The trends that lay ahead for brokers in 2024:

The next wave of brokers

 

We’re anticipating increased interest in broking as a career. We’ve seen the relationship between brokers and the marketplace soar in 2023, with brokers accounting for 71.5% of home loans written in Australia.

With broker market share on the climb, there’ll be young, dynamic business people turning their attention to the industry in 2024. The trend has been building for some time, and LMG has developed its own community, the Young Business Owners group, to support the new generation of entrepreneurs. 

LMG is so confident of the future of the industry that we’ve developed the second iteration of Brokerversity, the centrepiece of our learning and development program.

In 2024, Brokerversity 2.0 will be preparing the brokers of tomorrow through industry-built Certificate IV and Diploma qualifications, expert content and cutting-edge learning methods.

Exploring new relationships with clients

Brokers are probably getting tired hearing about diversification. It’s been one of the buzzwords of 2023.

But it's a point of discussion for good reason. There’s never been a better time for brokers to build-on the trust they’ve won from their clients. Brokers now account for 71.5% of home loans originated in Australia. In our own network, Loan Market’s Net Promoter Score has now increased to 98+.

The value of finding new clients and new revenue streams is going to rise in 2024.

Brokers can no longer be apathetic about new revenues. We can't continue to waste these opportunities- either for the revenue that’s on offer or the client relationship that is threatened by inaction. 

To support this, LMG acquired commercial finance tech platform CLE and continued its investment in LMG AF (Nodifi), furthering our commitment to be the home for all good brokers. 

Tech that saves brokers time and strengthens the customer experience

The presence of technology in the broker-customer relationship will only increase in 2024. But brokers need to recognise that tech is the commodity - the difference is them. Brokers should embrace technology, rather than be fearful of it.

In 2024, LMG will be working toward making the collection of client information more efficient for both parties. SmartData is a re-imagining of LMG’s Online Fact Find, which integrates with the all-in-one broking solution, MyCRM. Through new client permissions, it will slash the amount of time taken to process an application and is aligned to our commitment to save our brokers time.

LMG is also  working on incorporating electronic biometric ID verification for clients and doing it earlier in the loan journey. Again, this will save brokers time, reduce risk and improve our security credentials.

We’ll also explore our first AI application for recommendations rationale and algorithms to identify opportunities for clients.

Helping brokers realise their business efforts

Just as a new wave of brokers are tipped to enter the industry in 2024, we’ll also see business owners exit.

Business owners need support in their succession planning so they can truly realise their many