Broker-provider relationships need improving – now

 cherry blog – FSE

Adviser-provider relationships need improving – now – and the solution is here

We’ve all finally entered the brave new world of Consumer Duty, and it’s really no surprise that cherry’s mortgage/financial services forum is more popular than ever. The new regulatory framework came up repeatedly in many different threads on the forum during July and this trend has continued into August, as brokers seek to navigate the new landscape together.

Of course, Consumer Duty is by no means the only subject being discussed.  For advisers, having the means to network, learn, and to share issues and best practices is invaluable, and thus it is invaluable to consumers and the industry as a whole.  Posts and threads therefore reflect a broad array of topics.

Forums are places where the more experienced can share their insights and novices can ask questions, as well as creating networking opportunities which can lead to referrals, joint ventures, or other opportunities. In addition, as brokers often face new challenges, whether with clients or providers, criteria or platforms, forums can act as sounding boards where peers offer solutions based on their own experiences.

A really important theme that keeps emerging on cherry though, concerns the relationships between advisers/brokers and providers: put simply, they badly need improving.  As well as affecting all within the industry, it impacts badly on how we are perceived by consumers.  We need to raise our game.

To date, advisers have had to rely, primarily, on business development managers (BDMs) as their key line of communication with providers but there appears to be general acceptance, certainly by the cherry community, that this is just no longer enough.  

For many years, issues have been discussed between advisers/brokers relating to difficulties they are having with providers, but much that is discussed never seems to reach the ears of the providers. Or, if it does, it’s often the wrong ears. 

For example, when brokers discuss ‘shortcomings’ that they experience, or where they suggest new features that could make material improvements, these need to be seen or heard immediately – fast-tracked - to those people within provider organisations who have the ability to actually implement beneficial change!   People like product owners or systems designers, as opposed to someone from the customer services or marketing departments.

The time has come for providers to really engage with advisers / brokers.  These people need and deserve a shortcut to the right people i.e. to those with sufficient clout to be able to implement change. 

Enter cherry’s new Provider Forums – online spaces where providers and advisers can interact.  And as there is no charge for these forums, there is really no excuse for providers not to utilise them.  Yes, they’d have to nominate user(s).  Yes, they may face criticism.  But we all know that real progress can be built on honest, constructive discussion and thus, here is a way for providers to advertise, but also to publicly turnaround critics and transform them into supporters.  Time to be brave and bold – shouldn’t be an issue for those who truly believe in their companies and offerings.   

So, the solution to improved communication is already in place – albeit currently under used.  Of course, a number of firms have already been using their own dedicated online Provider Forum areas and guess what?  Some of these are already having success engaging with advisers directly - but much more is needed. 

I would therefore, strongly encourage companies to nominate someone to register on cherry and request and effectively ‘own’ their own company Provider Forum. This will mean they’ll be ready to channel queries swiftly and get issues solved more efficiently.  Helpful to everyone.

I’m well aware that some will assume that all internet forums are the same – full of anonymous ‘trolls’ who abuse strangers and generally put people off – but that’s very rare on cherry as the advisers use the forums because they value being part of a community which caters to their professional needs, helps them grow, connect, and stay informed in an ever-evolving industry. Obviously the adviser only areas of the forum will remain ‘provider free’ but… once providers realise that there is mutual benefit to be had from also being present (but in their own dedicated Provider Forum areas), then they can start improving their offerings and reputations. It really is win-win.

Donna Hopton is Director at cherry

https://www.fsemedia.co.uk/fse-media-knowledge-hub/broker-provider-relationships-need-improving--now