Finding leads and becoming a trusted adviser
In conjunction with the CII, the SMP is doing great things to encourage new advisers to enter our mortgage industry. Today, we want to focus on “Finding Leads and Becoming A Trusted Adviser.”
The website www.futureme.co.uk is full of useful tools, articles and information to help advisers plot their career paths and build their knowledge.
I have also just joined a working party that aims to support businesses keen to attract more young people to the mortgage industry.
So this article is aimed at our newer advisers to the industry whose next step is getting their business up and running.
How to get a new client
For new mortgage advisers, finding leads and becoming trusted is not straightforward.
Unlike well-established advisers relying on personal recommendations, newcomers must establish their market presence.
This process involves crucial steps to generate leads and become trusted.
Building Your Foundation: Build a solid foundation before diving into lead generation. Hone your mortgage expertise and gain relevant qualifications. Clients trust advisers with comprehensive mortgage knowledge.
Leveraging Your Network: Tap into your existing friends, family, and professional contacts. Let them know about your new career. Personal connections can provide your initial client base and referrals.
Online Presence: An online presence is essential in today’s digital age. Create a professional website and active social media profiles. Regularly share valuable mortgage insights to position yourself as a knowledgeable expert.
Content Marketing: Content attracts leads. Produce informative blog posts, videos, or podcasts on mortgage-related topics. This showcases your expertise and draws potential clients searching for mortgage advice.
Networking Events: Attend mortgage industry events and local business gatherings. These provide opportunities to connect with potential clients and other professionals who may refer clients to you.
Partnering with Estate Agencies: Real estate agents work closely with mortgage advisers. Building relationships with local realtors can lead to referrals and collaborations. Client Testimonials: Request feedback and testimonials from satisfied customers. Positive reviews are powerful tools for building trust.
Referral Programs: Implement a referral program incentivises satisfied clients to refer friends and family. Word-of-mouth referrals are among the most effective lead sources.
Consistency and Patience: Building a clientele takes time. Be consistent, maintain high ethical standards, and continuously educate yourself about market trends. Finding leads and becoming trusted requires a strategic approach.
Combine traditional networking with a robust online presence, content marketing, and nurturing client relationships. The journey may be challenging, but with dedication, you can establish yourself as a trusted adviser in the competitive mortgage consultancy world.
Web-Based Leads
In the world of mortgage advising, finding leads and becoming a trusted adviser go hand in hand. For many advisers, especially those without the resources for a highly SEO-led lead-generating website, web-based leads offer a viable solution. These leads can be acquired from reputable companies specialising in lead generation, such as Unbiased and Online Mortgage Adviser. The cost per lead typically falls within the £40-60 range, with upfront payment upon acquisition.
While securing leads from web-based sources may seem cost-effective, the conversion rate for such leads can be challenging. On average, advisers may convert only about 15% of these leads into successful mortgage arrangements. Additionally, the mortgage process often takes up to three months to complete. This means advisers face a substantial upfront investment before seeing rewards.
A critical aspect of handling web-based leads is the need for swift and effective follow-up. A prospective client browsing online may have submitted inquiries to multiple websites. Therefore, the key is to respond promptly. If you can make that initial call within minutes of receiving their inquiry, you significantly increase your chances of engaging with them before competitors do.
It’s important to recognise that not all leads will be from clients who have already found a property. Some may seek information on how much they can borrow before purchasing. These leads require an investment in time and expertise. It can be time-consuming to educate and assist the customer in understanding the mortgage process, determining borrowing capacity, estimating costs, and addressing their queries. However, this investment in client education and support will likely yield significant dividends in trust and long-term client relationships.
Finding leads is only part of the equation in the competitive landscape of mortgage advising. What sets exceptional advisers apart is becoming trusted advisers who provide valuable guidance and assistance throughout the complex mortgage journey. By combining effective lead acquisition strategies with a commitment to client education and support, mortgage advisers can position themselves as trusted partners in their clients’ homeownership journeys.
Trusted Adviser
Finding leads and becoming a trusted adviser go hand in hand when exploring trusted mortgage advisers. This combination is vital for building a successful practice.
Acquiring leads is essential for business growth. Establishing yourself as a trusted adviser who guides clients through mortgage decisions is equally crucial. Here’s how you can merge these aspects to build lasting client relationships.
Lead Generation Strategies: To become a trusted adviser, you need a pool of potential clients. Effective lead-generation strategies are essential. Utilise channels such as online marketing, networking events, referrals, and partnerships with estate agents. Casting a wide net ensures a consistent flow of potential clients into your pipeline.
Providing Value from the Start: Focus on providing value when contacting a lead. Offer free resources like informative guides on the mortgage process or current market trends. Hosting webinars or seminars on mortgage-related topics can also attract leads seeking expert advice. By demonstrating your knowledge and commitment to helping clients make informed decisions, you lay the foundation for trust.
Personalised Consultations: When leads show interest in your services, schedule personalised consultations. These should not solely focus on mortgages but also aim to understand the lead’s financial goals and concerns. Listen actively and empathise with their unique situations. Building rapport during these consultations is the first step in becoming a trusted adviser.
Educational Approach: Your role as a mortgage adviser extends beyond selling a product. It involves educating clients. Explain various mortgage options, interest rates, and repayment structures. Equip leads with the knowledge they need to make well-informed decisions. This approach instils confidence in your expertise and positions you as a trusted guide.
Timely Follow-Ups: Following up with leads is critical to conversion. It shows your dedication to their financial well-being. Regular, timely follow-ups keep your services on their radar and reinforce that you’re there to assist them throughout their mortgage journey.
Consistent Communication: Consistency in communication is key to becoming a trusted adviser. Send periodic updates on market trends, mortgage rate changes, and relevant news. Share success stories and testimonials from satisfied clients. These communications showcase your industry knowledge and the positive outcomes you’ve achieved for others.
Building Trust Over Time: Building trust takes time; some leads may not be ready to commit immediately. Maintain regular, non-intrusive contact and provide valuable insights. Establish yourself as their trusted adviser, even if it’s another year before they find the right property. By being generous with your time and expertise, personal recommendations from these leads may become common even before you’ve assisted them with their mortgage needs.
Finding leads and becoming a trusted adviser are intertwined processes in mortgage advising. Lead generation strategies are essential for expanding your client base. Establishing trust through personalised consultations, education, and consistent communication is crucial for building lasting client relationships. You can create a thriving mortgage advisory practice grounded in trust and expertise by balancing these elements.
Build Relationships
One effective approach to generating inquiries is building relationships with potential business introducers.
These introducers can include your local estate agent, accountant, or individuals who met at business networking events.
You can discover relevant business networking events by searching for “business networking event near me.” This helps you find local groups to join.
Additionally, consider collaborating with advisers in other financial services, such as pensions or investment advisers. Many financial professionals seek reliable mortgage advisers for partnerships.
Typically, when working with introducers, you compensate them with a commission percentage on successful mortgage transactions. A standard rate usually falls between 25% and 30%.
While this may initially seem substantial, you only pay upon successfully completing a mortgage deal. This approach eliminates the upfront financial risk associated with purchasing leads.
Building these strategic relationships is valuable in finding leads and establishing yourself as a trusted adviser in the mortgage industry.
Introducer
Obtaining a new client from an introducer is almost as good as a personal recommendation. Finding leads and becoming a trusted adviser is crucial. The client typically trusts the introducer and recommends you as the best adviser.
You must invest time in managing the introducer relationship. The introducer’s reputation is at risk, so they seek regular updates to ensure their customer is well cared for.
Communication is essential. If you manage the relationship with the introducer well, they could become a regular source of warm leads. Even if you work for a company with a supply of leads, like a brokerage or estate agent, you still need to be generous with your time to maximise opportunities.
Regardless of the lead source, investing time in building relationships is key. Quick responses, proactive contact, active listening, and guidance, even without immediate benefits, build strong, trusted relationships.
In the early months, new advisers often don’t see results quickly matching their efforts. However, investing time in each client or introducer relationship is the best way to grow a business based on personal recommendations. This approach helps you become your client’s most trusted adviser.
Building strong relationships is vital in finding leads and becoming a trusted adviser.