We have a duty of care to our clients to safeguard them against a number of setbacks that may befall a client during the term of the loan
Mark Graves is a director of Pink network
We are sadly accepting it as normal that mortgage brokers are telling us they are so busy selling mortgages that essential protection cover is getting missed. It is not enough just to put someone in a house; I would argue that mortgage brokers also have a duty of care to help keep the person or more importantly the family in the family home.
As we all get busier however, many advisers are realising that they have a finite number of hours in the day and that they need to make a choice about what they spend it one. If you have always been a mortgage broker it is likely that this means that you will revert to your comfort zone and what you’ve always known and prioritised i.e. mortgage sales, which can mean that crucial protection sales get missed.
However, there are alternatives to doing it all yourself. The key for a number of pure mortgage brokers who find that they fit anything else in is either to employ administration staff to help create those extra hours in the day or partner advisers who are specialists in life sales. The advantage of this is that you then know that your clients are getting a good service and are properly looked after, which means that they stand a much higher chance of being protected.
The downside is, of course, that the service can become disjointed, but this can be overcome by having a top notch sales process. A top notch sales service requires both the mortgage broker and the life adviser to share all information from their time with the client. It is often the case that clients will give different information in different meetings, so every sound bite needs to be recorded, as sometimes we just can’t remember what we have said to each person.
The conversation with the mortgage broker will no doubt cover the client’s aspirations for themselves and their families. While the feedback might not be completely relevant to the mortgage sale, it may well be crucial for any further protection needs. It is important for the mortgage broker not to just assume that the protection adviser will ask the same questions or indeed receive the same answers as I think it is fair to say a client will be more guarded when faced with a life salesman trying to sell them a need not a want.
In an ideal world an adviser would cover both the mortgage and protection requirements, and be able to adapt their sales skills accordingly. What is not an option is for the client to receive no advice; we have a duty of care to our clients to safeguard them against a number of setbacks that may befall a client during the term of the loan. If you have not got the time to guarantee this advice in every sales meeting then maybe it is time for you to consider teaming up with someone who can.
