The PAA recently commissioned independent research agency, Mintel, to poll its membership base to gauge their satisfaction of the service, volume and the quality of the leads being generated. The research results confirm that the leads are of high quality, with an average conversion rate of 39%, and are a valuable and reliable source of new business for brokers, with nearly a fifth relying on the leads for over 40% of their business generation.
Stuart Glendinning, director, PAA commented: "The expansion of the alliance has been fuelled by the increase in the number of quality leads from moneysupermarket.com and its partners. The PAA leads are generated from the sophisticated moneysupermarket.com mortgage comparison tables, used by consumers on over 90 different UK websites, search engines and digital TV channels, combined with the effective pre-vet and qualification process."
"The independent research we have commissioned proves that we offer our members good quality leads, with a conversion rate of nearly one in four, and can generate a reliable source of new business."
The findings of the research confirmed that for many brokers, leads from the PAA play an integral part in their business generation:
- nearly a fifth of brokers (16%) generate more than 40% of their business from the leads
- a quarter of brokers (24%) generate 20-39% of their business from the PAA
- two-thirds of brokers (66%) receive at least 11 leads a month with a fifth receiving over 25 leads each month
The survey also sought to establish how ready the lead was to do business with the intermediary on initial contact - results showed that nearly half (43%) were key targets who expected a call and were ready to talk business.
Michael Boon, Business Matters, commented: "I have been receiving mortgage leads from the PAA for nearly two years and with the high conversion rate I have experienced, every successful lead has resulted in an average of 1.5 referrals. As a sole trader, I have found that the PAA leads alone generate sufficient business for my needs. The speed and quality of the leads are key to their high conversion rate and I believe that all who are prepared to embrace this innovative concept, will experience similar successes too."
The Professional Advisor Alliance was launched in May 2002 and currently receives thousands of mortgage, term assurance and pension leads each month from moneysupermarket.com and its portal partners which include Yahoo! Finance, FT.com, thisismoney.com and Lycos. Mortgage advisers participating in the scheme can 'cap' the volume of leads they wish to receive or 'suspend' leads if they are ill or on holiday.
Intermediaries wishing to join the PAA should contact Ian Owen on 01244 665 731 or email [email protected]
