Speaking at the NatWest Intermediary Solutions Local Broker Insights event, Sally Laker, managing director of Mortgage Intelligence, said that the rise in the number of longer-term fixed rates was removing the “go-to reason” to speak to clients every couple of years, as happened when two-year deals were at their height.
And she warned that if brokers do not contact their customers enough, someone else will be in touch with them instead, which could result in a loss of business.
Highlighting the potential benefits of a regular newsletter to clients, she said: “They may not do anything with it – they may read it, they may not read it.
“But when they’re suddenly thinking about looking at their mortgage, that might pop into their head. What about that newsletter that I get through every month from that mortgage company?”
Bulletproof your business
Laker also suggested that general insurance offered another route for brokers to keep up that dialogue, as well as generating business, arguing that while some advisers do not always sell it, the products are “a necessity” to discuss.
She continued: “I think that creates a real opportunity to speak to your client once a year because if you keep in touch with them, you’ll hold them to you and they will value your service.”
Laker argued that by focussing more on insurance, particularly protection, brokers can create additional revenue streams even when the market is flat, but more importantly look after their clients’ needs.
“It’s so important to keep in touch with them as often their circumstances change, therefore it is an opportunity to look after your client and start to bulletproof your business as well. It’s time to look ahead because if the mortgage market slows down you still have plenty of opportunity.