MIp17-18_0210:MI 12 Jan 21/01/2010 15:23 Page 22
18| Leads
guidelines, ensuring the borrower sees your
company’s name before they submit the
request for information. It is in your interests
While the top lead generators
to check what a lead generator does before
you buy leads - not only to avoid a fine, but
also as it will help to increase your conversion
can appear to be very similar,
rates, increasing the amount of money you
earn per lead.
For a lead to be compliant, the client
they have quite different
should have consented to contact from your
specific firm before submitting their details.
Not all lead generators do it this way and
some get the clients consent to a call and then
offerings, so what you get
tell them who will be calling. Others don’t do
it at all. Technically, if the consumer hasn’t
given express consent for your firm to call
from one lead generator can
then it could be construed as cold calling
when you follow up.
be substantially different from
2. Contactable leads
When you buy a lead you expect to be able to
contact the person making the enquiry. Just
what you get from another 
phoning every lead you receive will take you
time - and your time is money. A good lead
generator will make sure that you only receive
leads with a valid phone number. the company you’re about to give money is well respected company that sets high
Leadbay, for example, has put a system in reputable. standards.
place so that you will never receive a lead that Check the company is based in the UK.
has a number that is not a real UK phone This is essential. Non UK companies rarely 8. Real time, exclusive leads
number, but not every company does this, so adhere to FSA guidelines and tend not to Finally, it is now almost the norm to receive
ask the question before you buy the lead. understand the implications to brokers of leads in ‘real time’, i.e. as soon as the consumer
providing non compliant leads. Easy checks has input their details asking for advice you
3. Will you get your money back include: Make sure the lead generator has a receive them by both text and email. What is
for an invalid lead? UK phone number, the leads are sold in not always the case is that the customer’s
While most reputable lead generators put pounds and you can contact them by phone details will be sent exclusively to you. Most
as many measures in place as possible to make during office hours. companies will do this, but one or two won’t
sure a lead is valid, there will always be some so check what you’re buying.
hoaxes that get through the system, or people 5. Only deal with a reputable If you’re being offered hundreds of leads at
who thought that they were just getting a company with a good reputation just £2 or £3 a lead, the chances are, what you
quote. A company’s reputation is easy to establish in are getting is either the details of someone who
This is the biggest area of contention our market. Look at the trade press, ask other has applied for advice hours or even days
amongst people buying leads. If you are financial advisers and see which lead before – in which case they are likely to have
buying a lead you want to speak to a genuine generators the networks either use or received advice before you even get their details
prospect. If they are not genuine, known as recommend. Many networks now carry out - or the customer’s details will be sold to more
‘invalid’, you should get your money back. due diligence on other companies before they than one adviser. Both of which dramatically
What is important is how invalid leads are will work with them to make sure they are reduce your chances of ever doing business
dealt with when they arise. Not all invalid lead financially sound, so if several networks use with that person.
policies are the same and you need to read in one lead generator, you can be pretty sure you There is a growing debate regarding
detail to spot the differences, for example, are dealing with a reputable company. whether or not lead generators should be
look at: regulated. Currently they sit outside
l How long you have got to return an invalid 6. Is the lead generator regulation, instead they are self regulated by
lead and how long will it take to get your registered with the FSA? the high standards imposed by fierce
money back? While it is not compulsory for a lead generator competition and bound only by the fact that
l If phone number checks are not carried out to be regulated by the FSA, if you deal with shrewd mortgage advisers will not buy leads
by your lead generator, will they refund you one which is then you know that you are that have been generated non-compliantly.
if you can’t get through? dealing with a company that operates high In this way the market is self regulating but
l Will you get your money back if the lead is standards and the same rules by which you this is a debate that will continue for some
contactable but the person wasn’t genuinely need to operate. time.
looking for advice? While, undoubtedly, lead generation will
7. Is the lead generator a never be right for every mortgage adviser, it
4. Make sure the company is member of your trade body? will provide an excellent and ever-improving
based in the UK Again, it is not compulsory for your lead service for a large number of advisers who
There are few barriers to entry when setting generator to be a part of a trade body, but if want an easy, efficient and cost effective way to
up a lead generator, so you need to know that they are, you can be pretty sure that this is a gain new clients.
February 2010 Mortgage Introducer www.mortgageintroducer.com
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44