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Covid-19 crisis a ‘watershed moment’ for mortgage firm business models – PMS

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  • 01/05/2020
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Covid-19 crisis a ‘watershed moment’ for mortgage firm business models – PMS
The outbreak of the coronavirus is set to be a turning point in business models for directly authorised brokers, PMS Mortgage Club has said.  

Instead of focusing solely on mortgage transactions, more adviser firms are rapidly expected to move to offer lifelong financial planning, it believes.

Brokers who have deeper client relationships and a wider range of services are better placed to assist customers and weather the storm, said Ross Liston, managing director at PMS Mortgage Club.

The predicted shift comes from adviser feedback and analysis of firms who are successfully working through the coronavirus outbreak, according to the club.

Liston added: “One of the key trends we are seeing from the thousands of conversations taking place between directly authorised firms and our PMS team, is the business resilience of firms who offer a one-stop service solution that’s backed by an effective client engagement strategy.

“It’s been a long-held view at PMS that this is the way forward, but I believe we have now arrived at a watershed moment, and the Covid-19 crisis will accelerate the move to lifelong financial planning among mortgage firms.”

PMS has rolled-out a package of support to help advisers through the crisis, including a Covid-19 adviser support hub and online learning events.

 

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