View more on these topics

Comment: Take control to signpost clients in your direction

Do not rely on lenders to send your clients back to you; get in first

Hunt-Bob-2017-CUTJust before Christmas the last thing likely to have been on your mind was your ongoing client engagement strategy. With 2018 now well under way, however, this would be a good time to tackle it head on.

In that pre-Christmas period, this very publication wrote about which of the top 10 lenders signposted their customers back to the original mortgage adviser in their communications. At the time, six out of 10 did; one mentioned advisers in a generalist sense; and the other three apparently made no mention of the original adviser at all, although we were told that, like Fagin in Oliver!, they’d be ‘reviewing the situation’. Many advisers will be interested to hear the results of such reviews.

The point is that, if advisers are relying on lenders to direct their clients back to them, they’ve undoubtedly taken a wrong turn with their client communication strategy. This appears to be a case of ‘twas ever the same’; and, even with a broker ‘signpost’, are we really suggesting that the lender won’t be offering clients a raft of new potential products and services that can be accessed directly, without any adviser involvement?

Of course, lenders welcome your business, appreciate it, need it, etcetera, but will not be averse to attempting to realign the market back to greater parity in terms of intermediary/direct sales. That means you, as the adviser, must rely on yourself to maintain your client contact and to spell it out that, even with some seemingly attractive direct product options, clients will not only cut themselves off from the rest of the market but also give up many of their consumer protections.

Relevant strategy

That message will get across only with a relevant and focused engagement strategy in place. Why not go through your business from 2017 and see how many cases were from clients returning to you? Is it a high enough percentage? If not, why not? Which historical clients have deals coming to an end in 2018? Have they been contacted recently? Again, if not, why not?

Don’t leave these clients to fend for themselves, because lenders won’t, especially in a competitive marketplace where product transfer, and the consequent improvement in net lending business, count for so much.

Bob Hunt is chief executive of Paradigm Mortgage Services


mortgage, calculator

LendInvest launches new buy-to-let calculator

LendInvest has launched a new online buy-to-let calculator for intermediaries. This new online tool will calculate the LTV, annual rental yield and maximum gross loan amount for both individuals and limited companies. The calculator is designed to give an accurate borrowing range and cover criteria for single properties, HMOs, and multi-unit freehold blocks. LendInvest says […]

Why investors are watching the rise of the Midlands

Ian Boden, Sales Director, LendInvest It’s been a rollercoaster couple of years for the world of property investment, with a succession of tax and regulatory changes that investors and their brokers have had to get their heads around. But for all of the discussions about stamp duty, portfolio landlords and underwriting rules, the fundamentals of […]


Sainsbury’s Bank signs Openwork as first network

Sainsbury’s Bank for Intermediaries has signed its first network distribution deal, with Openwork. The lender carried out the first phase of its launch with Legal & General and London & Coiuntry Mortgages. Sainsbury’s Bank sells residential purchase mortgages and remortgages. Sainsbury’s Bank head David Buxton says: “We’re delighted to have a network of Openwork’s scale and […]


What employers should expect over the next five years

A major feature of our articles is looking into the Jelf Employee Benefits crystal ball to predict changes and trends that may influence the short and medium term shape of UK employee benefits.  By flagging such changes early we aim to provide our followers with the tools to make sensible and informed decisions on their benefits offerings.


News and expert analysis straight to your inbox

Sign up