How can Covid-19 help advisors build a better future?

July 2, 2020 by Mark

Advice & Tips

It may be unlikely that many mortgage advisors who have had to deal with the health risks and disruption to their businesses caused by Covid-19 will be thinking about the positive long-term effects from the virus. However, some of the challenges that it has created can benefit some of these businesses.

One change that many advisors will have dealt with during the lockdown is a reduction in the amount of travel to offices and appointments, but this new-found free time can be used for continuous professional development (CPD). Just as some providers have started offering their CeMAP training courses as online study options during the crisis, other forms of professional training can also be done online in spare time.

Pursuing CPD can have real business benefits for advisors whose usual sources of income have taken a hit during the these times. For example, a recent study revealed that 60% of advisors found it hard to sell General Insurance to their clients and were not aware of how financially rewarding doing so can be. Selling four policies of this kind each month over a five-year period can amount to commission of £50,000, which would certainly help a business recover and grow as things start to return to normal.

This is just one example of the ways in which using additional time effectively to improve your knowledge and skills can help to grow a business and have it bounce back stronger post-pandemic.