For brokers the internet gives them the chance to highlight the services they provide as well as appealing to a whole new audience, if used correctly.
However, at the moment it is estimated that up to 80 per cent of independent financial advisers and intermediaries do not have a website. With the increased use of broadband, wi-fi, blackberrys, mobile phones, laptop computers; information is available at the touch of a button. As a result of this increased use of the internet by consumers it proves a valuable and hugely beneficial marketplace to ply your trade.
With more and more lenders adopting strategies to enter this market, some people have expressed concerns that the consumer will bypass the intermediary, instead going direct to the lender. However with a mortgage one of, if not the most, expensive loan and toughest financial decision to be made in the borrower’s life, they will not want to take the decision without expert advice. Many borrowers use the internet as an educational and information tool, getting as much information together as they can, so they have an idea of the kind of deal they will be after, but will then go to a broker to verify this, and to get more solid recommendations.
The Financial Services Authority (FSA) and other organisations have stated that more needs to be done on the area of financial promotions on websites, but the opportunities are available to intermediaries, and rather than a potential threat, the internet, e-commerce, and online tools should be viewed as an opportunity to increase business and client base.
