Close Brothers Broker Solutions: A vision for the future

In an exclusive interview with Richard Cameron, Managing Director of Close Brothers Broker Solutions, Asset Finance Connect delved into the strategy behind the launch of the new Close Brothers Broker Solutions division.

The role of the broker in the asset finance sector

When asked about the future of brokers in an era of increasing regulation and technological advancements, Cameron was emphatic about their continued importance. “There is definitely a future for brokers,” he stated. He underscored the critical role brokers play in guiding SMEs through the often-complex funding landscape, serving as trusted partners that help businesses thrive.

Cameron sees technology as a powerful enabler but not a replacement for brokers. Over the next decade, he envisions brokers evolving into roles akin to a commercial or non-executive director for SMEs, guiding them through critical investment decisions. “Asset finance is quite complex,” Cameron explained, highlighting that brokers offer far more than transaction facilitation—they act as key advisors in navigating an intricate ecosystem of assets, suppliers, and funders.

An emerging trend in the sector is the development of brokers’ own balance sheets alongside traditional brokerage activities. Cameron confirmed that this approach is gaining traction, as it adds value to brokerages by creating annuity income and enhancing enterprise value. “It’s proving more and more popular with established brokerages who see it as the future,” Cameron added.

Building long-term relationships with brokers

At the core of Close Brothers’ business strategy is relationship-building. “People buy people,” Cameron said, emphasizing the human element in fostering long-term partnerships. The Broker Solutions division, with its 110-strong team, is laser-focused on delivering consistent and efficient service to brokers. Cameron believes that Close Brothers’ ability to provide a “complete broker solution” differentiates it from competitors, ensuring the company can support brokers in serving their clients more effectively.

The strategy behind Broker Solutions

The primary motivation behind launching the Close Brothers Broker Solutions division came directly from broker feedback.

According to Cameron, having multiple brands and teams created unnecessary complexity. “Our brokers asked for simplicity,” he said, which led to the consolidation of services under one brand. By streamlining operations and creating larger, more specialised teams, Close Brothers aims to provide more consistent service, particularly during peak periods.

This consolidation also aligns with the broader strategic goals of Close Brothers. Cameron highlighted that bringing teams together not only enhances service delivery but also creates more career opportunities for employees. It’s a move that supports the company’s long-term mission: helping people and businesses thrive.

Overcoming challenges in consolidation

Bringing together four existing services—Business Finance, Specialist Finance, Braemar Finance, and Corporate Asset Solutions—was no easy task. Cameron noted that, despite the clear benefits, transformational change is never straightforward. Challenges included managing cultural differences, integrating operations, and aligning technology. But the compelling reason to change, rooted in feedback from brokers and customers, provided the necessary impetus. “It’s all about communication, communication, communication,” Cameron emphasized, ensuring that everyone understood and was aligned with the vision.

A “one-stop shop” for brokers

The new “one-stop-shop” structure offers several key advantages for brokers. One major improvement is the reduction of complexity. Previously, brokers had multiple contact points within Close Brothers, making it difficult to access the full range of services. Now, brokers can work with a single business development manager, who will guide them through the company’s extensive product offerings, from hire purchase to stocking finance.

Technology also plays a crucial role in this new structure. With the scale that the consolidation brings, Close Brothers can deploy new tools like AI and credit decisioning systems more efficiently, enhancing the broker experience. “This is a continued evolution to simplify and reduce friction, so that we can serve our brokers consistently,” Cameron noted.

Differentiating broker solutions in a competitive market

Cameron wants Close Brothers Broker Solutions to be recognised as thought leaders in asset funding. But more than that, he emphasized the importance of consistency, dependability, and supporting brokers through every economic cycle. “We’ve proven we can deliver in both good times and bad,” he said, highlighting Close Brothers’ long track record in the industry.

Brokers have been clear about their needs: clarity, consistency, efficiency, and speed. Cameron is confident that the streamlined, one-contact approach will make brokers’ lives easier and help them serve their customers more effectively.

The future of Close Brothers Broker Solutions

Looking ahead, Cameron has ambitious plans for the growth of the Broker Solutions division. Over the next 3 to 5 years, Close Brothers expects sustained growth as it consolidates its offering and continues to innovate. “We’re exploring how AI can speed up and automate processes, and we’re constantly refining our credit decisioning capabilities,” Cameron shared.

The company also plans to expand its range of products and services, with a particular focus on emerging sectors like energy efficient assets and broker Strategic Alliances supporting own book growth. Cameron pointed out that Close Brothers has a strong track record of rapidly bringing new products to market, citing their successful involvement in government-backed schemes such as CBILS, RLS, and the recent Growth Guarantee Scheme as examples.

Building a strong team and culture

For Cameron, building a talented and adaptable team is essential to the success of Broker Solutions. Close Brothers has fostered a culture of innovation and customer-centricity by involving employees in shaping the future of the business. “Our people bring the magic to the market,” Cameron said, explaining how the company has created a “North Star” vision to guide the team.

Close Brothers is also focused on talent development, with internal promotions and the creation of more career opportunities now possible due to the larger team structure. “Since we started this journey, we’ve promoted nine people into new roles,” Cameron shared, underscoring the company’s commitment to employee growth.

Feedback and future ambitions

Initial feedback from brokers about the launch of Close Brothers Broker Solutions has been overwhelmingly positive. Brokers appreciate the new, simplified structure and have endorsed the company’s direction. However, Cameron is clear that this is just the beginning. “We’ve only just taken off, and that’s why it’s so exciting,” he said.

Cameron is confident that Close Brothers Broker Solutions will continue to differentiate itself through its breadth of capabilities, from complex transactions to specialised funding options. He envisions the division becoming the go-to partner for brokers, not just because of its wide range of products but because of its ability to handle complex and high-value transactions. “We’re not afraid of complexity,” Cameron said.

Conclusion

The launch of Close Brothers Broker Solutions marks a new chapter for the company, one driven by feedback from brokers and focused on simplifying the asset finance process. As the division continues to evolve, Close Brothers is well-positioned to lead the market, with a clear vision, a strong team, and an unwavering commitment to supporting brokers and SMEs.

As Cameron puts it, the future is bright for Close Brothers Broker Solutions, and this is only the beginning.