Have you been considering working with a finance broker to support your business? We’ve put together 10 reasons why using a broker for your finance needs could help your business.
Expert financial advice
When it comes to securing finance, there are often numerous options available, and it can be overwhelming to know which one to choose. That’s where finance brokers come in – they can provide expert advice on the different finance structures and options available. Brokers have a wealth of knowledge and experience in the finance industry, and can often suggest solutions that clients may not have considered before.
By working with a finance broker, clients can benefit from their expertise and receive guidance on the most suitable finance products for their needs. This can save clients time and stress, as they don’t have to spend hours researching the various options themselves. Additionally, brokers can provide insights into the current market conditions and any changes that may impact their clients’ financing options.
Overall, by leveraging the expertise of a finance broker, clients can make informed decisions about their finances and feel confident that they are getting the best possible solution for their situation.
Saving time and money
One of the biggest advantages of working with a finance broker is the amount of time and money they can save clients. Brokers have access to a wide range of lenders and products, and can quickly research the market to find the best deals for their clients. This means that clients don’t have to spend hours searching for the right finance solution themselves, and can instead rely on their experienced broker to do the legwork for them. Additionally, brokers can often negotiate better terms and rates on behalf of their clients, which can result in significant cost savings.
By taking care of the research and negotiation process, brokers can streamline the financing process and make it quicker and easier for clients to get the funds they need. This can be especially beneficial for those who are short on time or who may not have the expertise or knowledge to navigate the finance market on their own.
Skills, experience and contracts
Choosing the right finance products can be a daunting task, especially for those who are not well-versed in the finance industry. Fortunately, finance brokers have the skills, experience, and contacts to help clients navigate the market and find the best possible solution. Brokers are trained professionals who have a deep understanding of the finance industry, including the different types of finance products and the lenders who offer them.
They can help clients understand the various finance options available, explain the associated risks and benefits, and provide guidance on which products are best suited for their needs. Additionally, brokers have a wide network of contacts in the industry, including lenders, financial advisors, and other professionals, which they can leverage on behalf of their clients. This can help clients access finance options that may not be available to the general public, or negotiate better terms and rates on their behalf.
Access to a wide range of Lenders and Alternative Finance Providers
Working with a finance broker can give clients access to a wide range of lenders and alternative finance providers, which can be incredibly beneficial when seeking finance. With over 200 lenders in the market, it can be difficult for clients to navigate the different options and find the right lender for their needs. However, finance brokers have established relationships with a variety of lenders, which means they can help clients find the finance they need, even if it’s not available from traditional sources. This can include alternative finance options such as crowdfunding, invoice financing, and peer-to-peer lending.
Gaining access to a wider range of lenders and products, clients can increase their chances of securing the finance they need, and may even be able to negotiate better terms and rates than they would with a traditional lender. Clients can benefit from their knowledge of the market and their relationships with lenders, and can feel confident that they are getting the best possible finance solution for their needs.
Personal Customer Service
One of the key benefits of working with a finance broker is the personalised customer service they offer. When dealing with a broker, clients can expect to work with an individual who will take the time to understand their unique financial situation and business needs. Brokers understand that every client is different, and they will tailor their services to meet those individual needs. This can include providing advice and guidance on the most suitable finance products, as well as assistance with the application process and ongoing support. By working with a broker, clients can benefit from a dedicated point of contact who can answer their questions and provide personalised advice throughout the financing process.
Particularly beneficial for small businesses or startups, who may not have a dedicated finance team or may be unfamiliar with the financing process.
Working with the client
Having someone who will work for the individual client’s needs is an important factor to consider when seeking finance. Brokers have a duty to act in their client’s best interests, and they will work tirelessly to ensure that they are getting the best possible finance solution for what their business requires. This means that brokers will take the time to understand their client’s business and financial situation, and will tailor their services to meet those needs.
They will also take into account the client’s risk tolerance and financial goals, and will provide guidance on the most appropriate finance products to meet those objectives. Additionally, brokers have a broad market view, which means they can provide insight into industry trends and lender policies. This can be invaluable for clients who are looking to expand their business or make strategic financial decisions.
Support
When it comes to seeking finance, having someone who will work for the client’s best interests is paramount. This is where a finance broker comes in.
They can also provide guidance on the most appropriate finance products to meet those objectives, taking into account the client’s risk tolerance and financial goals.
Another key benefit of working with a finance broker is their broad market view. With access to a wide range of lenders and alternative finance providers, brokers can provide valuable insights into industry trends and lender policies. This can be particularly helpful for clients who are looking to expand their business or make strategic financial decisions.
Trusted Partner
Working with a finance broker can be like having a trusted partner by your side. Good brokers will not only help you secure the best possible finance solution, but they will also provide ongoing support and guidance throughout the financing process. This can be particularly valuable when things become complicated or confusing.
With their expertise and knowledge of the financial industry, brokers can provide valuable insights and advice to help clients navigate the sometimes complex world of finance. They can help explain the different finance options and rates in the market and provide guidance on which products are best suited to the client’s needs. Additionally, brokers can act as a buffer between their clients and lenders, handling negotiations and paperwork to ensure a smooth and efficient process.
By having a broker on your side, you can also benefit from their extensive network of contacts within the financial industry. This can help clients access finance solutions that might not be available to them otherwise.
FCA Regulation
Some brokers are regulated by the Financial Conduct Authority (FCA), which means they have undergone a rigorous application process and must adhere to strict rules and regulations.
Working with an FCA-regulated broker can provide an extra layer of security and peace of mind, knowing that they are held to high ethical and professional standards. These brokers are required to act in the best interests of their clients and must meet certain minimum competency requirements. Additionally, they must maintain adequate financial resources and have procedures in place to handle client complaints and grievances.
Even if a client chooses to work with an unregulated lender, they can still benefit from the added security and professionalism of an FCA-regulated broker. These brokers can provide valuable guidance and support throughout the financing process, helping clients make informed decisions and navigate potential pitfalls. They can also help clients understand their rights and responsibilities when working with lenders, and can provide valuable advice and support in the event of any issues or disputes.
Members of an Independent Trade Body
Being a member of the NACFB provides brokers with access to a wealth of resources and support, including training and networking events, legal and regulatory updates, and access to exclusive finance products. This means that clients can be confident that their broker is up-to-date with the latest market trends and can offer the best possible solutions for their financial needs.
Additionally, the NACFB provides a complaints and dispute resolution service, which gives clients added peace of mind knowing that any issues can be addressed in a fair and transparent manner.
According to the NACFB Chairman Paul Goodman, “With many lenders withdrawing their high street presence, commercial finance brokers have firmly stepped into the role of the modern day bank manager, but with the added benefit of providing a wider array of funding solutions to their clients.”
If you are looking for financial support for yourself or your business, get in touch with a member of our team.
Contact us today and have a look at our finance services.
