Brokers rank Loan Market as the industry’s top trainer
‘Anytime, anywhere’ education, growth-focused training, insightful communication, business coaching and sharpened compliance have been credited for Loan Market being named the industry’s top aggregator for broker development.
An annual survey of more than 500 brokers around Australia named Loan Market’s Training and Education program as the best in the industry via publication Mortgage Professional Australia’s (MPA).
Brokers also ranked Loan Market #2 for Lead Generation and #3 for Marketing Support.
In a year of scrutiny for the sector - highlighted by the Hayne royal commission - Loan Market’s broker support came to the fore, said the Group’s Head of Performance and Productivity, Kristy Bartlett.
“We, fortunately, had the infrastructure and processes in place to sustain our brokers’ businesses and safeguard them amidst heightened interest in compliance,” said Ms Bartlett.
“At the end of 2017, Loan Market launched its proprietary MyCRM platform, a million-dollar investment that is more than just a CRM: it powers every aspect of our brokers’ businesses.”
‘Anytime, anywhere’ learning
Springboard is Loan Market’s 24/7 online education centre. It catalogues more than 800 separate pieces of content: podcasts, videos, webinars, case studies, professional development modules and more. Springboard is updated every month with brokers accessing content when it’s most convenient for them, through their own personal development dashboard.
“With Springboard, brokers can learn whilst they’re in the car, eating lunch at their desk or whilst walking the dog,” said Mrs Bartlett.
Springboard provides brokers with tools to grow their business effectively: processes to build leads; establish referrals; build personal branding; and be notified of changes in lender policies. And when brokers are ready to employ a loan writer, Springboard offers a step-by-step guide and expert perspectives on how to make the decision most profitable.
Modules also enable brokers and support staff to gain certifications and upskill in compliance related areas.
Complementing Springboard’s ‘anytime, anywhere’ accessibility, Loan Market also hosted more than 100 in-room training sessions in the last year across a diverse range of topics including finding new referral partners; converting cold leads; building a team; outsourcing administrative tasks; and diversifying business.
Springboard includes modules targeted at newcomers to the industry, titled Charge-Up. In tandem with the online learnings, new brokers undertake fortnightly catch-ups with the State Performance & Productivity Manager. During the sessions, the broker and P&P Manager:
outline strategies to reach goals which are unique to the broker’s knowledge and productivity level;
review completed modules and tasks and evaluate performance against learnings;
introduce resources or relevant departments needed by the broker to continue their development, with tips for optimisation.
More than 70 brokers completed Charge-Up in the last year.
Keeping brokers informed
At pivotal milestones during the Hayne royal commission, Loan Market Executive Chairman Sam White joined other senior executives and industry figures ‘on-the-couch’ to break down the implications of the public hearings. Hundreds of Loan Market brokers tuned in to live-streams, alongside mortgage professionals from the wider industry.
Mr White said: “We had almost 500 people tune in to the Digital Forums to hear straight from leaders the perceived and real implications of the Commission hearings.
“There was a real thirst for this content and we even threw open the forum to questions from the digital registrants. Communication last year was key: we needed to let brokers know of the possible ramifications and what they could do - at the consumer-facing and decision-making levels - to ensure we remained a trusted part of the financial eco-system.
“I think we helped arm our brokers and others with the information they used to make our industry much stronger, today.”
Keeping brokers safe
Amidst the added scrutiny, Loan Market revised its audit program where a team of auditors spot checked five random files per broker, every six months.
Utilising external software application, the audit team completed a series of checks against selected files to determine the quality of the file from the below evaluations, which form a detailed report for four rankings.
If brokers didn’t complete files to a high-enough standard - Loan Market established a benchmark above accepted industry practice - the Corporate team would offer specialist support to improve their practices.
Loan Market’s lead generation support - driven by its Pay-Per-Lead (PPL) program - was rated #2 in the industry, according to the poll.
The PPL program employs hyper-local digital advertising tactics to fill the pipelines of brokers while they focus on writing loans and working with existing clients, uninterrupted.
Brokers nominate a location they want to mine for prospects, a surrounding radius and volume of leads they want per month.
Leads are directed to Loan Market’s website where they are qualified via the company’s customer fact finding tools. Everything from the customers’ current debts and liabilities to earnings and future plans are then uploaded to MyCRM.
An SMS is then sent to the customer and broker, actioning the relationship.
The program lets brokers concentrate on current clients with the peace of mind that, on the day of their choosing, they can connect with new customers.
Marketing solutions that nurture prospects
Amongst its digital marketing suite, Loan Market’s Stay-in-Touch feature has delivered an automated solution for brokers wanting to maintain relationships within their loan book.
Stay-In-Touch is designed to enhance - not replace - the face-to-face interactions brokers have with their customers.
Whilst brokers are prospecting for new business, Stay-In-Touch sends topical communications to existing customers at key points in their financial journey: from pre-approval right through to the interest-only expiry date. Brokers opt-in or out for specific communications and can even schedule birthday messages.
The broker receives communications at the same time as their client, enabling them to follow-up the digital engagement. Importantly, the automated emails come from the broker who controls the data and their relationship.