During the mortgage boom, the pace of the mortgage market meant brokers left customers feeling disappointed, said Frankish, but with just 10,000 advisers left, service will be everything.
“To improve is to change. To perfect is to change often,” Frankish said quoting Winston Churchill at The Mortgage Event.
The buzzword is diversification but back the right horses by ranking products by achievable margin and ease of delivery before moving into a new area, he said. Always have a reason to call a customer, said Frankish, as unsolicited calls turn off customers adding that saving money and offering to review lifestyle changes are the most popular overtures.
“We have to turn a one-night stand into a relationship or at least a second date with our customers,” said Frankish.
He advocated a culture change in-house, starting with a goal-setting plan, which for Mortgage Talk was creating 50% of revenue from non-mortgage sales. To achieve this, he said, identify potential customers from your database and learn to justify and sell your service to customers.
“The sooner you start this learning process the better – and the sooner you will start to profit.”