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One of the biggest challenge consumers face today is information overload.

It is true the financial deregulations in the 1970s had been a great win for consumers in terms of introducing more competition to the industry and providing customers with more choices. Information sharing is further facilitated with internet technology growth.

The downside to this of course is that consumers are now faced with more conflicting information and confusing marketing messages than ever before.

Hence the greater need and importance for finance broker in the industry, to help research, decipher, explain and present the choices and solutions to meet individual customer’s financial requirements free of charge to the customers.

It is no surprise that in the United States majority of customers source their borrowings through brokers. In Australia the ratio at time of writing is about 50% and growing, whereas 10 years ago it was about 6%.

Consumers are getting smarter. Gone are the days customers visit the bank branches as frequently and finance brokers are increasingly becoming a more favourable choice.

Having worked in the bank for many years, this trend do not come as much surprise to director Frank Chan:

“Savvy customers are opting for internet banking and convenience. The number of customer visits to branches have decreased so much that branches are getting closed every day. 

The branch staffs are increasingly under pressure to cross sell everything they can offer to keep their job, this includes unnecessary insurances, multiple account openings and financial planning products as part of lending application. 

Don’t get me wrong, I am grateful for the experience I have gained over the years working in the banks. From customers’ point of view however, there is a genuine lack of continuity as better bank staffs generally get promoted to other departments or resign to come out operating on their own as broker. 

For this very reason I strongly urge every customer to consider very carefully before applying for loans directly with the banks, as chances are you could end up dealing with an inexperienced staff giving incorrect advices presenting very limited choices. 

The same applies to household mortgage company brands, many are just a training ground for new brokers. I mean, if you are good enough a broker, why do you need a franchise for? 

A large part of my time are spent fixing up issues my customers face due to their previous dealings with banks and larger branded mortgage companies.”