Over 50 per cent of brokers said their biggest problem is attracting new clients with regulation stated as their next biggest worry, according to research from NatWest Intermediary Solutions.
Retaining existing clients was broker’s next biggest concern followed by marketing their businesses more effectively and diversifying into non-mortgage markets.
When it comes to regulation, the biggest concern for more than a third of brokers is the potential increase in costs that regulation will bring. The survey showed one in five said that their main concern was a potential increase in paperwork, with 14.4 per cent saying that they were worried about the potential increase in time it will require to sell mortgages.
One in ten felt that they did not understand what the potential new regulation will mean for their business whereas just under a fifth were confident that any new regulation would have little effect on their business.
With brokers concerned about attracting and retaining clients and improving their marketing, the survey sought to find out what they currently did to promote their businesses. The majority said that they send regular communications to their clients via email or post, with 42 per cent saying they ran an up-to-date web site. Just under a fifth advertised in the local press and 12 per cent have an enhanced listing on Yell.com. Less than one in 10 contributed editorial regularly to the local press.
Graham Felstead, head of intermediary channel, NatWest Intermediary Solutions said: “It’s not surprising that the prospect of new regulation provokes a variety of responses from the intermediary community, with many concerned about additional demands being put upon their financial and human resources, especially when they are keen to invest resource into attracting and retaining clients. To help shed some light on these issues, we will be running seminars at the next NatWest Intermediary Solutions Forum event at the O2 Arena on 20 May on both regulation and marketing. These sessions should provide advisers with a number of ideas on how to address both topics.”
NatWest said the NatWest Intermediary Solutions Forum features a mix of highly renowned key note speakers and business development seminars on a variety of topical issues.
To book a place at this free-to-attend event, brokers should register at www.natwestintermediarysolutionsforum.com
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