Firstly, it was good to get feedback on last month’s blog on technology from several people, and to see a spin-off follow-up blog from Neil Jannels at OMS. It’s nice to see that people are reading them.
So, this month I wanted to talk about you, the mortgage and protection adviser.
We are now nearly five years from when the world changed, and we were all confined to barracks for what felt an age (luckily, we had nice weather). Since then, the market has been a roller coaster across many fronts, with the mortgage adviser squarely in the middle having to manage lender changes, (from the well-planned to the instant product withdrawals, and everything in between), alongside clients’ expectations and emotions. It has been a very prolonged stressful period that, feedback suggests, has caused many to consider their long-term future in the industry. We need to work on how we stop people feeling that is the only solution.
During this period, there has been much talk about how we manage and improve work life balance whilst ensuring that the service offered to clients is not diminished. This final point is key to me, as I know that the pride and passion that mortgage advisers have in the service they offer clients, but this has caused many to hold back on looking after themselves.
The industry is very resilient, and pivots and changes to manage market movements, but looking after yourself is key. There has been support forthcoming in the market from many sources but a special shout out to the Mortgage Industry Mental Health Charter (www.mimhc.co.uk) and Jason Berry, who has created a momentum that is now providing not just fantastic PR but also a plethora of material on their website. I would urge anyone in the market to review the website and consider signing up to the charter.
We spend so much of our time at work that it is important that we enjoy it as much as we can. Yes, for some of us it does not feel like a job as we enjoy it so much but, for many, the job supports “their reason” and that should not go unacknowledged. The mortgage market has become more complex over the past few years and understanding what a vanilla application is can be tricky. New purchase completion times are extending, and the Mortgage Charter has brought many re-writes and changes of processes. If you add in Consumer Duty (or more importantly the ability to prove Consumer Duty), the complexity protection advice can include, the forgotten cousin that is general insurance, plus the green agenda, you can easily become overwhelmed.
When talking to advisers and especially principals I have for a while now asked them how they make people happier at work. The first step for me is understanding what makes you or them happy, and what part of the job do they enjoy the most. Compliance adherence is a given and cannot be sidestepped, but it can be used effectively as a positive sales tool. Outside of this, everything else should be negotiable. If someone loves being a mortgage adviser but struggles with – or doesn’t enjoy – the other product sales can that be removed from their remit, is it possible to absorb this elsewhere in the business with an insurance specialist, for instance, or is a referral option better?
The referral market has matured massively over the last few years and should be an integral part of any business planning process. Consumer Duty has focused firms to ensure that all clients have the same journey, or the opportunity of the same journey. A referral partner for insurance, for example, would ensure that all clients are offered the same service.
What it would also allow is advisers to see more clients in their key sector with the potential to increase revenue for the business. You would also have a more focused and happier workforce.
So, is a work/work balance just as important as a work/life balance?
