Brokers must meet clients’ needs rather than their own

I read with interest the comments made by Rob Jupp last week (Mortgage Strategy,/i> March 24) and wholeheartedly agree with him.

Mortgages have become commoditised products over the past 10 years. Many brokers have jumped on the bandwagon by becoming transactional salespeople who have taken the easy route.

They’ve opted for big proc fees and in essence are nothing more than order takers.

This may upset some of my colleagues and to some extent I don’t worry about that. After all, how many of us have the right to call someone a client if all we’ve done is fulfilled an order to provide a single product, in this case a mortgage?

We have to earn the right to call people our clients. They should rely on the experience we have and benefit from the regulations we work under and the qualifications we have.

We should be looking at the lifetime value we offer them, not just quick sales for big money.

Our clients and their families need insurance on their homes. After all, buying property is the biggest purchase they’ll ever make. They have to make wills too.

These are areas where brokers can add value, earn additional income and still be confident that they’ve acted in the best interests of their clients.

The heady days of big proc fees and easy lending are behind us, whether temporarily or permanently, and we can’t rely on lenders paying us additional income anymore.

We have to look at the areas where we can earn extra cash. This is what we

have trained to do and the majority of us do it well, but the industry has to change or some brokers will die out if they remain reliant upon proc fees as their major source of income.

What’s certain is our clients need our help, our experience and our training in these difficult times.

Despite the advancement of technology and the clever systems we use, there has never been a greater need for face-to-face advice.

We need to draw on our skills, knowledge and experience to meet our clients’ needs rather than our own. Despite the doom and gloom, there’s never been a better time to be a broker.

Chris Bramham
Director
Kings Group
Goffs Oak
Hertfordshire