Master broker perceptions are changing

The perceptions of a master broker are changing and so is the loans market, according to leading finance expert Paul Woodworth, commercial director at Bright Finance.

Paul Woodworth, commercial director at Bright Finance, gave a 30-minute seminar on choosing a master broker at the Secured Loans Conference at the Vinopolis Centre in London.

He highlighted how master brokers are now realising they need to offer a range of market services in order to gain more business.

He said: "Master brokers must make the process of passing on leads easy and hassle free.

"They also need to keep the broker informed of where their customers are in the process".

Woodworth provided his key considerations for brokers when choosing a master broker.

He added: "There are a number of stages to follow when selecting a master broker; firstly, research the company and ask yourself whether you will receive the support you need? Look closely at the commission structure, also how many lenders do they have and do they cover the whole market? "Choose a broker than you can trust: all master brokers should be whiter than white, but check they are PPI compliant.

"Ensure that the broker has the robust regulatory supervision in place, without undue bias between products.

"Guarantee that the broker monitors sales and that they can demonstrate a training and competence scheme is in place".

The size of the UK loans market has continued to grow with an increase of 7.5 per cent to GBP7.1 billion in the past year.

Woodworth said: "It has become more acceptable in the current economy for consumers to take on debt; however, there is also a rising demand for debt consolidation.

"This could be because of rising house prices making home owners feel wealthier".

More than 300 experienced and new brokers attended the special one-day event.

Bright Finance was one of the key sponsors at the national conference and the Sheffield-based company had many attendees visit their stand to learn more about their business.

Jane Gardner, Bright Finance's newly appointed Director of Partnerships for the south of the country attended, along with Rebecca Peace, Client Relationship Manager, and Kelly Battye, Sales and Marketing Executive.

Mark Cooke, chief executive at Bright Finance, said: "The Secured Loans conference was a great success and we were delighted to be a part of it.

"The market is forever developing and moving forward, so it is vital to keep on top of all the changes, particularly given the recent events in the world financial markets which have impacted on our sector.

"We feel Bright Finance has become an innovative player in the industry and one whose knowledge and experience continues to grow, enabling us to manage these challenges for the benefit of our business partners and ourselves".

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