A mortgage broker of more than 15 years has said it’s “almost imperative” for brokers to attract additional value and go beyond providing mortgages.
Stuart Wemyss is the director at ProSolution Private Clients, offering mortgage broking, financial advice, insurance advice and business advice.
Describing entering the industry in the early 2000s he said it was “very cowboy”, but with more robust entry procedures today he believes the right people are now attracted to the industry.
It is these right people he thinks have a “massive opportunity” in the industry, where they can provide great outcomes for their customers.
Wemyss said, “I’ve always really held the view that if a broker is really interested in cementing themselves in the industry, they really need to educate themselves a little bit wider than just mortgages.
“The newer people are joining the industry because of the way it is far more professional. As a result, anyone that’s interested in doing the right thing will naturally want to do the right thing in something other than just mortgages.
“Ethically and even morally if you’re sitting there having a conversation with the client saying ‘I’ve got super but it’s performing poorly and my adviser’s taking commissions’, as someone who cares about their client you’re not going to ignore that.
“I think it’s changing, I think 10 years ago most people were happy to sell the mortgage and move on. These days it’s almost imperative to attach additional value.”
Wemyss has recently written a book looking at why and brokers should be offering their clients more. He said brokers need to “forget about the mortgage product and think about the client”.
He said, “Ninety to 100% of it is to stop selling and to start helping. You can sit there and sell a mortgage and that’s what will generate a short term profit, but what really generates a long term value is what helps a client.
“I think what brokers need to understand is if someone comes to me and says I want to buy an investment I just need you to do a mortgage, to me it’s like going to your GP and saying I have been feeling like this I have done the research and I think you need to prescribe this drug to me. No GP is going to let someone self-diagnose.”
