Bob Hunt, CEO of Paradigm Mortgage Services, has actively championed the DA community since the launch of Paradigm in 2007. Both publically, and behind the scenes, Bob works hard to use his experience and influence to ensure appropriate recognition and fair treatment for intermediaries in a range of areas, from Proc fees and quality metrics to product access and dual pricing. Paradigm has proved that despite tough market conditions it is possible to not only compete against other larger scale more established Distributors, but in creating a new model of distributor – a partnership model – to reward firms for the consistency, quality and loyalty of their business support.

Bob’s latest article is available below, and there is an extensive Blog Archive including all past articles.


06 Dec 2019

Keep in touch with clients or lose them for good

There's a balance to be struck between too much contact which risks alienating a client and not enough resulting in their no longer being your client.

Don’t get me wrong, this is a tricky strategy to get right. 

And yet, I would always veer to communicating with greater regularity, rather than waiting until three to six months before the end of a client‘s mortgage deal. 

After all, as we know, the likelihood is that the existing lender will have been in regular contact during that time and may well have been providing product transfer details way before you, as the adviser, are able to access these.

 

Abandoned clients

In a recent Canada Life survey of existing homeowners, 42 per cent said their adviser had not been in contact with them since they took out the mortgage, which seems to me a very high number. It shows the dilemma many firms have — or perhaps shows the lack of a coherent client contact strategy. 

Of course, we don’t know how long it has been since the contact with the mortgage adviser took place; would we really anticipate, for instance, the adviser would have been in touch with the client regularly if the mortgage had only just gone through?

I have to say, yes I would. Why wouldn’t you, for example, check on that client soon after the mortgage completed? 

Why wouldn’t you keep them abreast of product options and opportunities, not necessarily in the mortgage space, but right across the board? 

Why wouldn’t you – with their agreement – send them the firm’s newsletter? Or provide a regular countdown on when that special deal ends? Perhaps you might just outline the need for them to initiate contact should their circumstances change? 

Or ask them to make contact if their existing lender does offer a product transfer to ensure you can check it against the rest of the market?

This makes sense, doesn’t it? In fact, you could probably structure your client communications within any given timeframe, depending on the length of mortgage they have taken out. It’s all about taking the opportunity to keep you front of centre in their advice thoughts

And again, judging by the Canada Life research, the industry needs to do more of this, because 32 per cent of homeowners said they had no plan to use their current adviser when their deal ended. 

Losing nearly a third of your existing client base would not be a positive outcome for any business, so it’s obvious that we need to get better at this.

 

Technological advantages

Into this gap perhaps comes the technology of a system like Dashly – which I’m personally involved in – and is currently being trialled with Paradigm firms. 

It works in the background for the adviser, 24/7, assessing whether an existing client could be better off moving mortgage, and provides that information back to the adviser so they’re able to make contact should they think it’s worth the client’s while.

Having this running at all times means that advisers don’t need an excuse to contact the client – they have the tangible data and product options at their fingertips in order to make such a decision and potentially save that client money.

Even if you’re not utilising such a platform, there is clearly a lot to be gained from having regular communication with your client base, and (judging by these results) a lot to be lost should you not put yourself in the shop window. 

Especially when it comes to those who are already familiar with your services and what you can do for them. Don’t make the mistake of letting those 32 per cent be any of your clients.


Bob Hunt

Blog Archive

Opinion: The mortgage revolution is unfolding 
10 Dec 2018

Brokers’ fortitude will see them through this ‘depressing and dispiriting’ situation 
10 Dec 2018

Paradigm CEO Hunt invests in mortgage switching platform Dashly 
19 Nov 2018

We should be confident despite the uncertainties 
14 Nov 2018

FCA should leave mortgage market alone until Brexit uncertainty lifts 
09 Nov 2018

Not following EU rules could benefit the market 
16 Oct 2018

Long-term fixes fail to catch on 
01 Oct 2018

Mortgage market must ensure it deals in Project Clarity 
21 Sep 2018

Advisers can help landlords get their skates on for HMO changes 
11 Sep 2018

A deeper look at the state of the UK lending market 
17 Aug 2018

Understanding product transfers 
30 Jul 2018

‘Go compare’ is not so ‘simples’ 
26 Jul 2018

It’s worth looking into later life lending 
05 Jun 2018

SVRs are a cash cow for many mortgage lenders 
04 Jun 2018

Leaving a network should be more straightforward 
08 May 2018

Not all later life customers are in the same boat 
03 May 2018

Advisers must beware leasehold ‘minefield’ 
16 Apr 2018

It’s just not cricket 
12 Apr 2018

Proc fee timescales are way off 
29 Mar 2018

Broker-lender relations have undergone a fundamental shift 
28 Mar 2018

Opening at weekends shouldn’t be a priority 
13 Mar 2018

Take control to signpost clients in your direction 
22 Feb 2018

Product transfer: ‘Lenders might view greater adviser involvement as a problem’ 
12 Feb 2018

Buy-to-let advice is needed more than ever 
08 Feb 2018

Open Banking is a revolution without the fanfare 
16 Jan 2018

Land Registry needs to engage with brokers over Instant Mortgage 
08 Jan 2018

Simply focusing on age will not fix borrowing into retirement 
22 Dec 2015

Reduce the regulatory burden for firms by reallocating money from FCA fines 
03 Nov 2015

Customer choice has narrowed – the FCA could help fix this 
02 Nov 2015

The regulator’s differing interpretations of rules 
21 Oct 2015

Change is constant 
08 Oct 2015

Paradigm signs exclusive specialist lending deal with Brightstar 
06 Oct 2015

Landlords cash in on PRS 
22 Sep 2015

MCD – no grace but plenty of favours 
16 Sep 2015

Equity release success signals change in consumer perspective 
05 Aug 2015

Remortgagers play at ‘chicken or egg’ 
29 Jul 2015

BTL has closed the housing gap 
20 Jul 2015

Analysis: Writing a will can avoid a death blow 
15 Jul 2015

Industry deserves housing minister appointed to Cabinet 
22 Jun 2015

Waiving Stamp Duty won't encourage downsizing 
08 Jun 2015

Damned if they do, damned if they don’t 
01 Jun 2015

In the Spotlight with Bob Hunt 
26 May 2015

Election result provides stability 
20 May 2015

‘Grey borrower’ power is set to grow 
13 May 2015

Decisive election result could spur new build revolution 
27 Apr 2015

MMR 12 months on 
13 Apr 2015

Mind the protection gap 
09 Apr 2015

Analysis: Change status with the right support 
08 Apr 2015

Housing will be election battleground 
16 Mar 2015

Securing the specialist string to your bow 
04 Mar 2015

Interest rate direction is anyone’s guess 
04 Mar 2015

Regulatory B2L change is inevitable 
12 Feb 2015

Analysis: Do your homework with relationships 
04 Feb 2015

Lenders rising to the self-employed challenge 
04 Feb 2015

The sectors to watch in 2015 
06 Jan 2015

A helping hand 
05 Jan 2015

Can a landlord be truly ‘accidental’? 
17 Dec 2014

Coming in from the cold 
05 Dec 2014

Analysis: Why distribution demands inclusion 
12 Nov 2014

HSBC’s move signals cost of branch advice still rising 
20 Oct 2014

Analysis: Broker community boosted by HSBC 
15 Oct 2014

Just when I thought I was out 
08 Sep 2014

Analysis: Owning a home is not out of reach 
03 Sep 2014

Take level 4 advice exams before the FCA steps in 
02 Sep 2014

Analysis: Get set for more BoE intervention 
20 Aug 2014

Welcome to the Twilight Zone 
11 Aug 2014

Housing policy deserves seat at top table – Bob Hunt 
24 Jul 2014

MMR is enough to slow the bubble 
09 Jul 2014

Help to Buy remains in the spotlight 
08 Jul 2014

Mixed messages risk consumer confusion - Bob Hunt 
03 Jul 2014

It’s good to talk 
20 Jun 2014

H2B a rare housing policy success 
18 Jun 2014

Increasing mortgage volume will come through brokers - Bob Hunt 
27 May 2014

The better option to going direct 
14 May 2014

FCA concerned by packaging renaissance 
12 May 2014

Watch out for European regulation by year-end 
06 May 2014

Ask the Experts: Will MMR cause mass application declines? 
22 Apr 2014

Ask the Experts: Can a broker operate MMR-compliantly before 26 April? 
17 Apr 2014

Cross-sales not just for times of crisis 
16 Apr 2014

Brokers in the dock 
26 Mar 2014

Lenders in catch 22 situation over MMR - Bob Hunt 
25 Mar 2014

Paradigm launches protection arm 
21 Mar 2014

‘MMR Day’ may be a damp squib 
12 Mar 2014

Make sure your papers are in order 
12 Mar 2014

MMR lending slowdown could force protection bonanza 
18 Feb 2014

Countdown to MMR 
12 Feb 2014

A big year ahead for lenders 
04 Feb 2014

If the quality is same – why can’t AR & DA proc fees be equalised? 
30 Jan 2014

BoE is unlikely to be trigger-happy 
15 Jan 2014

We’re not in 2008 anymore 
09 Jan 2014

FCA cannot ignore views of smaller firms 
13 Dec 2013

The Prediction Game 
06 Dec 2013

Stay ahead of the regulator with CPD 
27 Nov 2013

Don’t let booming business hamper MMR preparation 
21 Nov 2013

Living up to expectations 
15 Nov 2013

MMR compliance underpins success 
30 Oct 2013

Advisers should step up to level 4 qualifications 
24 Oct 2013

Bank of England must follow words with actions 
02 Oct 2013

Lean times leave a leaner, keener core 
04 Sep 2013

If you don't ask lenders, you don't get 
22 Aug 2013

Steady as she goes is the right approach 
20 Aug 2013

Are we about to see a broker boom? 
16 Jul 2013

Now is not the time for procrastination 
10 Jul 2013

Improving standards is no grounds for complaint 
03 Jul 2013

Is product innovation being tied in knots? 
24 Jun 2013

We can’t rely on external stimulus 
06 Jun 2013

Put your services in the shop window 
06 Jun 2013

Mutual Magic 
30 May 2013

Does the FCA understand human frailty? 
07 May 2013

Has the mortgage market regained its mojo? 
17 Apr 2013

Help to Buy plus prudence equals prosperity 
05 Apr 2013

Will George Osborne be having a flutter ahead of the Budget? 
14 Mar 2013

Size matters on capital adequacy 
04 Mar 2013

Mortgage Indemnity Guarantees: helping first-time buyers fly 
19 Feb 2013

HS2? I’d rather see more houses built instead 
06 Feb 2013

95% LTV mortgages are not back... yet 
22 Jan 2013

Regulators have listened to feedback 
21 Jan 2013

The Great House Price Debate 
07 Jan 2013

Keeping your clients' wills up to date 
02 Jan 2013