How should advisors prepare for the recession?

December 22, 2022 by Brendan O'Neill

Property Market

Recession has officially been forecast for next year and although that will have some in the mortgage industry worried, it does not have to mean disaster. Economic contractions can create opportunities for mortgage advisors just as expansions do.

So how should you prepare for the coming recession?

Social media marketing

Marketing your business becomes even more important in a downturn and social media is a great free tool for it. From TikTok to Twitter and Facebook, having profiles on these sites and creating engaging content will open your business up to new and younger customers.

Aim for at least three posts each week to grab and retain their attention.

Find your niche

A good way for an advisor to win custom in a recession is to develop some niche expertise that helps them to stand out. For example, you could make yourself the go-to person for help with fixed-rate mortgages.

There are lots of people who have done a CeMAP mortgage advisor course that you are competing with, so having a specialism will give you an edge.

Pursue continuous professional development

Pursuing further qualifications can allow an advisor to broaden their reach during a recession. For example, getting the qualification necessary to offer equity release advice would open up the protection market to you.

Having more than one string to your bow is always a good idea when it comes to your business. The more areas you are qualified to advise people about, the less risk of a drop-off in your client numbers.