This article originally appeared on The Adviser
One young finance broker is using social media so effectively he is winning millions of dollars in business.
Glynn Bruce from Chifley Securities said he has embraced social media as his preferred marketing method, and that he wins 50 per cent of his loans that way.
Mr Bruce, 27, said he has written $11.2 million worth of loans through LinkedIn since Chifley Securities launched in November last year.
His LinkedIn page has 2,500 followers and a database of 5,500 people.
Most people, especially the younger ones, are comfortable with social media as a method of securing finance, Mr Bruce said.
“It is really quite simple to operate once you get comfortable with social media, which allows us to have constant contact with potential borrowers and lenders, providing tips and examples of how people can improve their financial position”, he said.
Mr Bruce recently secured a $6.7 million refinance at a rate of 11 per cent through the use of the technology.
“With interest rates from 9 per cent per year, I have the capacity to service loans of up to $30 million for commercial purchases, commercial refinancing, cash out and general business cash flow,” he said.
Discovery Finance Group director Jayden Vecchio is another young broker whose business is riding the social media wave.
Mr Vecchio ranked 24th in The Adviser’s Elite Business Writers list, having written more than $112 million in loans during 2013/2014.
He said around a third of all his loans are written through online mediums, and he receives many of his referrals through Facebook.
“As a referral multiplier, Facebook is amazing,” Mr Vecchio said.
“People post positive comments which are then seen by others in my network as well as theirs. Compare this to being thanked on the street in person – no one really sees that feedback.”
Mr Vecchio added that businesses which are not already online should not expect to survive in five to 10 years’ time.
“People are spending more and more time online, so brokers need to be open to all the platforms on offer,” he said.