While advisers could afford to concentrate on their core business when times were good, those surviving today have long since diversified.
Protection and conveyancing are said to be complementary areas to mortgages, but one sector often overlooked is legal services such as wills, trusts or power of attorney.
At first glance brokers may think this is an area beyond their expertise, but the more you think about it, the more it makes sense.
If you are happy helping people take out the largest loan of their lives and comfortable suggesting they may want to consider protection should anything go wrong, then it is a natural progression to ensure they have their legal affairs in order.
Previously wills were not considered until people claimed their free bus pass, but they are now being completed by those getting married who want to know their affairs are in order.
The benefits of offering a range of complementary services take little explaining, and offering legal services has three advantages.
First, you are strengthening the services you offer. Second, you are boosting the chance of adding a regular income stream to your business.
And finally, you are generating access to executors, witnesses and trustees named in the will, which enhances referral options.
Besides the fact that no client you have arranged a mortgage for should die intestate, these points mean it’s worth considering.