Podcast #26 - Financial well-being: what it means for brokers

In episode 26 of the Growth Series, Katie Pepper, Communications Manager at Accord Mortgages, is joined by Jason Butler, Head of Financial Education at Salary Finance, the workplace financial well-being provider. Together, they discuss the role of mortgage brokers in securing customers’ well-being.

Financial well-being is about having an awareness of your own financial situation, and making decisions that are in the best interests of achieving your goals. Jason discusses wanting to raise the taboo of talking about money, thus breaking down barriers to create a national discussion on people’s financial health.

He explains that people don’t always have squeaky clean credit scores, but that doesn’t mean they don’t have the financial resilience to be able to afford a mortgage that enables them to buy the house they want. At the same time, the broker is in a position to advise on the long term affordability of a home and product. The broker can also recommend products based on individual circumstances and make a judgement on affordability with a great deal more insight than that of a robo advisor.

But ensuring the financial well-being of customers goes beyond just finding the right mortgage product. Brokers can also help source the right insurance, such as income protection and as customers become wealthier, the broker can recommend financial advisers. Thus, the broker becomes a valuable part of the long term lifecycle of the mortgage and of the customer’s overall financial well-being.

Finally, Jason emphasises how brokers are important in communicating difficult messages to clients who might want more than they can afford.

The Growth Series is a dedicated resource that aims to help mortgage brokers grow their business using digital and communications marketing techniques. For more hints and tips on how to grow your business, you can sign up to the Growth Series for free, here.

Podcast #26

00.00 - 1.15 Introduction

1.16 - 26.20 Katie Pepper, Communications Manager at Accord Mortgages, is joined by Jason Butler, head of financial education at Salary Finance, the workplace financial well-being provider. Together, they cover:

• The idea of financial well-being and its importance to both employees and customers

• The role mortgage brokers can play in the financial well-being of customers

• How can advisers ensure that the financial well-being of customers forms an integral and important part of the advice process?

• From a compliance perspective, does addressing financial well-being with clients help advisers manage the risks to their business?

• Tips or advice you would give advisers looking to find out more about this subject

26.21 - 28.20 Outro