It’s the classic job interview question; “What makes you a great mortgage adviser?”
I know, I’ve asked it myself, admittedly I learned better questions to ask with experience. A better question, one which elicits their understanding of the role, rather than their personal qualities is “what skills do great mortgage advisers exhibit?”
I asked the same question to an AI enabled tool and received the standard response – technical and commercial knowledge, communication skills, client focus, integrity, responsiveness, networking.
All these skills are important, but do they make an adviser great? For our apprenticeship, there are 46 competencies (based on knowledge, skills and behaviours) which are assessed. Again, they are all necessary, to a lesser or greater degree, but I wouldn’t choose any of them as making a Mortgage Adviser stand out.
Instead, I have reflected on the great Mortgage Advisers I have been fortunate to work alongside in my 30+ years in the industry and identified 6 particular qualities that the very best exhibited ( and the less than great very rarely demonstrated.
1 - An interest in people
The best Mortgage Advisers love their job because it allows them to meet and understand people, their plans and aspirations. They focus on soft facts, because soft facts are more interesting, especially for the client.
They remember detail, making the client feel valued and creating trust and, above all, they have great listening skills.
Listening skills are undervalued and under-utilised, having an interest in your client means you will be interested in their answers.
An interest in people makes the Mortgage Adviser have an interest in great customer service; even AI recognises this as essential. Similar to an interest in people, but different enough to merit its own paragraph, is empathy.
2 - Empathy
Why Empathy is Essential for a Great Mortgage Adviser?
Any list of the most stressful life events will include bereavement, divorce, redundancy and moving home. The mainstay of a Mortgage Adviser’s livelihood is likely to be the most stressful event their client has experienced.
The best Mortgage Advisers know this and understand the pressures they are facing. They have the ability to project calm whilst also demonstrating the sense of urgency the situation requires. I have moved home 7 times since leaving my parents. Every move was fraught, and I understand the process and had support normal clients don’t receive. I remember my frustration with some professionals who didn’t have any empathy with my situation.
My very first manager at the Halifax, way back in the 80s, wouldn’t let his team become Mortgage Advisers unless they had bought a home, because they wouldn’t be able to empathise with the client. An idiosyncratic approach, and not very practicable today, but it was rooted in the importance of an empathetic nature.
3 - Paint a picture
One of the great aspects of being a Mortgage Adviser is the role you play in helping people buy their home.
Your clients will remember you for years. The tangible nature of the home makes it easy for the client to understand the goal.
However, the best advisers will help the client envisage what life will be like in their new home, not just when they move in but also at key stages in life and what it will mean to them and their family, if appropriate. This matters because it will enable the Mortgage Adviser to ensure their client has the right mortgage and protection policies.
One colleague I worked with in Grimsby would ask the client to imagine the reactions of their children, the words they would use and the look on their faces. He would use this emotional picture to highlight the importance of his recommendations. His clients were always properly protected.
4 - Great local knowledge
How local knowledge sets Great Mortgage Advisers apart?
My AI search highlighted the need for commercial knowledge. Most Mortgage Advisers will be aware of the best rates, how the main lenders operate and understand the housing market.
The best advisers I have worked with truly understand the local market. A great Mortgage adviser I worked with in Worcestershire knew the names of all the Mortgage Advisers at local estate agents and builders, their working patterns and any ties for the advice they could provide. She used this to create a positive impression, being confident in discussing options other advisers would offer. She would suggest her clients checked them out but very few followed the suggestion as she explained so much.
5 - Find a way to help
Most mortgages are fairly straightforward to place. Some require a lender with a slightly different lending policy, but once this has been sourced, the process is routine.
Very occasionally, a client has a unique request. It could be their circumstances or their request which precludes any “simple” solution. I was responsible for the team that looked after high net worth clients in the South of England. Some of the lending requests required very creative solutions; in these cases, I had a “go-to” Mortgage Adviser in Oxford. She had the priceless ability to not only find a way to meet the client’s request, but also to explain the steps clearly to the client. She would liaise with the key stakeholders, normally the underwriter, to ensure the client was as untroubled as possible.
It was quite common for the client to say, after the mortgage completed, they didn’t think their request was possible. This adviser exceeded their expectations.
6 - Driven
The locations mentioned will hint that I have drawn my experience from more than one Mortgage Adviser, but all the great Mortgage Advisers I have worked with were driven.
They each had their own, and often different, motivations for their drive but they stood out by their willingness to make the extra call, see the client without notice or take on cases perceived as difficult. Their drive also enabled them to see the longer term, develop their skills and further their careers.
I know drive can’t be “taught” but I believe it can be nurtured through support, challenge and recognition. Too often drive that is not nurtured leads to frustration and disillusionment. Continual learning is a key to maintain the drive.
Despite what my AI search suggests, I would look for these qualities when trying to identify a (potentially) great mortgage adviser. When I work with colleagues these are qualities I always seek to nurture.
By Michael Tate, Financial Services Trainer, at Skills Edge Training.
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