Boring process, not cash generates more mortgage business

The most effective strategy to increase your revenue fast is to tap into your existing clients. You most likely know this already, but I urge you to read on just the same.


Your existing clients are also relatively cheap to access. Simply put, if you have already written a loan for a client they will be more likely to use your services again or refer friends or family to you. So the smart spend is here with your existing client book.


Unlike most other lead generation, advertising or marketing activities, accessing new business from old business is about all about the process rather than the dollar spend. With other advertising and marketing the focus is on the spending budget to achieve a certain target. Buy a half page add is better than a quarter page ad and a full page is better again. One bus add or two buses or an entire route. Sponsor your kids U14 footy team or sponsor the whole club. The effectiveness is simply based on the spend.


The problem for most mortgage advisers, including the very big national ones, is that our dollar spend is very quickly lost in the sheer magnitude of the big banks spend on mortgage advertising and marketing. So, even if we spend the prescribed 20% of our revenue on marketing (most brokers do not) it will count for very little in such a large and valuable market place.


However to target your existing client base and tap into this resource is not an easy task either. While it will cost only a fraction of other forms of advertising and marketing, it does require a clever process. For your client retention process to be effective the emphasis needs to be on the actual process, week in-week out, month in-month out, year in-year out. Someone needs to drive this process, but my guess is that everyone in your business is pretty busy right now writing mortgages for your clients.


So it makes sense for your clever client retention process to be automated or at least semi-automated. For this automated process to be effective you need a method of communicating (keep in mind that communication is two-way, I will come back to this point) with all your clients without actually consuming more of your time.


This is where your business website and your Facebook page will actually start to earn their keep. Yes, you have a website now and you may have started a business Facebook page, but I urge you to have a look at them right now. Or better yet, ask a trusted friend or your adult children to have a close look at your website and Facebook and give you honest feedback.


Finware recently reviewed 120 randomly selected client websites and any associated social media pages. The findings were amazing and at the same time very scary. We rated the pages using a simple 1-5 scale based on six essential metrics:

1. Overall look and feel

2. User engagement and call to action (CTA)

3. Integrated compliance

4. Updated content

5. Business automation & connectivity

6. Social media integration (only scored if available)


Across all six criteria, the results were extremely poor with overall look and feel top scoring at just 3.1/5. The other five metrics all scoring 1.9/5 or lower. That is essentially a huge fail in the five important metrics. Unless your website is simply intended to be an expensive online brochure you really want to score at least a pass for the other five metrics.


So the good news is that if your website looks ‘tired’ and your last Facebook post was 2014 then you are in good company with the rest of your peers. The problem of course, is that if you want to utilise these assets (yes, they are assets) in your clever client retention process, they will need to be brought up to speed …and integrated.


Integration may sound a little vague or techy, but for your clever client retention process to work each of the components must work together. What many mortgage advisors tend to do is grab a patchwork of services from a number of suppliers. A mate will build the website; they will take a newsletter from their aggregator, compliance from another supplier; and perhaps try and write their own blog.


The problem here is that these components do not connect. The website doesn’t have the latest client tools and calculators, your aggregator newsletter takes clients to your aggregators website, your compliance components do not update automatically, and your blog or articles stop after a few months.


Finware has put together the smart client retention process. This is a suite of connected products and services designed to generate new business and referrals from your existing client database.

The process starts 6 weeks after you settle your clients mortgage with our client satisfaction survey. An automated email with a link taking the client to your website to complete a very quick and simple survey about your service, the lender and the mortgage product. A small gift can be used to thank your client for a referral.


Each month your client receives your e-newsletter. Your newsletter is sent from your email address which is very important for open rates. Your newsletter is full of news articles and client tools which link the client back to your website. Let me repeat that – your website. On your site they can use the client tools and submit forms. Your is branded your business and links back to your website. It works for your business and helps drive Google ranking. For more information about our e-newsletter please check out Stories Worth More Than Reading and 8 Key Ingredients to Newsletter Success.


On the first Tuesday of every month your client will receive a quick email from you letting them know about the RBA decision and highlighting a recent article or showcasing a client tool or calculator. Again taking the reader back to your website. All these links back to your website are important and assist with your Google ranking.


Your website itself is a wow website. Your clients will be very impressed with your professionalism and the content. Website design has advanced a long way in the past 5 years – ‘About Us’ and ‘Our Services’ just don’t cut the mustard any more. Tools need to be interactive, clients want to be able to leave their testimonials live and your compliance requirements such as your Credit Guide should update automatically and be available to view online. Instead of emailing your credit guide as a PDF you can simply link to it in all your outgoing emails. Once again linking back to your website. You can read more about Your Smart, Connected Website here.


Each year prior to their anniversary your clients will receive an email prompting them to undertake an annual financial health check. Again, this is a short survey asking if anything has changed and if they are looking at other major financial decisions.


Your website has built in client tools and calculators that let your clients play and calculate everything to do with their mortgage. Importantly they can complete their budget and their assets and liabilities and submit these forms back to you the advisor. Check them out.


All of these interactions are integrated and seamless. The whole process can be further enhanced by connecting your business Facebook page. This provides an easy connection point with your clients. The Finware service includes daily management of your Facebook page, so even if you are not a Facebook kinda gal or guy you can still utilise this useful asset.


The bottom line is that spending time and effort to build your smart client retention process is not only the best use of your time it is a clever investment and results in immediate new business revenue. Test it out for yourself.


Drop me an email jason@finware.com.au if you have any questions or would like to discuss any of the above products and services.



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