Having your own in-house Mortgage Broker division is not just about providing your clients with the right debt solutions, it is about positioning your business for serious growth, AND client retention.
You see an in-house Mortgage Broker is much more than just a one-trick pony. They are a marketing resource (BDM) that can attract new clients to your business and also be at the forefront of helping you to retain your current clients.
Let me explain.
A well trained and positioned Mortgage Broker should have in their list of duties additional activities such as business development and client retention. If you have one and they are not doing these functions, then it is likely the business model may not be sustainable. At some stage you will likely run out of opportunities to present to the broker if you do not scale the business and have them actively growing the division.
Here is what your in-house Mortgage Broker should be doing to help your business sustain and grow.
1. They should be calling your client base routinely
I know a lot of brokers who sit around and wait for the opportunities to present to them. However, the best of the best will not wait. They will want to roll their sleeves up, get busy and make things happen.
We implement a marketing strategy that covers off on training your client-facing accountants when and how to refer, but also getting the mortgage brokers calling your client base. A nice well-toned email to your client base alerting them to the brokers calling is enough to even have some of your clients calling in. Our goal is for the broker to call each week until they achieve the number of qualified appointments, they require to hit their targets.
Example, they may want to have 3 appointments for the week – then they call until they achieve this. It could take 3 calls or 10.
As they make their way through the list, they also ask your clients if they need anything in the way of financial planning or accounting advice. Generally, it is a warm and well-connected call to your clients ensuring they feel loved and well serviced.
2. Looking for outside opportunities
Having an incentive in place for those clients the broker brings to the business from outside your firm is critical to the sustainability of the broker role. It also ensures the broker is bringing in clients not just for Mortgages, but also for Accounting and Financial Planning.
Working with some of your client base to extend their reach outside of your business can deliver great results. An example would be for the broker to spend time at your larger client’s workplaces doing things like “lunch and learn”. (Ex: your SME clients with over 10 staff)
Perhaps you have a real estate agent who is a client of your business or a segment of property investors? The need to think laterally is critical in getting the broker busier than they can handle. Your role is for a simple introduction to make the process smooth and provide the broker with additional opportunities.
3. Mortgages are seriously low-hanging fruit
When it comes to attracting clients to your business, one of the easiest ways is for the broker to generate referrals from your clients they have serviced for you.
Getting referrals to your business for accounting and financial planning work can be cumbersome and rare. However, most people who need your other services also have a mortgage. And MOST clients are severely underserviced by their Mortgage Brokers or lenders and are stuck with higher than should be interest rates. This gives your business an edge when it comes to getting client referrals by using mortgages as the intro product. A little aside on this: It’s important to understand “Who” has Who’s” clients. I like to put it like this: (Based upon ease of referral)
- The Accountant has the brokers clients
- The Broker has the Financial Planners clients
- The Financial Planner has the Accountants clients
This methodology has helped me structure partnerships where the referrals are maximised. I would strongly suggest you try it if your business is stuck at the moment.
4. We can back up your volumes too
One of the biggest fears with starting your own in-house Mortgage Broker division is “What if we can’t provide enough referrals”. For just this reason we have developed our own in-house lead generation program to supplement clients when times are slow. Which in cycles they can be. We look for First Home Buyer and Refinance leads as we can filter self-employed/SME clients with these.
All-in-all your in-house Mortgage Broker is a highly valuable resource. As the aggregator we spend a lot of time training them in their business development skills to ensure you receive maximum results for your business and your clients.
If you would like a confidential chat around this, please feel free to call me at any time or reply email.
He also owns Referconnect, a marketing company specialising in linking financial service providers to provide better outcomes for their clients and deliver assets and profit to business owners and stakeholders.