From transactions to trusted relationships: how broker models are evolving

Research from the NACFB shows that nearly half of SMEs return to their broker for a subsequent transaction, a trend that is turning transactional interactions into long‑term relationships.

Richard Cameron, CEO of Close Brothers Broker Solutions, believes technology will only accelerate this shift. “By removing manual and repetitive tasks, brokers can spend more time supporting customers and building long-term trust. Transaction speed still matters - but now it sits within a broader relationship‑led model.

“Brokers also recognise the need to widen their product offering. Years ago, brokers specialised strictly in commercial mortgages, asset finance or working capital. Today, many are evolving into multi‑product brokers. This diversification helps them retain customers throughout the lifecycle of their business. Without it, customers may turn elsewhere for additional products, putting the existing relationship at risk.



“Customer trust remains central to this evolution. Commission has been “demonised” in the public conversation, but in reality, brokers are SMEs themselves. Commission is the income that funds their staff, compliance responsibilities, technology investment and overall ability to serve customers. It is not an unnecessary cost - it’s part of running a professional and increasingly sophisticated business.

“Industry standards are also strengthening. Initiatives such as the Broker Assurance Programme, which is being developed by the NACFB and the FLA, are helping brokers demonstrate professionalism and stay ahead of a shifting regulatory landscape.” Close Brothers sees this as a positive step in maintaining customer confidence across the entire broker ecosystem.

The future of broking is relationship‑driven, value-led and rooted in trust. People buy people - and that is unlikely to change.

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