For all advisers the period up until the completion of a sale can be fraught with both tension and (hopefully) joy however I suspect no-one active within the equity release space would argue against the fact that it can be somewhat stressful. Within our business the chances of not making that completion are relatively high, not least because of the fact it is perhaps one of (if not) the biggest financial decisions a client will ever make.
We are after all talking about a person’s home – one which they may have spent most of their life living in, and will certainly have spent a considerable amount of money paying for. Therefore a sensitive approach is absolutely necessary which is why equity release advisers have to be particularly strong with their ‘soft skill’ set – advice in this area is all about empathy and understanding. If you have neither then you are really going to struggle to be a success in equity release advice.
So, when a lifetime mortgage or home reversion completes this can be a very big moment for all concerned. In all likelihood the journey to get to this point will have been fraught with any number of obstacles to overcome – be they financial, legal or simply persuading the client that your recommendation is the best option available to them. However, at the point at which the client has their money and they are able to use it to solve the initial problem they came to you with, then there will definitely be time for a sense of satisfaction at a job well done.
The point though is that, for any good adviser, the job is not complete. Certainly the client relationship is not over – at least it shouldn’t be – and it is at this point that the post-sale service should kick in to ensure both the client and the adviser gets the most out of the relationship. So, what should you be doing post-sale? When is a good time to check back in with the client after completion and when should you be giving them a wide berth?
It’s a common sense approach but I would not advise contacting your client multiple times in the period just after completion. Regardless of the strength of the adviser-client bond it can feel like overkill to keep phoning every day after a sale goes through. My advice would be to give the client some time to get to grips with the completion, to receive the money and for them to start deciding how they are going to spend it. Then, within that first month make small contact with them firstly, to check how they are, but then to see if they’ve got their money and if the process was okay for them.
This client-adviser separation time is, in my experience, necessary. Especially if you would like recommendations and referrals. Think about your own experiences perhaps in arranging your mortgage and/or buying a home – I suspect that the stress of the experience may not have put you in a good mood up until the point of completion, and even if the adviser was the consummate professional, often clients are not too enamoured with anyone even vaguely involved in the process. Just asking the question, ‘How was it for you?’ is not likely to bring about a positive response and any referrals could go out of the window.
Therefore let the dust settle and come back when the stresses and strains should hopefully have lessened. A few weeks on, with the money in the bank account, clients are likely to take a different view and are much more willing to engage in a conversation which could lead to recommendations. Make that first meeting an extra special event; why not turn up to the meeting with a gift, for example. Perhaps you’ve noticed the client has a special interest or hobby, or is passionate about one area – making sure you tailor your gift to this area is likely to bring you even more brownie points.
A happy client is much more open to your services. Therefore make sure they’re aware of what else you offer – leave business cards with them to give to friends and family, and help them understand how you might be able to help all the other people in their life. It is from these interactions that significant businesses are grown – again, it comes back to the ‘soft skills’ in this job and those that are able to excel at this by showing their human side, and continuing to place the client at the centre of the service post-completion, will be the ones that are likely to benefit the most when there is further business or referrals to be gained.
Chris Prior is manager, sales and distribution at Bridgewater Equity Release