Two of the largest mortgage firms in the UK are urging mortgage advisors to embrace the latest technology, arguing that failure to do so risks costing them clients.
Spokespeople for the Trussle and Habito firms made this point during a discussion that took place on Mortgage Solutions Television. The Head of Mortgages at Habito, Will Rhind, stated that the COVID-19 pandemic had led to a change in the behaviour of the public, and that advisors were at risk of being left behind if they did not adjust to it.
Rhind went on to say that this process of adjustment did not mean advisors having to radically alter the ways in which they go about advising their clients. He argued that the change was more about improving the efficiency of the service that they offer by taking advantage of different tools, such as technology that allows clients to carry out mortgage calculations themselves very quickly.
According to Mortgage Solutions, Rhind then added that:
“From a business point of view that’s good as you can help customers who are ready to transact and you can also guide those who aren’t ready to transact.”
The Head of Mortgages concluded his argument by pointing out that the shift that many advisors needed to make was not really about changing their central business model, but about using the available technology for better communication with customers and for other improvements.
The industry is moving towards greater use of technology, with even CeMAP training now increasingly online, and advisors need to make this move too.