While advisers understand the importance of looking after existing clients, nurturing your back book beyond that mortgage-remortgage cycle is certainly easier said than done.
It can be challenging to give clients the ongoing care and support they need and to be proactive – especially when you’re in a busy brokerage.
At Just Mortgages, we introduced a client services team a few years back. The aim was to provide a resource that checks in with clients and sets up further appointments with advisers to look after the remortgage, conduct a financial review and provide any ongoing advice.
I joined the team as sales director around a year ago with the remit of optimising this so we can maximise the embedded value, all while better supporting brokers and delivering a more complete service to clients.
STARTING POINT
To do so, the starting point has to be the remortgage – making contact early and reminding clients it’s time to explore their options.
The primary path is putting those clients back in front of their original brokers, but where that isn’t possible – either because the broker doesn’t have capacity or has left the business – we have introduced dedicated remortgage advisers to look after these cases.
In the last year, we have increased our booking team by a third and have grown from one dedicated remortgage adviser, to 13 across the divisions.
These specialists are almost like remote advisers, established in their regions and looking after that orphan client bank in their area. In addition, we have two advisers sat centrally, with a further four currently being authorised.
REACTIVE vs PROACTIVE
As a team and business, there’s an argument to say we’ve historically been more reactive than proactive. With the remortgage operation really coming into its stride, we have this opportunity to look at that embedded value.
The extra capacity has enabled us to slow down this process and spend much more time with clients – moving from a quick remortgage conversation to a full financial review.
One of the biggest learnings of the past year is that clients really want to be looked after and wrapped up. Rather than sorting things themselves, they want to be guided and see all their options laid out.
In this moment, it’s a great opportunity for us to think about that further support and providing a lifelong service to clients – whether that’s with adverse credit or through later life, wealth and protection. The guys centrally are picking up more and offering more specific advice – areas that are not out of the ordinary, but now have more focus on them.
NEW BUILD STAIRCASING
A great example too is our work with our new build division around staircasing, helping clients reach 100% homeownership. These are really important conversations, but can easily get lost with low bandwidth in a busy brokerage.
It’s all part of the shift in mindset and direction that has taken place across the business towards the client bank – moving from being seen as a nice bonus if sorted, to a massive opportunity to look after clients in all aspects.
“Advisers have really stepped up in response and see the value in the client bank.”
Advisers have really stepped up in response and see the value in the client bank, if you look after it properly. After all, it’s the opportunity to bump their income and their business performance.
Furthermore, they can continue to support the estate agencies, while we pick up and support the client bank with what it needs – it’s a massive win all round.
CLIENT WINS
It goes without saying that the client is a massive winner too. With the ability to provide greater and more personalised support, we have a greater ability to minimise any potential harm and ensure clients receive a positive outcome.
This doesn’t just make sense from a regulatory perspective with Consumer Duty in full force, but from a business and customer retention perspective.
In the last year, we have seen overall bookings increase by nearly 40%. By engaging with existing clients better, they are more engaged with us – meaning our turn-up rate has increased too.
We are currently booking 62% of all clients back in, up from around 40% historically. Furthermore, our case sizes have increased, our conversions are up and we’ve generated half-a-million pounds of additional income last year – all by unlocking that embedded value.
NOT ENOUGH HOURS IN THE DAY
As former broker myself, I’m fully aware that it often feel like there’s not enough hours in the day – especially when it’s super busy.
Being there to meet all the client’s needs is a massive undertaking. Our role as a client services outfit is to be that backstop and help advisers manage those clients relationships, or if necessary, be that surrogate and carry it on.
With a renewed emphasis on that existing client bank, you quickly begin to realise the massive opportunity available and one that benefits all parties involved.
I’m incredibly proud of what we have achieved in the last 12 months and have big plans to ensure we are expanding and enhancing our operation to best support our clients and our brokers too.
