I recently watched a fascinating documentary called Touching the Void, which told the real life story of mountaineer Joe Simpson and his life and death struggle down a huge peak in the Peruvian Andes.
After falling and breaking his leg, he was left alone, presumed dead, and spent the next two days crawling his way to safety. Joe described how he set himself hundreds of smaller goals to help reach his ultimate goal – survival.
Although it would be wrong to say that the current situation in the mortgage market is a matter of life and death, I think it would be fair to say that like Joe Simpson, brokers will need to set themselves smaller goals to help them through this turbulent period.
Hot discussion
As expected, the current market conditions were a hot discussion topic at most of the 14 nationwide events which were attended by over 300 intermediaries. Despite the speculation and uncertainty surrounding our industry, it seems that the large majority of our appointed representatives (AR) remain positive. Many have simply adjusted their focus to other income streams.
Many firms have now turned to improving their knowledge of the protection market which will provide them with additional income and allow them to offer their clients a more comprehensive service. This in itself will lead to longer term, more profitable relationships with their clients.
For the last 2 years we have supported our Appointed Representatives by providing training and access to a comprehensive protection panel so they can take advantage of the benefits protection offers both their clients and their business. In addition, we have recently teamed up with LifeQuote to offer a free online sourcing and quotation tool across our protection panel. They also offer an express underwriting service which saves time and administration and removes responsibility for disclosure issues should a claim arise.
Client opportunities
Another consideration as a broker in the current climate would be to look at their existing client bank to see if other sales opportunities exist or to simply advise clients that are due a review. The current market is also very confusing for your clients so if you’re not there to help them through this tricky period, then you can be sure someone else will.
Networks have a crucial role to play during this time. All the promises of support must now be delivered. Communication is vital if their brokers are to evolve successfully. Whether that is in the form of group meetings like the series we have just completed, or just regular communications.
Information
Most networks have a mortgage enquiry team which is on hand to provide technical product information to broker firms. We have certainly seen an increase in broker contact in the last couple of weeks, which is proving to be a valuable source of information and something I would advise brokers to use if available to them.
Armed with information and support, advisers will have a better understanding of the marketplace and will be able to adapt and reinvent themselves – a concept that isn’t new to switched on professionals.
download our news ticker
get the daily news delivered to your inbox
find the latest industry jobs
