As an adviser with Mortgage Advice Bureau, Daniel Wenham supports people through one of the most pivotal, exciting and often nerve-wracking moments in their life. He’s worked in the mortgage industry for almost a decade and is passionate about delivering a first class service to clients – and this doesn’t just come down to securing the right mortgage.
“It’s vital that the right protection needs are addressed to ensure our clients and their home are properly protected – without this, we’re not offering a full service,” said Daniel.
“Selling, quoting, or even just discussing insurance with clients is hugely beneficial as it ensures their biggest assets are properly protected in the event that something should happen. And not only that, being a ‘one stop shop’ provides a valuable revenue opportunity for advisers themselves.”
By positioning yourself as a trusted adviser, you’ll put clients at ease from the offset, give them the confidence to ask any burning questions and generate valuable loyalty.
Citing FCA guidance to the client is a brilliant way to demonstrate that you’re acting in their best interest. The FCA advises that clients should reassess their home insurance regularly, yet the vast majority will let their insurance renew and not review their needs for themselves. However, it’s likely that their requirements have changed – particularly if they’ve made any home improvements.
Secondly, clients are always shocked to hear that one in five UK home insurance claims are rejected due to under insurance, high excesses and lack of accidental damage cover and/or personal possessions cover.
Daniel continued: “How many clients really know what their sum insured or excess is? This should motivate advisers to educate clients and offers a great reason to divert them away from comparison sites when they’re arranging their mortgage and review their home insurance when remortgaging.”
Customers do need advice and the fact is we've all been brainwashed to believe that price is the most important thing by comparison sites. Therefore, it’s vital not to believe – or allow clients to believe – that buying insurance is a tick box exercise. By being an oracle of information about protection as well as mortgages, you can bust myths, boost confidence and keep clients out of deep water.