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Equity release Equity release
assume that simply because they have built up
a rapport with the client that they can afford
to get sloppy. It is important to ensure the
An adviser’s knowledge on this is
adviser remembers the details of the case, the
reasons the client wanted to consider this
absolutely vital – the presentation
course of action and their own personal
situation, concerns, etc. To keep the
relationship ‘sweet’ they need to be able to
of the advice should not appear to
demonstrate they remember everything about
the client’s situation and that they care.
The other aspect they need to be
be a practice session. Advisers
particularly clear on is the product they’re
recommending. An adviser’s knowledge on
this is absolutely vital – the presentation of
must be professional at all times,
the advice should not appear to be a practice
session. Advisers must be professional at all
and part of this will be showing an
times, and part of this will be showing an
expert knowledge of the product. After all, if
you were paying for someone’s advice you expert knowledge of the product.
would expect them to know it inside out.
To show client knowledge, the adviser
should be able to recap the main points about
After all, if you were paying for
the client and their objectives discussed at the
previous meeting. This allows the adviser to
someone’s advice you would expect
reconfirm their understanding and to check
that nothing has changed; it also provides the
important basis for what comes next – the them to know it inside out
adviser’s recommended solution.
Re-sell they should be very clear about what they are providing advice. This is where a good
As part of this, the adviser should re-sell and why they have been made. Above all, adviser can become an excellent adviser given
themselves – which may sound slightly silly advisers must not rush their explanation. that the support and follow-up is often the
given the client is sat in front of them but it is most memorable part of the process for the
an important part of the process and should Pre-empt issues client. This is where real client loyalty is
not be underrated. More and more advisers Wherever possible they should try to pre-empt created and where the adviser can really
charge fees and so they need to ensure the any areas of issue before the client raises demonstrate they care. After all the business
client understands the value they are receiving concerns; again the adviser’s ability to do this has been signed up so by ‘holding their hand’
for that fee, i.e., the adviser’s time, experience effectively will come down to how well they through the process they continue to
and expertise. Reiterating to the client the fact know the client. Clients should always be demonstrate care and coincidentally help push
they have researched the market, made allowed to ask questions at any point and the case through effectively.
additional checks as necessary, for example, advisers are best advised not to rush the Just one last word on the whole process –
benefit eligibility, and undertaken a number of clients into any decision. However, it is also equity release is often seen as a one hit
product comparisons including a number of appropriate to remind the client that the wonder i.e. once the sale is made there is
products that the client cannot access, all adviser is the best person to answer any no point keeping in contact as there is very
helps to support the impression of added queries they may have. little potential for further business. This
value provided by the adviser. With this part of the process completed, mentality is short sighted. Advisers may ask
Next up should come the point when the advisers move onto the completion of the why would they want to stay in touch and the
adviser presents the solution to the client as paperwork. A common piece of feedback from reasons are apparent when we realise a higher
simply as possible. This means they should mystery shops is that clients are not absolutely proportion of business is now done as small
explain what the product does and how that clear on the product or the paperwork they releases. By staying in touch, not only does
relates to what the client needs it to do. have completed. This may be just as a result the referral rate potential go up but the
Explain the high-level product first and then of being rushed or the fact that advisers are adviser may also pick up some straight-
lead the client through the detail avoiding assuming clarity because they complete these forward further business, for example,
technical jargon as much as possible. A good types of forms all the time. Advisers should further releases, buildings and contents
self check for advisers at this stage is to not assume this and they must be patient in insurance, wills, lasting power of attorney
constantly ask themselves the ‘So what?’ explaining all the details, the forms and what work, etc.
question. When explaining a feature of a will happen next. It is all about being as Even if the adviser cannot advise them
product always answer the ‘So what?’ question helpful as possible; again advisers should personally, it may be an ideal introduction to
as well, for example, this product allows you remember relationships are about trust, one of those other professional contacts they
to move home - which means that if you do commitment and care. may have been trying to build a
decide to downsize or move to a retirement referral/introducer relationship with. And
property in a few years time as you suggested After-sales remember it’s also easier and cheaper to do
you might wish to, it can be considered. Commitment to the after-sales process is business with a current client than it is to find
If compromises have had to be made then arguably as important as all the other parts of a new one.
September 2009 Mortgage Introducer www.mortgageintroducer.com
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