&H Financial is one such specialised brokerage actively looking for business growth by partnering with thornmoney and their updated cashflow and asset finance products, says Greg Malone. ‘Nothing makes us look more important than turning up to meetings with a thornmoney representative’, says National Operations Manager, Greg Malone.
‘In particular, I found the thornmoney portal extremely easy to use and very quick to load a new client application. What makes this process unique is this combination of technology and the ability to follow the credit proposal from application to settlement live from our portal. This allows me more time to work through the scenarios with my BDM. Together this personalisation is unique.’ Says Mr Malone
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