View more on these topics

Firms need to earn your loyalty to them

On a scale of one to 10, how loyal would you say you are? Most people would probably rate themselves highly given that in general, disloyalty is not considered an attractive trait.

Loyalty can come in many different shapes and forms – how many of us would consider changing the football team we support just because they were not doing well at a moment in time? Few, if any. Some allegiances are for life and that is only right.

However, loyalty can often be tested and when you use a service or product which continues to let you and your clients down, that loyalty is misplaced.

Indeed, some business models depend wholly on misplaced loyalty. The major banks, for instance, make a great play for students simply because the statistics show that few move away from the first provider they sign up to.

But loyalty has to be earnt and is a two-way thing. History is full of business leaders and entrepreneurs who, when they failed to get the service they wanted, jumped ship and reaped greater rewards.

It is always worth considering the alternatives in the marketplace. Indeed as an adviser it is part of your job to do this on a regular basis. Conveyancing is one such area where you may be surprised to find that the firm you have been using for years is not all it’s cracked up to be and its offering is being beaten by competitors.

Changing supplier in these circumstances is not disloyal – in fact it is business sense and will leave you and your clients better off than if you had stayed put.

Recommended

Quality, not price, is key factor for clients

Getting clients the appropriate level of cover is essential. Poor product knowledge or selling based on the cheapest price could mean a difficult and upsetting claims process and unhappy customers.

RAY_BOULGER.gif
4

SVR increases add to borrowers’ woes

Despite base rate remaining at 0.5% for three years Bank of Ireland yesterday became the second lender in less than a week to announce an SVR increase.

How to cut mortgage fraud risk

Recent figures from Financial Fraud Action UK revealed a financial scam was committed, on average, every 15 seconds during the first six months of 2016, says Roy Armitage, head of credit at Lendinvest. That represents a 53 per cent rise year-on-year, with these scams coming in all shapes and sizes. Furthermore, a staggering 56 per cent of […]