Question: So just what do you need to do to assist your mortgage broker COI convert more loan sales and in doing so refer more clients to you for a personal protection strategy?
Answer: Help your COI better meet the needs of the client.
The client is concerned about:
1) Is this the best interest rate?
2) Are the fees something I can live with?
3) Am I going to get the size of the loan I need?
4) What are the repayments going to be?
5) Can I afford them?
This is enough to take in let alone raising the spectre of "what will you do if you are unable to work and can't afford the repayments....you need to speak to our insurance specialist."
The client answer IS NOT "I'm so glad there is insurance for that, can you sell me that too?"
The client reaction is a total panic attack and shut down. Thinking of a rational solution is far from the clients mind.
So equip your mortgage broker COI with the following phrases:
"My biggest concerns in securing this loan for you are:
- you get a competitive interest rate
- the fees are minimised
- you get the loan size you need
- you can manage the repayments
- and you can always afford the repayments even if you can't earn an income through accident or illness
Let's start by focusing on the loan"
Because this opening phrase addresses what is on a clients mind, and positively raises a solution to an unspoken sometimes unconscious concern, before refocussing the client on the loan - it is a powerful and compelling positioning statement for the mortgage COI to use.
What it allows is then at any time for the client or the mortgage COI to raise point 5. There is implied permission for either party to raise it.
We'll talk about social proof later and revisiting point 5 next time.
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