Loan Market creates a role of success in the network
The leading brokerage group promoted one of its senior executives to a new network success role before the introduction of the best interest obligation.
Loan Market has promoted its senior executive Andrea McNaughton to the newly created position of Executive Director of Network Success to support brokers in the impending introduction of higher interest bonds.
According to Loan Market, the creation of the new role also reflects the business’s growth, with the group saying it has seen an increase in market share growth across the country.
Ms. McNaughton will lead Loan Market’s network offering and participate in the development and delivery of Loan Market’s new national operating system, “The way to the loan market”.
In this role, she will also be responsible for reinforcing the company’s responsibility to keep brokers safe, help them find and retain clients, and grow their businesses.
Ms. McNaughton said her main focus would remain on deployment, training the network and adopting The Loan Market Way operating system to prepare the network in the best interest (BID).
“We believe that duty of best interest is a great opportunity for brokers, but we understand that any change in a business process can be difficult, so ongoing support and training will be of paramount importance, especially for those who lead great teams,” she said.
“To deliver The Loan Market Way to our network, we will support our brokers through a combination of technology and face-to-face training by our state-based broker success teams – including small group training and a individual business support. ”
Ms McNaughton told The Adviser that with the best interest duty legislation coming into force from July 1, Loan Market would structure the team so that it has “BID buddies” in place.
She said the company, which has a total of 580 brokers, would appoint a broker success manager for 40 brokers, who would sit down with peers and review their home loan application processes, and approve the quality of their notes on the recommendations they made and the rationale for those recommendations.
The new appointee added that the broker success manager would also help peers use the company’s technology tools to allow them to collect grades as they go instead of postponing the task until the end of the process. of candidacy.
Brokers who need help with technology tools would receive one-on-one training while those who are tech-savvy would receive other types of support such as access to hangouts and webinars on how to use the tools.
“Our message to brokers is to engage with your BID buddy, your broker success manager,” Ms. McNaughton said.
“We all know that brokers always act in the best interests of clients. But the problem with proving it to an Australian Securities and Investments Commission (ASIC) watchdog program is that they want to call us and get a file.
“Through this Loan Market process, they will be able to understand why a broker has recommended a particular product. It might not have been the cheapest product, but it would have been in the client’s best interest given how well they documented this client’s goals and objectives,” she said.
Loan Market executive chairman Sam White said the impending introduction of the higher interest bond meant brokers were looking for strong leadership and an improved service offering.
“In times of change – something our industry is no stranger to – brokers will look to their aggregators for leadership,” Mr. White said.
“I believe the role of the aggregator now is to design and implement systems that make running a brokerage more efficient and profitable and that [enable] brokers to spend more time with their clients.
“This is why the appointment of Loan Market’s Executive Director of Network Success is extremely important and there was never any doubt in my mind that the right person was Andrea. She has a proven track record of supporting our top brokerages and in developing great leaders within our business.”
Mr. White will support Ms. McNaughton and her team in executing the strategy.
“He will hold me accountable for delivering on the four promises we make to brokers: find and keep more customers, keep them safe, grow their business and save them time,” she said.
With Ms McNaughton’s promotion, Stephen Doyle, who joined Loan Market in September 2019, will continue in his role as National Growth Director.
[Related: Loan Market announces foreign currency partnership]