What makes a good Mortgage Adviser?

What makes a good Mortgage Adviser?

Figures released by the Financial Conduct Authority (FCA) showed that just two years ago there were around 10,000 mortgage advisers, 4000 IFAs who offer some mortgage advice, and another 4000 advisers working in banks. It is believed this number will have increased significantly over the last two years. So why should someone choose you to be their Adviser? What makes a good Adviser and how can you stand out?

We have pulled together some of the most important attributes and skills we think make a good mortgage adviser:

1. Referrals and Awards
An Adviser who has a constant source of referrals is clearly doing something right. If you are sourcing customer of Mortgage Brain and use either MortgageBrain Classic or MortgageBrain Anywhere then you will automatically appear on the consumer app UKMortgages. This app as of January 2015, had been used over 1million times on both android and iPhones and can be found in the relevant app store as well as on the internet. When you have received a referral it is best practice to asking where they saw your details. Perhaps even ask your new client to write you a short reference that you could use on your website or on your LinkedIn profile, a great way to generate leads.

They say word of mouth is the best form of marketing, and I think we’d agree. If you have been recognised for your skills, then don’t be afraid to shout about it, use your website, LinkedIn profile and email signature as ways of sharing the news. We were proud sponsors of the first ever Independent Mortgage Broker award at the ESTAS 2015. The largest and longest running awards in the UK property industry. Winners are selected purely on client feedback providing an incredibly powerful marketing message for successful Advisers and agencies.

2. Financial planners
A good Adviser has to ensure that his/her client can afford the mortgage they are looking for. Mortgages post Mortgage Market Review in April 2014 must fit into a household’s overall financial situation and goals, which often involves challenging but important questions. Some of the things that you have to ask and be able to ask are: What is the best type of mortgage for this borrower? How much should the borrower put down? Will it pay the borrower to refinance? Should the borrower consolidate other debts in a refinance? This list is by no means exhaustive, and is dictated by the rules put down by the Financial Conduct Authority (FCA). Our compliance and customer relationship management system, the Key ensures that you remain compliant at all times as you communicate with your clients. The budget planner and rate shock in the schemes list in MortgageBrain Classic will help you to determine and fulfil the criteria as set out by the FCA, before you get close to suggesting a mortgage to your client.

3. Industry Knowledge
This comes with experience, and there are those with a vast amount of it. Displaying and proving that experience to your potential customers is not always easy. However there are ways a good Adviser can perhaps demonstrate this. Specialist website plug-ins such as best buy tables or mortgage calculators on your website are a great way of showing the latest and best deals on the market to those who may be interested in using your services.

Offering a whole of market sourcing service to your mortgage customers is also something that should appeal to anyone looking for a mortgage. An understanding that you will be providing your customer with information about all the products available rather than a few chosen ones is a something to certain shout about and also provides confidence in your knowledge and an element of trust. All of our sourcing products are whole of market if you are directly authorised.

At Mortgage Brain, we have our own dedicated Mortgage Brain LinkedIn Group for both Advisers and business partners who can find out about the latest industry news, best practice, our latest software updates or new releases. You can join in on discussions and network with other like-minded professionals in your industry. A great way to ensure you are doing all you can to be a good mortgage Adviser in a tough and competitive market.

4. Keeping clients Informed
Communication is a key attribute to any good mortgage Adviser. Clients will want to be kept informed, whether there is no news to report or if matters are proceeding on schedule. A good Adviser will monitor their client’s mortgage for its entire duration to ensure that the client is made aware of the best mortgage deals to suit their circumstances now and in the future. An Adviser that regularly checks rates and informs his or her clients of any better rates and deals available will earn the trust and confidence of any customer, as after all this is one of the largest financial commitments a borrower will ever make.

Adding your social media accounts or linking a blog to your website is also an excellent way of communicating with your clients in an unobtrusive way. Providing snap shots of your daily activities, or providing links to information that would prove useful or show your prowess in an informative way is another way of differentiating you from the next Adviser!