"In other circumstances, I would have had to go away to carry out the research and email the client with information at a later point."
This week, I thought I would take a slightly different approach and demonstrate how an affordability research platform can take centre stage in an advice process, using a recent case study from a broker.
Here’s what the broker had to say:
“An existing client, who I hadn't seen for some time, contacted me to look into whether it was possible for them to move home. I was able to go through five different scenarios of the client’s circumstances, including with and without debt, pay rises, change of jobs, etc. The result was a decision that they were not in a position to move yet, certainly until the debt had been repaid.
“I used MBT Affordability to run these scenarios and the order of the lender results changed for virtually every version, so it would have been very difficult to work out which lender was best for the client without the platform. I was able to advise the client exactly what was best for them, which was to wait until later in the year before considering moving – and all this just took around 30 minutes.
“Going through this process also meant that I was able to sort a product transfer there and then, on a penalty-free tracker that gave the client full flexibility. This certainly wouldn’t have happened without the comprehensive research I was able to undertake in just half an hour. In other circumstances, I would have had to go away to carry out the research and email the client with information at a later point. In this case, they would have already spoken to their existing lender, so the PT might easily not have happened.”
This is an excellent example of how an affordability platform was integral to a broker’s advice process and enabled them to make the most of a client contact. In these uncertain times, it is important to make the most of every opportunity, and technology driven advice is certainly one way of doing that.
