New research from Legal & General Mortgage Club has examined the typical timescales for advisers to complete a mortgage journey and investigated the impact of digital tools on their work.
The research suggests that advisers could save a working month in time each year by using technology.
The data is based on figures which show that intermediaries currently save an average of 41 minutes per case by using Legal & General Mortgage Club’s criteria search tool and affordability calculator tool, ‘SmartrFit’. This equates to three and a half hours per week, or the equivalent of 137 hours over the course of a working year.*
The research also confirms that these tech-powered time savings could allow brokers to serve more clients more efficiently, allowing them to boost their profits. 90% of brokers surveyed agree that having less time-consuming processes would allow them to advise more clients. Similarly, 83% agree that having more time with clients means a greater opportunity for them to cross sell and explain the benefits of protection and additional products and services.
Overall, the brokers surveyed were predominantly positive about introducing more automation and tech into their day-to-day roles. Currently, 31% of brokers say that digital channels play a ‘critically important’ role in ensuring their business achieves its objectives, while 87% rank digital tools as a seven out of 10 or higher when it comes to importance. Additionally, 88% of respondents think that they would like more automation and less duplicity in the affordability and criteria search stage.
Technology can also help advisers deal with some of their main frustrations. When asked what they dislike most about their role, 22% of advisers cite third party delays as their biggest frustration, followed by the duplication of tasks. 14% also say that they dislike the fact that the role was currently heavily process driven and admin based.
Clare Beardmore, head of broker and propositions at Legal & General Mortgage Club, said: “As the cost of living crisis continues to build, the demand for high-quality financial advice is growing, whether it’s consumers looking to reduce their mortgage bills or find more flexible solutions. This represents a major opportunity for advisers to demonstrate their value and showcase the tangible impact good advice can have.
“However, customers have come to expect a fast and smooth digital experience in every part of their lives and advisers need to make sure they have the tools in place to meet this demand. Selecting the right technology can allow advisers to work more efficiently, serving more customers in less time.
“Conversely, advisers who are slow to adopt this technology risk damaging their customer retention. Where they could be reaching out to new and existing clients, they may instead find themselves bogged down with admin, preventing them from doing what they do best – providing advice.”
