Is Broking the new Banking

Finance 4 Business

It is exciting times for Birmingham and the Financial Services industry that reside in this fabulous city.

We will soon be relocating to Bruntwoods flagship development, Cornerblock in the heart of the commercial district. Over 70% has already been exchanged or in hands of solicitors, highlighting just how buoyant the city is.

An article in a recent ChamberlinkDaily email also emphasised how important the West Midlands will be for financial services, relating to a report co-written by TheCityUK and PWC.

The report focused on the infrastructure, significant development, the talent pool and a global profile as the thriving heartland of industry.

HSBC is relocating its headquarters for UK retail and commercial banking from London. Deutsche, Lloyds, RBS, Santander & Investec all have a major presence in Birmingham. It’s not just the behemoths of the industry that are making an impact in the West Midlands.

Having recently exhibited at the very busy NACFB (National Association of Commercial Finance Brokers) Exhibition at the NEC for the first time in a number of years, it was interesting to compare stats from our previous attendance.

The uplift in visitors, enquiries and new introducers was extraordinary. I have for several years believed that the reliance upon specialist brokers has been on the increase but, over the last couple of years the rise has been steep. In today's market, it is rare that a solution cannot be found for a transaction that makes sense.

What is clear is that whilst brokers can work a solution, clients and non-specialist intermediaries aren't aware of many of the lenders that can provide the same.

In years gone by, the source of finance was provided by the High Street Banks, many of which were providing mortgages, bridging loans, development finance etc - a one stop shop supported by massive presence in Villages, Towns and Cities and a huge advertising spend.

The Banks are still lending but they are now rarely creative, staffing levels are reducing, branches are disappearing and most adverts are seemingly trying to attract current accounts and lodgements.

The alternative finance market continues to flourish and whilst growth is large, within the scope of the UK financial system it barely makes a ripple in the pond. The lenders cannot replicate what the banks used to do to attract clients and heavily rely of good quality specialist brokers to aggregate their business.

Is Broking the new Banking? We believe so. For more information on our services, or to discuss a prospective case please contact us on 01827 230 045 or visit our website