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Business, Financial World, Miscellaneous

What people think Brokers do, versus what we actually do

We often find that clients and other professionals alike don’t really understand exactly what we do as brokers and how we can support clients on their journey for finance. For a change, and for some fun, we thought we would set the record straight.

What people think we do

  1. Only forward emails to a lender – a post box between the borrower and the bank. This is probably the biggest misconception because if that’s all we did, we wouldn’t get very many deals done. Many think brokers just contact clients with the loan terms for them to sign – well, we do that, but there are lots of steps prior to offering the loan to the client – in fact, it’s one of the final steps.
  2. Provide business advice – brokers help clients on a transaction basis, so the majority are only able to advise on the actual loan and application process and therefore do not offer business advice.
  3. “A broker charges you more” – Not true at all, and the amount and effort saved to the client is enormous in comparison with the amount paid to secure the loan. We have access to products that clients don’t necessarily have direct access to which are often cheaper and can help secure more favourable rates through our relationships. Plus think about how much time you save by not having to prepare your application to the bank yourself.

What we actually do

  1. We revise the initial application and present it in the best way so that the bank is more likely to look favourably on it. This can heavily influence the outcome. Every application is different and so are the financial products. If a product isn’t right for you, your broker should tell you.
  2. We work for you, not the bank. We build and present a case on behalf of the client and then we negotiate with lenders and push back on requests, rather than just passing messages.
  3. We submit it to the different lenders to help you secure the best deal.
  4. Clients using a broker do get the same financial protection as if they were doing it on their own. Brokers also save valuable time and funds for you and your business.

At ASC, we know how small businesses operate and are able to access key lenders which means we can offer attractive and intelligent solutions for business finance needs. Whilst we focus on arranging the right finance for your business, you can focus on operating and developing your business.

So, if you are looking for finance for your business, make sure you know what you can get from the market. Speak to your local ASC office today.

Contact your local ASC office for more information to secure finance for your business.

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