Advisers anticipate an increase in demand from clients specifically seeking Brexit-related financial planning advice
With the summer break over, it is likely you are turning to more serious business thoughts – in particular, how the mortgage market may play out in light of the EU referendum result.
The cut to Bank base rate in August will have generated significant interest, not just among existing clients looking to remortgage but also from new clients seeking to get off expensive standard variable rates or those viewing cheaper mortgage costs as a reason to make a property move or investment.
All in all, the signs look positive in most areas of the market. In particular, the number of first-time buyers finally appears to be moving in the right direction. Recent figures show first-time quarterly mortgage lending growth for Q2 in London up 3 per cent, in Scotland up 42 per cent, in Wales up 31 per cent and in Northern Ireland up 25 per cent.
The underlying confidence from advisers in a post-Brexit world shows signs of maturing. A ‘make do and mend’ attitude has been replaced by a ‘carpe diem’ one.
In a recent survey by Prudential, over half of advisers said they anticipated an increase in demand from clients specifically looking for Brexit-related financial planning advice, while 37 per cent expected existing clients to be contacting them about their needs.
Uncertainty should provide plenty of nourishment for advisers, especially mortgage ones in an environment where Bank rate cuts, product changes, repricing and new criteria are constant.
Now is the time to get the marketing message right and to ensure you are able to provide advice in as many areas as possible, whether directly or by forging partnerships with businesses that can deliver what your clients are looking for.
Rob Clifford is group commercial director at the SDL Group