Wanted: Supportive partner for mutually beneficial arrangement – Maeve Ward

by: Maeve Ward, managing director, residential mortgages, Shawbrook Bank
  • 02/05/2017
  • 0
Wanted: Supportive partner for mutually beneficial arrangement – Maeve Ward
When it comes to finance are you offering customers a holistic approach, where you have a variety of options up your sleeve, or do you have all your eggs in one basket? Maeve Ward says it may be time to find that perfect partner.

My answer of course is that you should have a range of options available, both mainstream and more specialist products, so that you can truly offer your customers the right solution for them, both now and in the future.

So why do some advisers take a more narrow view? Many worry about losing their customers by referring them to a specialist. These advisers are looking at referrals in the wrong way. If you refer a customer, knowing that you are providing them with the best outcome from a partner that you trust, it means that you will have retained the customer, not lost them. After all, retention is key to ensuring that you keep a customer for life.

The risk with not offering customers the right outcome for their circumstances is that their financial needs remain the same, therefore if you are not offering them what they want, they may look elsewhere. For some customers they may even end up sourcing their own alternative, meaning you could lose their custom all because you concentrated on your core business, rather than looking outside the box. Instead, you should see how specialists can become an extension of your business, not the enemy.

Alternative funding solutions should you be considering

 

Instead of remortgaging you could look into second charge mortgages or personal home loans. For retirement planning you could look into later life or retirement mortgages. There’s also specialist bridging or commercial finance for businesses or property investors. Each of these products have a place in the market, each offer a solution for a customer and each are meeting a need in the short, medium or long term. The question is, which do you choose?

Do your research

 

The first port of call should always be conducting some research. You can look online, attend seminars and training academies or even speak to lenders about their products and ask them about potential partners you should contact.

Once you have this information you should research these partners to find out more about them and whether they could be the right partner for you. And it is not just about the commercial aspect. Whilst this plays a part, you should be looking at how they can help your customers and how they conduct themselves as well, because if they are to be an extension of your business, how they behave reflects on you too.

Your perfect partner

So you’ve found your perfect partner, what next? Now it’s time to work together. Referring business might be the first step, however over time, as you start to refer more customers and see the positive impact the referral has had on your customers, you may become more confident and want to start referring business directly yourself, and why not.

Firstly, the right partner will be supportive, after all it’s your customer. Secondly, the lender will be more comfortable dealing with you because they can see your track record, with the data to back up how your business is performing. More importantly, the lender will gain confidence from the fact that you have been taught by the experts and know that you are competent.

Together with your partner you can offer a complete basket of not one, but a range of products, giving you the opportunity to truly offer that holistic approach to the customer, potentially retaining their business for life.

There are 0 Comment(s)

You may also be interested in

Bridging

Keep up-to-date with all the breaking bridging and short-term lending news and analysis, from regulatory changes to product innovation and inside market knowledge. Take a look at our broker and lender case studies showing short-term finance in practice.

Commercial

Find all the news, opinion and analysis for property finance brokers specialising in commercial and semi-commercial mortgages, alternative and development finance for commercial investments in residential projects.

Second charge

Stay up-to-date with the latest news, analysis and opinion on the secured loan market as it evolves into a mainstream finance option following European regulation on 21 March 2016.

Complex buy-to-let

Whether it’s a complicated asset or a complex customer, you’ll find out all the breaking buy-to-let news in this section. From limited companies to portfolio landlords, student lets to a House in Multiple Occupation, we’ve got all bases covered with our up-to-the-minute news, analysis and opinion.

Mortgage Solutions

Find all the breaking news, analysis and industry comment on Specialist Lending Solutions' sister site, Mortgage Solutions
Read previous post:
blackdog_final_view_1_-_reduced-1
Green light for 600-home Blackdog scheme

Aberdeenshire councillors have given the green light to the final element of the £150m mixed use Blackdog scheme.

Close