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The Big Story: The art of cross-selling

More and more brokers are looking to cross-selling to even out the income bumps in the road, but there are key considerations, reports Jemima Codrington.
 
Video transcript below:
 
Jemima Codrington, Mortgage Broker News
Jemima Codrington:  The times, they a-changing and the same can be said for needs of brokers’ clients.  Hi, I’m Jemima Codrington and welcome to the Big Story on Mortgage Broker News. An increasing number of brokers are turning to selling additional products such as insurance.  It’s a tactic that has many advantages including client retention.
 
Jon Sowerby, Verica TVH Financial
Jon Sowerby:  I think cross selling increases client retention by just being able to provide more options to your clients.  The number that I have seen quoted in the industry is, if you can place a client in three products or more, your potential to retain that client is 85% or greater.  Clearly the more you can offer, the better off you are.  But it is something you have to be careful about.
 
Jemima Codrington:  While cross selling does have its benefits, brokers must be prepared to do their homework before choosing to sell additional products.
 
Bill Mitchell, The Mortgage Centre
Bill Mithcell:  I think really what it comes down to is, just listening to what the clients needs are and what their goals are for the future and just invariably throughout that conversation, things come up and sometimes it leads to an opportunity for us as brokers to help them with additional products beyond immediate, initially what we thought they came in for.  But sometimes it also leads to something where we can’t help them directly.  
 
We are not a bank, so we don’t have all the different products that a bank can offer for example, you know credit card, car loan, that sort of thing.  However, because as brokers it’s important for us to have contacts in the banking industry, it’s an opportunity for us to maybe refer to that client to a banker who can help them out and in the end it all comes back and the client is served and in the end the banker will in turn look out for the broker as well, when there is an opportunity to refer business to them.  So it all works out in the end.
  • Kim Luxton: Planning for the future Kim Luxton: Planning for the future (views 13131)

    With slowing business, now is a great opportunity for brokers to focus on the bigger picture, says Kim Luxton, Director, Broker Sales for ING Direct. She says it's time for brokers to focus on client needs, not just today, but for the future and to help them achieve their long-term financial goals, which could result in better residuals and more referrals for the broker.

  • The Big Story: Why brokers do sell creditor insurance: Part II The Big Story: Why brokers do sell creditor insurance: Part II (views 15288)

    On today's Big Story and Part II of our look at creditor insurance, we spoke to Kim Luxton of ING Direct, Ian Tenggardjaja of The Mortgage Centre Mortgage Professionals, Kelly Price,of Mortgage Protection Plan and Mauro Di Cosola of Dominion Lending Centres Mortgage Village.

  • The Big Story: Creditor insurance - Part I The Big Story: Creditor insurance - Part I (views 17356)

    On the average broker’s to-do list, creditor insurance is usually near the bottom. But as brokers look for ways to boost their bottom line, ancillary products like creditor insurance are starting to look more appealing. Still, it’s often a tough sell and that’s coming from the industry itself. Overcoming these challenges is the first step say some brokers. On today's Big Story and Part I of our look at creditor insurance, we spoke to Kelly Price,of Mortgage Protection Plan, Ray McMillan, of Home Mortgage Consultants and Mauro Di Cosola of Dominion Lending Centres Mortgage Village. Price acknowledges that brokers feel selling creditor insurance is someone else’s job and that rings true for McMillan, who says in fact that “somebody else” is also sending them referrals. While apprehension can be a stumbling block for some brokers, it’s not insurmountable, says Di Cosola. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis and

  • The Big Story: Online lead generation The Big Story: Online lead generation (views 15052)

    On today’s Big Story we spoke to Drew Donaldson, an agent with Verico Safebridge Mortgage Solutions, Nick Kyprianou, CEO of Equity Financial Trust and Brad Compton, an agent with Invis. Some feel however, that experienced brokers who know how deal with rate shoppers and offer them more than just a mortgage, but a financial plan, can use these online leads to their advantage.