The Growth Series

Podcast #105 - Advising in an evolving market



The mortgage industry is constantly evolving with significant transformations occurring in recent years due to the pandemic, economic turmoil and fluctuating interest rates. Brokers have faced unprecedented challenges while navigating these changes, making their role more vital than ever. 

In episode #105 of our Growth Series podcast, Gurpreet Chahal, Corporate Account Manager at Accord Mortgages, welcomed Richard Howes, Director of Mortgages at Paradigm Mortgage Services and Anthony Rose, Chief Executive Officer at LDN Finance, to discuss how brokers can adapt their strategies in today's dynamic market.

Anthony Rose discussed the significant hurdles that brokers face today, asserting the unexpectedly rapid rise in interest rates as a primary challenge. For many advisers who have never experienced a high-interest-rate environment, adapting to these changes has been particularly difficult. Rose pointed out that brokers miss the opportunity for immediate, collaborative support due to remote working conditions, adding another layer of complexity to their roles.

Richard Howes echoed these sentiments, discussing the perfect storm created by rapid interest rate changes, evolving consumer duties and regulatory pressures. He highlighted the significance of brokers in ensuring clients comprehend the broader financial implications of their mortgage decisions, particularly in an unpredictable market.

Gurpreet asked Anthony how brokers can adapt their strategies to keep up with the rapidly changing market. Anthony shared the value of having a robust support network and utilising various communication methods to stay informed about market changes. He mentioned that timely internal communications within broker firms can significantly help brokers respond to sudden rate changes and other market shifts.

Richard Howes also indicated the importance of brokers adopting a holistic approach to financial planning rather than merely focusing on transactional relationships. He argued that brokers should consider clients' complete financial picture, including potential financial shocks, to provide comprehensive advice. Richard proposed using cash flow planning tools to anticipate both positive and negative changes in clients' financial circumstances over time, thereby strengthening client relationships and adding value.

The discussion then turned to technology and AI, with both Richard and Anthony expressing optimism about its potential to enhance efficiency and support brokers. Richard noted that while technology should not replace human interactions, it could assist with administrative tasks, allowing brokers to focus more on client relationships. Anthony agreed, adding that technology could help streamline processes and improve the speed of service delivery, although the human touch remains crucial for client trust.

In assessing clients' needs and risk tolerance, Anthony shared the weight of in-depth, meaningful conversations. The recent economic challenges have increased the complexity of clients' financial situations, making it essential for brokers to fully understand and address these issues. Richard added that brokers must stay informed about industry trends and external factors influencing the market to offer the best advice to their clients.

The episode concludes with Gurpreet asking Richard how intermediaries can stay informed about industry trends amidst their busy schedules. Richard suggested leveraging various resources such as podcasts, industry websites and educational content from lenders. He emphasised the necessity of continuous learning and staying updated on market dynamics to remain credible and successful.

For those seeking further insights and resources, the Growth Series offers a dedicated and free platform for mortgage brokers, featuring blogs, guides and podcasts designed to help you scale and grow your business. For more hints and tips on how to grow your business, sign up for the Growth Series here.

00:45 to 30:38

  • 00:45 Meet the Experts: Richard Howes and Anthony Rose
  • 02:07 Challenges in the Evolving Mortgage Market
  • 09:30 Adapting Strategies for a Changing Market
  • 12:19 The Importance of Client Relationships and Financial Planning
  • 19:49 The Role of Technology and AI in Mortgage Brokering
  • 25:52 Assessing Client Needs and Risk Tolerance
  • 30:38 Staying Informed and Educated in the Industry



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