How should advisors diversify in 2024?

February 10, 2024 by Brendan O'Neill

Mortgage Advisors

Most mortgage advisors will be aware that diversifying their services is crucial to growing their businesses. Each customer offers potential for that, but what are the best opportunities for diversification in the coming year?

Firstly, it should be remembered that diversification must never include attempting to persuade customers to pay for products or services they have no real need of. It should be about examining the situations of each individual to identify areas where the service of a qualified advisor can genuinely help them.

The first and most obvious ones are general insurance and protection. These are matters that no advisor – or their customers – should be ignoring. The possibilities stretch beyond just those sorts of products though. Another potential field of diversification is conveyancing, which is something that most members of the public will know little about when they approach you for guidance.

As their mortgage advisor, you will be in a better position than most to highlight just what the role of a conveyancer is and why having one will improve the process of buying a home for them. You can also point them towards a good company to choose for the job.

Then, there is the matter of making a will. This might sound morbid, but it is something that people buying property should deal with and yet too few do. You may be thinking that your CeMAP course did not train you to offer advice about wills, but your job will again be to explain why one is needed and find the right company.