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Learn from ‘success and failures of digital brokers’ – Brodnicki at MAB conference

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  • 25/05/2018
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Learn from ‘success and failures of digital brokers’ – Brodnicki at MAB conference
Mortgage advisers have been urged to learn from the successes - and failures - of new market entrants, by Peter Brodnicki, chief executive of the Mortgage Advice Bureau (MAB), speaking at the MAB annual conference in Leicester this week.

 

The large amount of investment currently being ploughed into mortgage and property and technology “defines the direction of travel we’re going,” Brodnicki told the conference.

Some of the investment in the market may not pay off, but it shows the scale of the opportunity, he said.

The chief executive forecast “significant change” for the industry.

He added: “Just how significant that change could be, many have not yet grasped, but I can assure you that MAB have… This is the most fascinating and exciting time any of us are likely to experience.”

Mortgage advisers are among the best placed to take advantage of the opportunities within the market, according to Bro.

He said: “We have to move quickly, we need to learn from success and failures of new entrants and be agile and totally focused.”

In an interview session on stage at the conference, Brodnicki later said digital brokers “are here to stay” but not all of them will get it right.

He added: “They’re spending a huge amount of money learning… Some will go by the wayside, some will be extremely successful… We have to learn from that, we have to make sure whatever the customer wants, they get.

“Whatever we think about different business models, they’re only going to succeed if the customer wants them to succeed.”

Borrowers will need to have a choice of how they research, receive advice and transact in the future, Brodnicki said.

And advisers must be able to adapt to the different needs.

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