Prospective Client Learnt a Lot

Prospective Client Learnt a Lot is a Driver of Elevation Goal 1: Making great first impressions, increasing conversion

Data based on responses to the question, asked in the First Impression review form

“How did your understanding of the topic(s) you discussed change in your discussion with [adviser]?”

Possible responses
  1. I didn’t learn much
  2. I learned a little about the topics
  3. I learned a lot about the topics

Prospective Client Learnt a Lot Score

Proportion of respondents answering “I learned a lot about the topics” 

Relationship between Prospective Client Learnt a Lot and Conversion Rate

The relationship between Prospective Client Learnt a Lot and Conversion Rate is highly statistically significant

Why do we ask about Prospective Client Learnt a Lot?

Our research with firm management teams, advisers and clients indicated that an adviser evidencing their expertise, and provided value in the first session can help to drive conversion. We capture both of these factors through this driver. 

We confirmed this relationship quantitatively through our review forms. 

How to improve your score:

Simplify your explanations
Layman’s Terms. The ability to take a complicated concept and simplify it down is incredibly valuable. The simpler the explanation, the easier it will be for your client to understand. Give some thought in advance to more complex concepts, and spend time practicing your explanations for them with family & friends.

Soundbites. Try to put key information across in soundbites. Soundbites are short pieces of information which are both interesting and memorable. For example:
“Your payments will vary on a variable rate but are fixed on a fixed rate”.
“A portable mortgage will move with you if you move home”.
“Your home may be repossessed if you don’t keep up payments on your mortgage”.
Make it relatable
Paint a picture. Use relatable analogies for your client that will conjure up an image in your client’s mind. Make it relevant to them.
Whilst it may be useful to think about what level you pitch your explanations based on your client’s knowledge and experience, analogies can help people to see things a different way so can be useful even for those with a good level of knowledge.
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.

The mortgage market has many complexities, but most of the concepts around getting a mortgage are simple. If you consciously keep your explanations simple, paint mental pictures with analogies and test your client’s understanding as you go, your clients will feel that they learned a lot from their time with you.

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