However, product transfer customers are highly sought after, so advisers need to be organised, to make sure they’re first to contact the customer.
It might be a simple text message, email, or call, just so the adviser can let the customer know they haven’t forgotten their current deal is coming to an end.
Importantly, this first contact needs to be regularly followed-up. If first contact is six months before the deal expires, then follow-up needs to take place several months later, and then a couple of months after that – at which point a meeting can be scheduled.
Through these regular interactions the customer will be reassured their existing adviser is looking after them, and there’s no need to listen to offers from elsewhere.
Advisers need to balance efficiency and impact when considering how this contact takes place.
For example, is there someone else in the business who could undertake the organisation and administration on the adviser’s behalf?
Technology can help
It’s an opportunity for advisers to think about the technology available to make the process easier.
Using Mortgage Brain’s technology as an example, there’s product transfer functionality within The Key, which when used to its full potential can make the process easier and more effective.
This includes a basic list of products with a review date, which can be filtered by status, date, and adviser.
Bespoke reports can also be created with these details, along with additional product information covering reviews due in the next nine months.
Advisers also need to be aware that not all lenders’ product transfer rates are visible on sourcing systems, so they’ll need to contact the lender directly to secure the best product for the customer.
Another initiative being trialled at Sesame is the use of video guides, which can be emailed to the customer to explain why it’s important to go back to their adviser for their next mortgage deal.
It has enabled advisers to improve customer engagement, becoming part of the programme of interactions that’s attracting more product transfer business back into their firm.
Know your customers
Finally, advisers need to also ask themselves: how accurate is the customer data I hold?
Accurate data sits at the heart of how you make technology work for you, and ultimately how successful you are, which is why we always encourage advisers to update information as a case progresses and completes.
Re-financing business will be the foundation for many mortgage brokers in 2021.
By taking the right steps, advisers can secure this business and stave off the competition. The right contact strategy and regular engagement will ensure that this really is our market to lose.