Bringing broker solutions together in one place

Give us a little introduction to yourself and your journey to Close Brothers

I graduated in 1994 and started with the traditional graduate scheme with Yorkshire Bank and spent four years there working in various functions.

I also spent some time in the world of FMCG and chocolate, working for Mars for two years. I then joined a business called British Car Contracts, which was part of Lombard and had a 16-year stint there, starting in fleet finance.

I then transitioned into technology leasing, which I enjoyed greatly.

I was given the opportunity to follow my then-boss over to Close Brothers nine years ago, when Close Brothers Technology Services was established. I did four years there before getting the opportunity to look after the broker sales team, which was very much a new departure for me having never worked in the hard asset space or with brokers.

This was when I truly began to understand the value brokers bring to SMEs. It was a real pleasure and privilege navigating the broker market and learning how sophisticated and diverse it is.

How did Close Brothers Broker Solutions evolve?

We found ourselves in a situation where the various broker businesses – Leasing, Braemar Finance Broker, Business Finance, and CAS, were starting to overlap with how we went to market and - particularly - the broker market. So, while the teams were all successful in their own right, there was a feeling we were capable of doing a lot more if we were more cohesive and our proposition to brokers was made clearer.

This was the genesis of Close Brothers Broker Solutions. The last nine months have been about bringing together different people with different cultures, systems and experience while ensuring our brokers feel the benefit and no disruption.

It's been exceptionally busy but we're making real progress, and it already feels like we've created a simpler message and more capacity to service those brokers in a more consistent fashion.

Tell me about your Broker Solutions team, specifically

They've got a broad remit, with geographically based BDMs (Broker Development Managers) who work with a portfolio of brokers.

Their job is multi-faceted - they need to manage the relationship with the broker and ensure they understand our offering, and to deal with any questions around pricing, credit appetite or performance. 

They're also responsible for making sure they are the difference when it comes to getting the larger deals, typically those over £200k or those involving multiple assets across a refinance, over the line. In these instances, they may need to meet with the broker’s client, arrange an asset inspection, and add to the broker’s credit write up.

We really add value by helping a broker get a deal over the line.

Our aim is to make the process for deals below £200k as seamless and as homogenous and consistent as possible without over automating or taking away the people side of things. To help with this, we have a broker sales support team based out of our Hessle and Southampton ‘hubs’, and their responsibility is to triage proposals, ensuring they're complete and we have permission to search, have all the asset details, and all the other information that would support an approval.

If not, they pick up the phone to the broker to get the missing information, which then helps us get a quick, consistent and – hopefully - positive response from our credit team.

Then, it transitions to our Operations team, who make sure the documentation and payout process is a seamless one.

We like to think we have the balance between automation and the personal touch, which is essential in the SME asset finance market.

Is the team stronger, together?

Absolutely!

Under Richard Cameron’s leadership, we’ve managed to secure the services of, for example, Rachel Eckersley-Fallon who is highly regarded in the industry to head up our Operations team.

We have also remodelled our Credit team under Tristam Welburn, which is already making a huge difference.

We are building capacity and reducing friction across Close Brothers Broker Solutions and the whole team is on board with that, which is really exhilarating.

For us at this stage, we’re very much still evolving and there is still a lot we can – and will – do as we place brokers and their customers at the centre of our proposition.

What is the impact of Artificial Intelligence (AI) going to be?

It certainly has a place, including to make the routine tasks more straightforward and faster, freeing people up to have more ‘value added’ conversations. I see that as a good outcome; we're not going to resist progress because we're already seeing tools that help us, for example, interpret invoices, or pre-populate different elements within our proposal system.

We're going to embrace that technology and use it appropriately, but the conversations with regards to pricing, account management, credit appetite, getting complex deals over the line, and so on, are always going to be people based.

AI is an enabler rather than a threat to brokers because - especially those dealing in the SME space - it's about relationships and building trusted partnerships with their customers so they can deliver and have that subject matter expertise to know where to place deals.

Commoditising that experience through AI is impossible because it won’t have the relevant experience to know who the right partners are or the right structure for a particular deal and client.

If AI can make the broker journey more straightforward and more consistent, then it means we can all do more and spend time adding value rather than doing the routine tasks.

Will there always be a need for people in the transaction?

I have a number of friends who are SME business owners and it's always an interesting ‘pub test’ when they ask me what I do.

When I say ‘asset finance’ and explain it in their terms it’s clear they have limited awareness of what asset finance is and how to access it. They tend to go straight to the dealer or whoever’s selling the kit, which may or may not be the right option at that time.

They don't necessarily gravitate towards the bank and can sometimes be unsure about where to go, which is why brokers have really become an integral part of linking customers to funders.

What we do – despite the advances in technology – is always going to have a people element to it.

There'll be certain simple, straightforward transactions that can automated, like a small working loan, for instance. But when we're talking about asset refinance and the need to understand the valuation of individual items or what those individual items are doing with regards to the growth of the customer and how that supports the application - which will be a combination of good systems, good use of technology and good people.

Is this also where brokers play such a crucial role?

Yes, absolutely. They bring the financial expertise, knowledge and value that the SME – who is an expert in their industry – may be missing.

Our job is about creating champions and building partnerships, making sure a broker understands what we can deliver, knows who to speak to, can get hold of the right person quickly, and can have that open and honest conversation about getting the appropriate funding for their customer, and making it as seamless as possible.

We're working really hard to create capacity and to streamline our business by reshaping some of our internal processes.

This frees us up to add value in the larger, more complicated space where the broker really benefits from working with a funder who understands complexity and nuance and can support their objectives.

What's the end goal and what does good look like?

For me, good is being the broker's first choice in the space we operate in. It's a really competitive marketplace with a lot of really good brokers and funders out there.

We will continue to evolve with the market and provide consistent support through the cycle, including during downturns, pandemics and financial crashes, as we always have. We have pedigree with really deep and rich relationships with brokers, but we know we can't rest on our laurels. While there's a lot of goodwill and support out there, we will always work on those and not rely on legacy relationships or our brand. It’s easy to lose trust but almost impossible to regain it, which is something we are acutely aware of.

There's no reason why we can't be the first choice for the brokers in the markets we serve, as long as we work to make that relationship with brokers consistent and reliable because they want to form good habits with strong partners.

The reality is they're busy people and can't afford to wait around for us – or any other funder. It's important they can trust us and depend on us to get the job done for their customers.

What’s your goal for the team?

Very simple. I want ours to be the team every BDM wants to work for, and the funder every broker wants to do business with.

To quote our Commercial CEO, Matt Roper: ‘If you want to go fast, go alone; if you want to go far, go together’.

I’d also like to ensure the laser focus we’re bringing to improving things internally, adapting our business and listening to feedback is mirrored externally by consistently checking in with our brokers and having our ear to the ground.

Our BDMs are going to become a lot more strategic and partner-driven, with the support of the rest of the team.

What are the challenges for the broker market?

The obvious one is commission disclosure, which remains a challenge, but the market has been remarkably resilient. The brokers’ ability to be patient, professional, and stay focused on their business and their customers while that really unexpected disruption took place, was deeply impressive.

We're writing more business now than we wrote in September, which is testament to the brokers’ ability to maintain those relationships and find a way forward.

The brokers who are adding value and delivering for their customers haven't had any challenge around disclosing that commission, and in in many cases, may already have been doing it.

And what about the opportunities?

What's increasingly evident is that the broker market share of the overall SME finance market is well established now and continues to grow and become more significant.

I also think brokers - through avenues like the Guild of Small Businesses, Asset Finance Connect, and NACFB - have started to organise themselves and position themselves as a cohesive community.

This is making them more influential and what’s also clear is SMEs’ access to finance remains challenging, meaning brokers have become more and more important.

I've also noticed that while our core asset finance business is growing strongly, demand for invoice finance, working capital facilities, and other types of finance is starting to become more prevalent. The market is diversifying and becoming more customer-focused and sophisticated.

I predict more and more brokers will become specialist commercial partners, and we’re developing products that appeal to brokers and introducers that have a broader relationship with their customers.

It’s a really exciting time for the broker market! 

Leasing World | Issue 208 | May 2025

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