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Intermediaries must fight for themselves

Jeff Knight
JEFF KNIGHT MANAGING DIRECTOR TONIC MARKETING SOLUTIONS

The recent petition by brokers claiming they are being elbowed out of the market by big lenders fell on deaf ears.

The government rejected the claim, despite nice PR words saying how important the role of intermediaries is to the economy.

Looking at this objectively, I am not surprised the government did not bite – after all we live and work in a free market economy.

So if the government won’t help, who will? Trade bodies? Mortgage Strategy? The answer is intermediaries themselves.

Brokers have so much to offer and must never forget their strengths. Can a high street bank offer the same level of expertise? No. Can a high street bank offer the same level of experience? No. Can a high street bank offer the same level of impartiality? Certainly not.

So brokers must take a step back and make a note of all their strengths and what makes them special, and ensure these are clearly communicated to their target market.

There will always be people who prefer to discuss their mortgage needs in a high street branch. Equally many will prefer to seek independent advice.

The trick is to understand the motivations and needs of clients, because intermediaries can then connect better with them.

So if you are worried about being squeezed out of the market, don’t rely on others to fight your fight.

Instead, focus on your strengths and understand what your clients need. Let the banks worry about you.

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  • phil stoney 14th September 2010 at 12:52 pm

    we can offer the best advice in the world but at the end of the day if a client is switched on and is prepared to shop around they will get a better deal.they may thank you for the advice but ultimately will go direct for the mortgage. treating customers fairly surely also means being able to offer the best products. I think our credibility is being tested as often we have second rate products.

  • anthony 1st September 2010 at 10:15 pm

    totally agree with Bobby. no matter what advice / information you provide the client if there is something better direct they will always go for that. the advice you have provided maybe appreciated but thats not translated into fees

  • anthony 1st September 2010 at 10:15 pm

    totally agree with Bobby. no matter what advice / information you provide the client if there is something better direct they will always go for that. the advice you have provided maybe appreciated but thats not translated into fees

  • Bobby 1st September 2010 at 9:55 am

    This artcile has really annoyed me. We all do what you are saying but you seem to have forgotten one minor detail,DUAL PRICING/DIRECT DEALS !.