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Increasing client base ‘biggest priority’ for brokers

Increasing client base ‘biggest priority’ for brokers

Brokers have set their sights on increasing their client base, according to Mortgage Brain.

A poll of 180 respondents by the technology provider found four in 10 (42 per cent) said getting more clients was currently the biggest priority for their business.

Neil Wyatt, sales and marketing director at Mortgage Brain, said: “The appetite among advisers to continue to develop their skills and build even more successful businesses is undiminished, despite the difficulties of 2020.

“It’s hugely encouraging that they are already looking to the future, both in terms of how to bring in new clients and also what issues are likely to be the priorities for those new clients.”

Andrew Brown, managing director at Bennison Brown, said: “The only way we can continue to grow like this is to acquire new clients. This is generally a mixture of first-time buyers who don’t have an existing relationship in place with a broker, or clients who have either lost touch with their previous broker or are unhappy with the service they are receiving.”

Mr Brown added he believed in the quality of service as a differentiator, describing referrals to friends and family as a “very cheap” way to acquire clients.

He said: “We find we get very high conversion rates on this type of lead. So our priority is to keep our reputation strong and we believe our business will continue to grow.”

The poll also found that half of respondents said an aggregated affordability platform, using data from lenders’ calculators, was the technological innovation that would make the biggest difference to their business.

A separate survey of mortgage brokers by The Family Building Society in September, found four in 10 said lenders’ websites did not provide enough information to answer their questions, particularly on fluctuating changes in criteria and affordability.

chloe.cheung@ft.com

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