BRIAN FERGUSON, DIRECTOR, INVOCAS FINANCIAL INTERMEDIARY SERVICES
Meeting customer needs is key to any business and probably one of the most rewarding aspects of any job.
But in the past year or so, how many times have you found yourself unable to help a prospective mortgage client?
The reasons for this are familiar and a significant factor is likely to have been the number of severely indebted individuals who do not have sufficient assets to be considered for the latest financial products, combined with a scarcity of mortgage deals.
It seems that every week brings more depressing news about the state of consumers’ finances. Recent research reveals that around one million people have made mortgage repayments using credit cards – a situation that could get worse if interest rates go up.
But with every challenge comes an opportunity and we have the chance to help struggling clients get back on their feet.
Much has been written about the rise in personal insolvencies in the past couple of years and questions raised about formal debt solutions such as individual voluntary arrangements.
But when an individual’s debt problem has become so serious that tightening the belt is not enough, an adviser can offer access to debt solutions via a third party.
This means brokers can continue their relationships with clients and keep the door open to opportunities in better times.
Think about it – who are clients more likely to return to, an adviser who opened the door to a possible solution or one who closed it?