"We’ve deliberately waited to hear from brokers until the month of May was behind them."
The mortgage club and packager said this sentiment is "not a message that has been widely reported", but noted that 26% of brokers saw enquiry levels up as a direct comparison.
In the survey, Brilliant Solutions asked brokers what impact Covid-19 has had on their business, what their biggest challenges will be over the next 18 months, and whether they were making material changes to their business as a result.
In terms of the largest challenges facing brokers in the next 18 months, the results were mixed. Brilliant Solutions says there are "clearly a cohort of brokers that are concerned about new clients and volumes, but nothing that stands out".
Direct-to-lender product transfers and margins were not seen to be major challenges over the next 18 months, with 'new clients' scoring a much higher vote.
Other factors mentioned were concerns on house prices and the impact this would have on transactions.
The survey also found that broker confidence in their business models remains high. Only 19% of brokers said they would be making changes to their business model in the near future.
Those brokers that were changing their business appear to be adopting more technology rather than changing any of the business fundamentals. Video meetings and new software upgrades were all frequently mentioned.
Matthew Arena, managing director of Brilliant Solutions, said: “We’ve deliberately waited to hear from brokers until the month of May was behind them. It’s given advisers time to take stock of what is happening and get a bit more clarity on what the future holds. We have found understanding the market through the lens of the adviser is crucial. This survey helps and we are happy to share our findings.”
