The Strategic Advantage of Partnering with Commercial and Asset Finance Brokers for Accountants

Introduction

In today’s dynamic financial landscape, the role of accountants extends beyond general accounting practices and compliance. Accountants are trusted advisors, often tasked with guiding clients through complex financial decisions. To meet these expectations, strategic collaboration is becoming increasingly important. One such opportunity lies in partnering with Commercial and Asset Finance Brokers—a relationship that can complement existing services, enhance client outcomes, and expand business capabilities.

This article will explore why accountants should consider collaboration with commercial brokers, highlight the unique value they bring, and discuss how such partnerships can integrate seamlessly into accounting practices.

The Distinction Between Commercial Brokers and Mortgage Brokers

It is crucial to differentiate between mortgage brokers and commercial and asset finance brokers. While mortgage brokers specialize in residential lending, helping clients secure home loans, commercial brokers focus on business financing. Their expertise includes securing funding for equipment, vehicles, working capital, and other business-related assets as well as Self-employed home loans and overall finance restructuring to access equity for business purposes.

For accountants, this distinction is essential. Collaborating with a commercial broker does not replace an existing mortgage broker relationship but complements it. Commercial brokers bring specialized knowledge and access to financial solutions that address the unique needs of business clients’ areas that mortgage brokers typically do not cover. For example, mortgage brokers and Commercial asset brokers use completely different platforms. An analogy would be to consider two lawyers; one does criminal law and the other does Family law. They are both lawyers but are skilled in different aspects of law.

Addressing the Hesitation to Refer Clients

Traditionally, accountants have been cautious about referrals, often preferring to operate independently to maintain control over client relationships. This hesitation is understandable. Referring clients to external professionals involves an element of trust, as the outcome of that referral reflects on the accountant.

However, this cautious approach can limit the value accountants provide. By working with a reliable and experienced commercial broker, accountants can enhance their service offering without compromising their role as the primary financial advisor.

If it’s about trust, then here’s the kicker; finance brokers generally enjoy a relatively high level of consumer sentiment and trust compared to many other professionals. Since 2012, the finance broker industry has undergone extensive changes with compliance, upskilling with diplomas regular professional development each year and, with the tightening of legislation from 2018 to 2021, the finance industry has taken on a whole new level of professionalism.

Here’s how finance brokers typically rank in “Trust”, in comparison to other professionals in Australia:

• Highly Trusted: Nurses, doctors, pharmacists, firefighters.

• Moderately Trusted: Teachers, accountants, finance brokers, financial advisors.

• Lower Trust Levels: Real estate agents, lawyers, politicians, telemarketers.

The Benefits of Collaboration

1. Broader Service Offering

Collaboration with a commercial broker enables accountants to offer more comprehensive financial solutions. From asset financing to restructuring capital loans, these brokers can address client needs that fall outside the accountant’s core expertise.

2. Enhanced Client Satisfaction

Clients appreciate streamlined services that address multiple aspects of their financial needs. Referring them to a trusted commercial broker strengthens their confidence in the accountant’s ability to provide holistic financial guidance.

3. Revenue Growth

Collaborations often present opportunities for additional revenue streams, such as referral fees or shared service agreements. Additionally, satisfied clients are more likely to provide repeat business and referrals.

4. Time Efficiency

Commercial brokers bring a depth of knowledge and industry connections that save time. Rather than navigating the complexities of business financing independently, accountants can rely on brokers to identify and implement the best solutions.

5. Controlling your client experience

When an accountant’s client independently seeks finance advice from an external source, it opens the door to potential conflicts in strategy. The finance professional may provide guidance that contradicts the accountant’s overarching financial plans for the client or, worse, recommend switching to a different accountant. This scenario not only disrupts the accountant’s ability to deliver cohesive advice but also risks eroding the client relationship. To maintain control and consistency, accountants must proactively collaborate with trusted finance professionals, ensuring their clients receive aligned advice while safeguarding their client base from such "leakage."

6. Competitive Advantage

Offering access to commercial finance solutions sets accounting firms apart from competitors. It demonstrates a commitment to innovation and client-centric service.

Seamless Integration into Accounting Practices

One of the key advantages of partnering with commercial brokers is their ability to integrate seamlessly into existing workflows. Experienced brokers work collaboratively, aligning their services with the accountant’s processes to create a unified client experience.

For example, a broker can provide financing options tailored to a specific business scenario, allowing the accountant to present comprehensive solutions without stepping outside their core competencies. This collaborative approach ensures clients view the broker as an extension of the accountant’s team rather than an external entity.

The Value of Rarity

Commercial and asset finance brokers are not as common as mortgage brokers, making them a valuable resource when identified. Their specialized knowledge, combined with their ability to address niche financing needs, positions them as indispensable partners. Accountants who establish strong relationships with competent commercial brokers can differentiate their practice and build long-term collaboration.

How some commercial brokers Support Accountants

For accounting firms looking to elevate their services, Commercial brokers can offer tailored solutions that go beyond simple introductions to brokers. Experienced brokers can help accountants build their own finance arm, they become a part of their team, go on the accountants website to show additional expertise, -seamlessly integrating commercial and asset finance services into their practice.

This model allows accountants to offer in-house financing solutions under their brand, providing exceptional client experience while boosting revenue

Conclusion

In the modern financial landscape, collaboration is not just an option—it’s a necessity for accountants looking to remain competitive and provide exceptional client service.

By overcoming the hesitation to refer and embracing these strategic partnerships, accountants can position themselves as holistic financial advisors, ready to address a diverse range of client needs. Partnering with commercial and asset finance brokers allows accountants to expand their service offerings, enhance client satisfaction, and increase revenue streams. Speak with a commercial broker today to qualify how they may best collaborate with your practice.