Maximum Client Confidence They Are On The Most Suitable Mortgage
Updated
Maximum Client Confidence They Are On The Most Suitable Mortgage is a Driver of Elevation Goal 2: Delighting existing clients, promoting advocacy and retention
Data based on responses to the following question, asked in the Verified Client review form
"How confident are you that you’re on the most suitable mortgage for you?"
Possible responses
- Not sure
- Quite confident
- Confident
- Couldn’t be more confident
Maximum Client Confidence They Are On The Most Suitable Mortgage Score
Proportion of respondents answering “Couldn't be more confident”
Distribution of responses to Maximum Client Confidence They Are On The Most Suitable Mortgage
The relationship between Passionate Advocacy and clients' confidence they are on the most suitable mortgage is highly statistically significant
Why do we ask about Maximum Client Confidence They Are On The Most Suitable Mortgage?
Confidence in the quality of the service arose as a key driver of advocacy from our research with mortgage advice clients. In our conversations with firms and advisers, we learned that clients’ confidence they’re on the most suitable mortgage for them is a key element of this.
We confirmed this relationship quantitatively through our review forms.
How to improve your score:
Understand your client’s goals
- Their present situation
- Their preferences
- What they’re trying to achieve (present and future goals)
- Anything that may change in the future
If you don’t have a detailed understanding of your client, it’s impossible to find the most suitable mortgage for them.
Ask if they have any ideas
What they initially want could be completely inappropriate for their needs, however it’s important to understand why they were drawn to this option.
Asking for your client’s thoughts makes them feel important and validated.
If you never ask your client about their ideas, they may not volunteer them and leave wondering if their idea would have been better than your recommendation.
Involve your client
Relate the filters to their goals:
“We’re filtering out fixed rates where you can’t make overpayments as you wanted to be able to pay lumps off your mortgage using John’s quarterly bonus”
“We’re only looking for mortgage you can port, as you think you may move again within the next 3 years when you have a second child”
Go through the shortlist from the research tool with your client. If you’re not recommending the cheapest mortgage, explain why not and the specific benefits to your client of the mortgage you are recommending.
Recap
Start with how many mortgages were available and how many you filtered out to find the perfect one for your client:
“We started with 350 available mortgages and then by filtering out X because of Y, we got down to 20. From these we chose Z because…”
Remember to link the reasons for the selected mortgage to your client’s goals.
Validate
Whilst it can mean going back over concepts or re-searching, it’s better to ensure the client is 100% happy that this is the most suitable mortgage for them before you close the meeting.
By fully understanding your client’s situation and goals, you can reference the filters and criteria used to select the most suitable mortgage to suit their needs. Including their ideas and involving them in the filtering stage will make them feel part of the selection process. By recapping and validating, there will be no doubt in your client’s mind that this is the most suitable mortgage for their needs.
