You can only please some of the people some of the time, and of course some people you can’t please any of the time. So when confronted with the dilemma of helping your children or helping yourself, where do you turn for advice?If you think about it, your clients are faced with the same problem. This presents a sales opportunity as the marketing people have always insisted that if you can offer a solution to a client’s problem, you stand a good chance of getting a sale or providing a service. But truly successful salespeople buy into the concept or product they are selling in order to sell with conviction and passion. Don’t discount the power of these emotions as clients can usually sense if you are selling from the heart or with the cash till in mind. So you have to come to terms with your own beliefs on the delicate question – your children or you and the wife? With so many market sectors vying for the same pot of money, who do you go with? On one hand you have pundits who suggest parents may wish to take out equity from their homes as a deposit for their offspring. This has been mooted as a way to stimulate the first-time buyer market. On the other hand, some suggest equity release could be the solution to the pending pensions crisis. And then there are those promoting buy-to-let. Who’d want to be a parent having to decide between a deposit for the kids or looking after themselves through equity release or buying a second property? But with a careful juggling act you could provide three slices of the same cake. Many clients are not comfortable with buy-to-let or equity release. The first stage of your advice process must be to become fully informed yourself. For example, you go to Currys to enquire about a camera. Before you ask the simplest question you just know the shop assistant will say, “I don’t know but I’ll ask,” and you think, “Why don’t they learn about the products they’re selling?” There’s always one font of knowledge in the shop they turn to for the right product information. These clued up people have gone out of their way to learn about their chosen trade. Similarly, you must become a font of knowledge to survive, never mind excel, in today’s mortgage market. Learn as much as you can about specialist sectors and you might begin to please most of the people most of the time. Find the time for training and you might not even have enough time to count your new-found wealth. Now there’s something worth considering.
Clive Briault, managing director of the Financial Services Authority has outlined the challenges facing retail firms during his first speech in Northern Ireland.Addressing financial advisers and mortgage intermediaries at the AIFA & AMI Regional Conference in Belfast, Briault spelled out the FSA’s primary objectives for the retail distribution system, which centre on the quality of […]
The Exchange, the leading supplier of portal services to IFAs and a key part of the Financial Services Division of Vertex, has entered into a strategic partnership with Just Retirement, the annuity and equity release specialist.Under the terms of this partnership, The Exchange is offering 10,000 Exweb subscribers 12 months free access to its Equity […]
With the focus on the potential for sub-prime mis-selling, brokers will have to take steps to protect themselves from client complaints and increasingly cannibalistic fellow brokers, says Harvey JonesWith the focus on the potential for sub-prime mis-selling, brokers will have to take steps to protect themselves from client complaints and increasingly cannibalistic fellow brokers, says Harvey Jones
Phil Jenks has been appointed head of specialist lending at HBOS. Phil has over 30 years experience at Halifax and HBOS.Previously head of HBOS Mortgage Strategy, Jenks has held a number of senior roles across the group’s mortgage business. He was appointed Head of Halifax Mortgages in 1999 and has been instrumental in leading the […]
By Roy Armitage, head of credit at LendInvest Last month saw three-quarters of the membership of the Council of Mortgage Lenders (CML) vote in favour of plans to create a super-trade body, which would see the CML merge with the likes of the British Bankers’ Association and Payments UK. There is little room for misty-eyed […]
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