What is a Master Broker?
Many intermediaries aren’t aware of the positive impact that working with a master broker can have and how it may benefit their business. Our Product Development Manager, Nathan Reilly, explains what exactly is a master broker?
Mortgage advisers are experts in what they do, but in an increasingly complex and time consuming market, it can be difficult to provide a high level of expertise across all areas of finance. When a client visits a broker with a funding requirement which is outside the normal environment is when working with a master broker can be beneficial.
They can often have experience in helping customers with more complex borrowing requirements, maybe someone is looking to explore what commercial property has to offer or considering a big refurbishment project, these are just a couple of areas that the everyday adviser may not regularly come across.
Working with a master broker and their range of expertise enables brokers to retain their clients and extend their relationship with them, whilst ensuring the client receives appropriate advice and the solution that best meets their needs.
Faster processing times
Depending on whether the Master Broker is taking responsibility for the advice or packaging the case, there are a number of different ways that they can support the application process. From completing the fact find to collating documentation, all of these services can often give advisers the additional time to concentrate on their day to day business.
New relationships with lenders
Another area where Master Brokers can add real value to advisers is lender access. Some lenders may make the conscious decision to only deal via Master Brokers or potentially restrict product access to certain partners. Exploring a Master Broker route to see whether a more appropriate solution for the client’s needs is always a good exercise.
This is purely just a flavour of how a Master Broker could positively impact your business, and there are simply too many examples to cover in a short blog post!
Here at MI we aim to provide the highest level of service to our members. For details on how to become a member of our fantastic mortgage network or club, call 0345 130 7446.