Industry observers are suggesting that mortgage advisors will come out of the current crisis caused by Covid-19 in a better position than beforehand.
The crisis has meant that mortgage advisors have been forced to adopt remote working strategies so they can comply with the government lockdown, in addition to contending with steep drops in risk assets and dealing with the worries of their clients. This may be leading some to feel pessimistic about the future, but observers like Charlie Parker, the managing director of Albemarle Street Partners, are saying that it will help to streamline operations and bring new clients.
He told FT Adviser that in the past, people have not bothered to pay for advice on financial matters such as mortgages because they do not expect their incomes to be seriously affected by anything. He added that it is older people who have experienced difficult times before that are less likely to take these things for granted. He explains:
“This will happen again after going through this crisis. People will turn to advice. For those planners who are able to speak to the basics like savings and income protection, this could be a springboard.”
While concerns remain about the prospects for some parts of the sector, mortgage advice firms that can offer a more full-scale advisory service are more positive about the future.
One of the best things a prospective advisor can do during this period is to get CeMAP training to show they are properly qualified.