Adapting to uncertainty and change

Find out how Sarah Watts, Head of Intermediary has been adjusting to a new way of life and overcoming unexpected challenges during the Covid-19 Pandemic.

Over the last three months, we’ve all had to adjust to a new way of life and overcome unexpected challenges at both a personal and professional level.

Whether this is learning how to work from home effectively or making sure the team continues to communicate with each other whilst being separated, it has certainly been a test for everyone. For me, the careful balancing act of working from home and homeschooling my eight-year-old son has certainly been a challenge – and one that I’m sure many parents can sympathise with.
 
As the mortgage market begins to take its first few tentative steps towards normality, it’s understandable why advisers may feel concerned about doing business during such an uncertain economic period. The full impact of the Covid-19 outbreak on the mortgage market remains to be seen, but initial indications show that we might be facing a turbulent period with people struggling to get onto the housing ladder or keep up with their repayments.

So, it’s vital for advisers to consider how they can adapt their business to what lies ahead. Reaching out to their existing or previous clients about their current circumstances can provide an opportunity to continue doing business during this time. With more and more people spending time at home, now is the perfect time to talk to clients about their home insurance policy to ensure they have the right cover for their property and valuables.

By providing guidance and support that people may need right now, advisers can open up the conversation about their clients’ wider protection needs and help to future-proof their own businesses from any further mortgage market instability. Offering a more holistic service, including considering a client’s home insurance needs, can provide advisers with a constant income stream.

What have we been doing to support advisers?

We understand the challenges that advisers have been facing, which is why our dedicated team has been working hard to provide the support advisers may need as they navigate an uncertain landscape. As part of this, we have been busy adapting our learning and development programme to the current situation so we can help advisers kickstart and tailor their conversations with existing clients. Traditionally our workshops have been face-to-face but these have been adapted and are now run online.

Through our webinars and virtual workshops, we are aiming to give advisers the tools and resources they need to maximise their back books. We’ve launched new subjects such as ‘The Psychology of sales’ which looks at customer behaviour and ‘Talking to your back book’ to ensure they are relevant for this challenging period we find ourselves in. 

We also recognise that advisers are busy juggling their work and personal commitments while being home, so we’ve developed our training programme to be in the form of bite-sized chunks, making it more accessible for advisers. Nothing about the current situation resembles “normal” and our team is committed to supporting advisers throughout this period as they adapt to working in a virtual world.

As we look ahead and restrictions on life begin to ease, it’s important to acknowledge some of the lessons we have learnt along the way. For advisers, considering how to diversify their business and getting the most out of their back books will be vital. By adapting their service and offering advice on a range of products, advisers have the opportunity to build long-lasting relationships with their customers, whilst ensuring a stable income for themselves in the months to come.

And with the Chancellor’s announcement about a temporary cut in stamp duty, there is a glimmer of hope for advisers over the coming months as the housing market begins to recover and homebuyers take advantage of the stamp duty holiday. As more people look to move house as a result of the policy change, advisers will have an opportunity to generate new business and continue to build their client base amidst economic uncertainty.

You’ll be hearing a lot more from us over the coming months with the launch of our new GI dedicated newsletter ‘GI news and Views’ and Linked IN page – please give us a follow. If there’s anything my team can help with, please don’t hesitate to get in touch.

Many Thanks Sarah