Know your client’s deeper purpose for seeking your advice

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As a mortgage broker, giving the right advice is less about getting a client a cheap home loan, but more about helping them achieve the things that matter to them.

This means that you need to have a clear understanding of what your client’s requirements are, at every stage of the process.

Sometimes you may have to ask the same questions a few times, in different ways, to get a good handle of what is it that your clients want. 

Sometimes what the client may say is not necessarily what they mean.  And as a mortgage broker, you may have to interpret what they mean.

In some cases, you may have to help your client define what they are trying to achieve.

Ask the right questions

Get to know your client by asking all the relevant questions about them, their interests, as well as their intent and purpose of their finance needs. 

Ask them about their short, medium and long-term goals. 

For instance, if a client comes to see you and says – I want to review my mortgages to save some money.  

Saving money is not the end goal.  You should ask why is it important for them to save that money. 

Is it about paying off the home loan sooner, to achieve financial independence? 

Or saving the funds to send the kids to a private school? 

Or a family holiday each year?  

The money is not the goal – rather the questions should be: do you know what the money will do for your clients?

The key to getting to know about your clients is that you must care (you cannot fake sincerity).

To help prepare your questions, put yourself in your client’s shoes.  Ask yourself, what would keep you up at night?  What are their concerns?  What problems might they need solving?

Knowing more about your prospective clients will set you up for success in terms of being able to structure your interview questions. 

Ask them the right questions and address their key concerns.  You want to know their deeper purpose or goal.

Create an interview plan or agenda

Be clear on your outcomes and objectives – what do you want to achieve during and after the client interview?

Have a good introduction or positioning statement prepared: Who are you, and why should customers work with you, and how you can work with them?

Differentiate yourself from the competition.  This is where your value proposition comes in.

Set a clear agenda, and prepare your core questions. 

Use your Fact Find/Needs Analysis form as a guide.

Be clear about how you can help. 

For instance, if you have a client who is looking to refinance, why do they want to do this? 

If it is to save money, what will they use the savings for?  Is there a deeper purpose to them wanting to save money? 

You want to build a picture around your client’s story, their needs and the opportunity.

And only then will you be able to propose a solution or a loan product to meet their true needs.