by Ellen Bennett
What does broker support mean? There are many different consultants, trade bodies and other organisations claiming to support brokers – but they are as diverse as the broker itself, which ranges from a one-man band serving the local community over decades, to a multinational organisation employing tens of thousands of people.
As distribution models continue to change, and brokers face the implications of the credit crunch, one thing remains at the heart of the profession.
Broking means helping customers find the best cover for them. It means knowing the market, locally and globally. Whatever the broker’s business model, it means fulfilling its duties to its customers to the best of its abilities at all times.
There are challenges in meeting this remit. As mentioned already, the global economy has hit stormy waters, and brokers, like all businesses, must deal with the consequences. Closer to home, there are regulatory hurdles ahead – the chances are, commission disclosure will be given the green light next year – as well as changes to the domestic market and new tax rates to consider.
Any organisation or individual that can help the broker find its way through these challenges, while protecting its defining remit, can claim to be offering broker support. In the months ahead, this will be more valuable then ever. IT