The mortgage industry is “stuck in its ways to just go with the easy option” when it comes to conducting its own client research, according to Foligno & Co mortgage and insurance consultant, Andrew Foligno.
Foligno, who opened his firm in May of this year, told FTAdviser he was “quite surprised” at the amount of brokers he has met who have shown reluctance to engage in their own client research.
Instead, they indicated a preference to go to already established advisers for any research needs.
“I don’t agree with that, I get quite surprised with how little they know about what you can do now,” he explained.
Foligno said that, in addition to the research opportunities that already exist, such as established criteria hubs, he prefers to "create things that I can do my end so that I can keep my own research”.
He additionally detailed that his firm is in the process of creating its own criteria hub which is currently being piloted.
He added: “Nothing’s more valuable than your own research.”
Foligno also stated that, even though research through his firm may be at a lesser scale than other larger firms, it is still valuable as other firms do not engage with the practice at all.
“Even if our research is on a lesser scale than other firms, as long as we’re doing some research, we’re doing more than the broker next to us and the broker who takes the ‘easy option’.”
Foligno recounted how this approach has benefited some of his customers, allowing him to find a mortgage for people who were unable to get a mortgage elsewhere.
“As long as you’re doing the research, that’s going to help get customers that other people can’t,” he added.
Foligno also discussed the benefits of providing “old-school” broker values and practices alongside embracing contemporary tools.
He stated that keeping the “traditional” values and benefits of an old school broker, such as meeting clients in their homes, increases the personal touch of the profession.
This can be “a selling point in itself” and is “a way to get the clientele to come to you”.
He also discussed how embracing modernity and being “front facing on research” might be beneficial for advisers, stating that it allows brokers to “streamline” the process, making it “a lot quicker and a lot easier”.
“It's about being an old-school, traditional broker in the way of your advice and your care and in telling them what’s good for them but in a streamlined way,” he added.
tom.dunstan@ft.com
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