"This doesn’t however mean that your clients are going to want to wait, or indeed can wait, until the political establishment has got itself some new leadership."
Of course, with plenty of water under the bridge since then, what’s done is done but I can’t be alone in hoping that should the people of this country ever be given a referendum to decide on again, we would be able to count on the powers that be delivering clear, consistent and relevant information to us so that we could make our minds up from.
It’s with that sense of how to communicate that I’m currently reviewing the process and the content of what our AR firms and advisers are offering up to their clients. There’s clearly a post-Referendum information gap that needs to be filled at present and advisers have a duty I think to cut across the histrionics and the embellishments to focus on the options available to their clients and perhaps offer a more realist and reasoned view of what might happen next.
Of course, this is incredibly difficult because we’re without precedent here – there has already been talk of a DIY recession on its way, and undoubtedly there are going to be many bumps in the road (over a long period of time) before we can get a true sense of how Brexit is playing out. Indeed, as we all know, the ups and downs we’re currently seeing are all in a period where Article 50 has yet to be invoked and there’s no clear idea of when that might happen. There is a Conservative Party leadership election to be fought and only then, when we know the winner, might we be much clearer on the path ahead.
This doesn’t however mean that your clients are going to want to wait, or indeed can wait, until the political establishment has got itself some new leadership. Indeed, over the course of the rest of the summer there is a very good argument to suggest that clients will need (at the very least) information followed hopefully by advice in order to, if you’ll pardon the pun, get their house in order.
Therefore, making sure you have the right communication strategy in place, and the tools able to deliver it, is incredibly important. And this is where I believe the utilisation of technology can, not just be helpful and supportive but should be able to give you a head-start on your competitors.
Of course, at the start of this process, you’re going to need to look at the product areas which might be in most demand, or most relevant to your clientele. Certainly, given the rumour-mill around the future direction of Bank Base Rate, and the fact lenders already appear to be cutting prices, there should be plenty to say to those remortgage candidates. For those actively sitting on an SVR, and still able to meet the affordability requirements of the lenders, I see no reason why they shouldn’t be looking at the current range of remortgage products and thinking this is a major money-saving exercise opportunity. Add in the case for protection in uncertain times, and you can already see a range of messages you could/should be delivering to your client bank.
At Stonebridge this is certainly the message we’ve been issuing to our AR firms/advisers because despite all the negativity around Brexit there will still be opportunities, especially if you can cater for a wide range of client’s needs. So, how can you get that message across?
Well, clearly marketing material has to address this, whether it is e-shots, flyers, letters, factsheets, etc. It’s one of the reasons we developed our Touchpoint marketing tool in order to ensure our firms had signed-off content which they could generate and personalise with a click of the mouse, and then send out to clients. It’s another reason why we’re looking at taking this one step further and providing firms with an opportunity to produce e-magazines, with quality content, which again can be sent out to all relevant clients.
Utilising the technology available, and understanding where and how it can deliver client interaction, leads and potentially business opportunity, can be a huge benefit especially in a marketplace where mortgage volumes might be uncertain, and the mortgage remains the gateway to many other product cross-sales. Therefore, don’t be frightened to embark on delivering your marketing communications with missionary zeal over the forthcoming weeks. Even if it’s holiday reading material for clients over the summer they will appreciate its source, and could eventually be contacting you after their holidays to help them take the next steps on their financial journey.
