Front-load the advice process to tick the efficiency, speed and accuracy boxes

Feedback and interacting with customers/clients are vital when building an enticing proposition and when discussing the C2C solution, you can see advisers eyes light up upon hearing this combination of efficiency, speed and accuracy when it comes to collecting data.

Gathering and collating relevant information upfront has become vital for advisers in the modern age as this allows the advice process to begin immediately, without any unnecessary delays. With the aid of technology, sales processes are evolving to allow day one requests to become day one decisions. This is what consumers now expect and whilst the mortgage journey is obviously far more complex than the vast majority of other transactions, the closer advisers can get to such levels - the stronger the chances of meeting these rising expectations.

With this in mind, it was interesting to read comments from Beth Rudolf, director of delivery at The Conveyancing Association, when she recently highlighted the sheer number of aborted transactions in the mortgage market every single year, the huge costs incurred and the lost income they inevitably result in. And when you consider just how hectic the current mortgage market is and the logistical issues still facing many links in this chain, then these numbers are only likely to grow.

She also focused on the importance of better upfront information for homebuyers and sellers throughout the conveyancing process via a greater use of technology. This is also true when it comes to supporting advisers. Advisers are currently facing client scenarios which are in a constant state of financial flux. Much of the current information gathered is reliant on clients providing this in an accurate and timely manner. But are clients always aware of their full financial picture?

Not according to recent research from broker forum Cherry. The research, which was carried out amongst forum users in association with Click2Check, found that 79% of brokers are seeing more clients who are unaware that they have poor credit files. The main cause of poor credit, cited by 42% of brokers, is missed payments on credit and store cards. More than a quarter (27%) of brokers said the poor credit was due to missed payments on utilities, while 23% said it was caused by mortgage payment holidays.

It’s vital for advisers to understand a client’s true credit standing and affordability at the outset, so that they can match them with the most suitable lender. This research demonstrates that clients are often unaware of their true credit status, meaning that advisers should have their own systems and processes in place to ensure they don’t waste valuable time, energy and resources chasing after unsuitable lenders. This is where better upfront information and pre-qualification tools can prove invaluable for advisers. After all, we all have to keep evolving to meet shifting client expectations and front-loading the sales and advice process – through implementing the right tech solutions – can help tick the all-important efficiency, speed and accuracy boxes.