Perception Of Adviser Knowledge

Perception Of Adviser Knowledge is a driver of Elevation Goal 1: Making great first impressions, increasing conversion

Data based on responses to the following question, asked in the Verified Client review form

"How confident are you that your adviser has the right level of knowledge to get the best possible mortgage for you?"

Possible responses
  1. Not confident
  2. Quite confident
  3. Confident
  4. Couldn’t be more confident

Perception Of Adviser Knowledge Score

Proportion of respondents answering “Confident”, or “Couldn’t be more confident” 

Relationship between Perception Of Adviser Knowledge and Conversion Rate

The relationship between Perception Of Adviser Knowledge and Conversion Rate is statistically significant

Why do we ask about Perception Of Adviser Knowledge?

Perception of adviser knowledge arose as a key driver of conversion through our qualitative research with firm management teams, advisers and clients. 

We confirmed this relationship quantitatively through our review forms. 

How to improve your score:

Stay up to date
Hot off the press. To appear knowledgeable, you need to be up to date with what’s being reported in mainstream media. It’s easy to get all your information from the trade press, however your clients don’t have this information so make sure you’re up to speed on what they do see!

Be prepared. It’s common for a prospect to ask you a test question on a subject they know, or have read about, to test your knowledge. Give some thought to possible questions in advance. Examples could be:
“Do you think unemployment will have an effect on interest rates?”
“Are property prices going to fall much this year due to the cost-of-living crisis?”
“Will interest rates go up to double digits?”

You don’t necessarily have to agree with your prospect’s point of view, just have an opinion and be able to explain your thinking.
Simple & relevant communication
Keep it simple. The simpler you can make a concept, the easier it will be for your client to understand. It also shows that you understand the concept enough to explain it simply.

Keep it relevant. Keep the areas you talk about relevant and relatable to your client. Whilst the present blip in the House in Multiple Occupancy (HMO) market may have grabbed your interest, it’s probably not relevant to a first-time buyer.
If your first-time buyer wants to have a conversation about the change in Energy Performance Criteria on buy to let properties, have the conversation; just don’t start talking about an unrelated market unless it’s relevant.

Help your client understand. Your goal should be to help your client learn something from your time together. It can be much easier to understand a concept if it’s explained using a relatable analogy.
Validate understanding
Test your client’s understanding. Regularly asking a client questions on the subject you’ve just discussed. Ensure you do this from the start of each meeting; that way your client will think more tests will be coming so will really listen and therefore retain more information.

Explain back. Have your client’s explain complex topics back to you to confirm they have fully understood.

By being up to date with the news your client will see, keeping your explanations simple and relevant, and by helping them understand concepts by making them relatable, your client will have no doubt that you have the knowledge and understanding to recommend the best product for them.

How did we do?

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