"Make sure that you're on top of what is going on. The more knowledge you have, the better you are, the better you understand what's going in the marketplace, and the more successful you're going to be. "
- Ahmed Bawa from Rosemount Financial Solutions
A panel of experts at the recent Mortgage Adviser Event Manchester emphasised the importance of client communication and adaptability among mortgage brokers, noting the impact of interest rate changes and the need for a holistic approach.
In a seminar titled 'The changing face of advice & the changing needs of consumers' in the Modern Lender seminar theatre, the panel explored how consumers' needs are changing - and what advisers can do to assist.
Greg Cunnington from Legal & General noted the challenge of "staying on top of all of these [criteria] changes" in the market, which has become "a real art form" for brokers.
Ahmed Bawa from Rosemount Financial Solutions commented: "Mortgage advisers need to be a lot more organised going forward. Make sure that you're on top of what is going on. The more knowledge you have, the better you are, the better you understand what's going in the marketplace, and the more successful you're going to be. What we're finding is those advisers that are organised, that understand about the time constraints and have a process of doing business, they're the ones that becoming a lot more successful."
He also advised brokers to "think about different ways of doing those things" and be "willing to change, are willing to learn, willing to adapt" to succeed.
Martin Reynolds from SimplyBiz discussed the complexities of time management and the potential impact of future government actions. All agreed on the importance of education and staying updated with market changes, and also stressed the need for effective customer contact strategies and supporting vulnerable clients.
Ahmed discussed the importance of understanding "different types of vulnerability" and providing specialised support through partnerships, such as with mental health charities.
He added: "I think the key thing here, for all advisers, is the closer you are to your clients, the better you understand your clients, the more requirements that the clients talk to you about, the more in control you're going to be."
Greg agreed, stating "seek third party advice, attend webinars, use the support around you, because it's not a black and white topic."
Martin said: "What you'll find is a lot of customers either won't know they're vulnerable, or if they do, don't want to tell you, especially if they're taking a mortgage, because they might think they won't get the mortgage. People can go in and out of vulnerability many times for different reasons, even during the process of one application, they could nip in and out of vulnerability."
He emphasized the importance of "getting that message" to customers and being seen as the expert, providing information through newsletters or direct conversations.
Overall, the key takeaways from the webinar focused on the need for brokers to prioritise communication, education, adaptability, and specialised support to meet the evolving needs of consumers in the changing mortgage landscape.
