Broker Fair 2021 was a great event. It was one that I was looking forward to since the last show which my company benefited from greatly. It’s always good to connect with clients, potential partnerships and industry leaders. The turnout was huge. The attendees were a combination of funders , ISO teams and marketers. I arrived at 8am and attended the welcome talk by Sean Murray. I found the talk inspiring and very informative. From there I went over to the broker culture talk which was hosted by 3 industry leaders. This was a great talk and it gave new and established ISOs a roadmap of how to build a great culture. Between the pre party , Broker Fair and the Velocity holiday party I attended I had a few takeaways I would like to share about what is happening in the industry. Here they are.
Competition has never been as high as it is today. I met many people at the show who have recently opened their own ISOs. Many have come into MCA from other industries such as stock brokering, healthcare ,and lead generators. Many teams are recognizing the huge opportunity in MCA . In addition I met many people who have broken off from their employers and started their own ISO. This happens in any industry where there is a major opportunity.
I had many conversations with brokers during my time in New York last week. It seemed everyone was talking about syndication. I spoke with a number of brokers who were building portfolios within their client book and are participating in their own deals. Some of the returns I heard about on short term high risk deals were staggering. Another broker who was a former successful trader told me he no longer felt the need to trade stocks or crypto as he had found his niche in syndication. This can be a risky investment but the potential rewards are enormous.
This was a major topic. It seems the days of only cold calling merchants are over. Many ISO Teams have evolved and are using technology to get to the data and the merchant faster. Text and email delivery were some of the main topics in my conversations. It seems direct mail has also been very effective as of late with several teams seeing record months since they implemented mail into their marketing strategy.
I am excited about 2022.I feel next year could be one of the biggest years ever in the MCA industry. As Sean Murray said to me last year 2022 could be the Golden Age of MCA