“The more you can walk them through the realistic steps of a mortgage the better you position yourself (as a broker).”
It's a role than more and more advisors are taking on in the quest to cement the kind of stronger relationships with clients that lead to increased retention but also increased referrals. Being an advisor instead of being focused on the transaction is something other brokers are also advocating, pointing specifically to informal credit counselling.
“I tell my brokers who I hire that the most important thing you need to do is be an advisor, so you must educate yourself ,,, you have to go back to school (so to speak) and you have to learn things,” “Educating the client will put you in a different mind space than an average bank specialist because bank specialists aren’t that educated, contrary to popular belief ... there are some that are but (not) the majority.”
Still, it's a hard message to drive home to agents, especially when consumers are in holiday-spending mode.
But they've got to understand, said Mayer, that one key way to protect credit over the holiday season is to not become overzealous in its use. Even if a purchase is paid off right away, it could have a negative impact on a person’s beacon score.