MIp19-20_0210:MI 12 Jan 21/01/2010 15:24 Page 22
20| Diversification
stays in place, even if the client moves home; network’s internal system. earn in excess of £250,000 a year from client
inheritance tax advice; wills; home and It is no wonder the fall back position has been banks in some cases of no more than 300
contents insurance… There is so much scope, the graduates; many companies have tried and people. Most, however, are from the generation
even for brokers who have already started failed to harness this under-worked sales force. of life companies who had sales forces, which
diversifying. From my perspective most (not all) have had no puts them at 50 plus - nothing wrong with that,
real understanding of responsibility so it makes but as I mentioned earlier where is the next
Changing attitudes it hard for them to relate to the family situation generation coming from?
So how do we change the attitude of the people or build a rapport with the clients. Give me The chronic lack of financial advisers is the
who still think they can sell as they did a couple someone who can relate to the family setup who main reason for the trillions of pounds missing
of years ago? Frankly I am not sure “we” can as has 20 years working experience and I will show from protection cover in the country. At some
most of it comes from within. The many brokers you a person who has empathy with most of the point the responsibility will lie with the
who have changed their sales practices, changed people we are trying to help. networks and life companies to start offering
their approach to customers and embraced new comprehensive training courses. Only when it is
products and retrained, have done so because Full circle part of the authorisation criteria to hold a
they recognise the need, they recognise that the So coming back full circle we are all striving to license will we start moving in the right
market has moved on and they have found other find the elusive mortgage brokers who have seen direction. The penny must surely be dropping
ways to help their customers and stay in the light. They have the qualifications, they within the networks by now that quality, rather
business. Those who still have not moved on know their way around the laptop and the than volume of brokers in the network, is the
obviously haven’t yet recognised that they no systems, and there is little new competition for way forward - recent high profile networks
longer work in the same market. While networks their work - but that should not be enough. All falling from grace surely backs this up.
continue to pay unsustainable margins to financial advisers, including mortgage brokers, None of the above will be new to my staff, or
brokers rather than risk them moving to the should be trained on the benefits of every the people I interview. I am passionate about
next best deal, all parties will hang in there with product and should understand the policies making a difference by using the skills we have
the blinkers on. they are selling inside out; they need to believe been given. Financial advisers are a select band
Moving into the future it worries me that we in the process and understand that asking for of individuals who sometimes forget the
are not attracting people from other walks of life referrals is vital to make sure their client’s responsibilities we have to help people. Sort out
who want to help people. Unfortunately when friends and family are also covered and a mortgage for someone, do it well and wine or
bringing people into the industry the time frame protected. chocolates sometimes follow; protecting a
prohibits most as none of us have deep enough There are some very talented financial family never has the same instant response of
pockets to carry a non-fee earner through the advisers who have kept the faith and not been thanks. Sadly it is usually the family who are left
ever-growing exam requirements - not forgetting sidetracked just by broking mortgages. They are behind who truly appreciate what you have
the computer skills required just to work a some of the most successful people I know and done.
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