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Brokers should educate and empower clients to understand recommendations – Star Letter 15/03/2019

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  • 15/03/2019
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Brokers should educate and empower clients to understand recommendations – Star Letter 15/03/2019
Each week Mortgage Solutions and its sister title Specialist Lending Solutions select the most thoughtful or thought-provoking comments from our readers.

 

This week’s Star Letter came from Lisa Peach-Hill with her response to: ‘If we speak plain, simple English to our clients they will trust us’ – Star Letter 08/03/2019.

She said:

“I disagree with this. I think it is our job to educate our clients and teach them what the acronyms mean and how they apply to them personally.

“I make a point of checking they understand the terminology, it increases their confidence in me and makes the future cases easier to do.

“One broker said to me he would not dream of doing this for a client as the client would just go ahead and do their own mortgages in future.

“I argued that to keep a client you should bring more than transactional value to the relationship and demonstrate your commitment to their financial success in future. Imparting a little knowledge and empowering the client to make the right choices does exactly that.

“So I do not believe just keeping it simple is the key, I believe every client should leave the meeting a bit more knowledgeable, with the ability to question the adviser’s logic rather than blindly following recommendations.

“I would never assume a client only wants the basics – by keeping it simple you could be losing opportunities to relate better and demonstrate your professional knowledge to your client.”

 

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