It’s not always easy to look forward when you are all-consumed by what’s happening around you. The past few years have been tough for everyone and we’ve all had to deal with things beyond our control and consider outcomes which, at times, have appeared like something out of a movie. But onward we must go, from both a personal and a business persecutive.
Speaking as a lender who is navigating a major overhaul of our systems and processes to ensure that we move to a more modern model which better reflects the innovative nature of the Society, we understand this transition more than most. Thankfully, this overhaul is almost complete and we, as business, can focus more of our attention on the future rather than overcoming a host of obstacles in the present. Of course, whilst implementing such changes, it was vital not to take our eye off the ball when it comes to our most important components – our people and our customers (and I include our intermediary partners within this).
For many intermediary firms, large parts of the past two years have been the busiest period seen for many years, if ever, as activity in the purchase market hit new heights. Meaning it was sometimes difficult for advisers to raise their heads from the stack of work on their desks and plan for the future.
This business uplift was outlined in a recent survey from SimplyBiz which showed that 58% of respondents saw an increase in the size of their client-bank since the start of the pandemic, with just 5% reporting a decrease in size. In addition, 76% of SimplyBiz members said they feel optimistic about the future, with just 3% saying they have negative feelings about what lies ahead for their business in the post-pandemic world
This optimism for the future is certainly reassuring and some very solid foundations have been laid over the past two years for intermediary firms to build on. SimplyBiz also asked its membership to rank the biggest challenges and opportunities they anticipated in the upcoming 12 months. The three challenges which came up most often were building value for the future, increasing operational efficiencies and re-engaging existing clients.
So what simple steps can advisers take to overcome these challenges?
Building value for the future – revisit existing relationships to ensure they are working efficiently and effectively. In addition, explore new relationships which allow you to offer clients access to the widest range of offerings
Increasing operational efficiencies – implement the right tech solutions which work for your business.
Re-engaging existing clients – communication is key. The needs of existing clients are more likely than ever to have shifted over such a tumultuous time. So outline how the market has changed, how it might change further and how you can help support their financial futures.
The future remains bright for the intermediary community and when armed with trusted relationships, the right tech solutions and effective communication channels in place, then there is little chance that it will fade anytime soon.
Sue Pedley is business development manager at Hanley Economic Building Society