Contacting the clients in your back book
How to work back through the clients you placed years ago, what to look for in their files, and how each introduction to Equity & General runs.
How to work back through the clients you placed years ago, what to look for in their files, and how each introduction to Equity & General runs.
Your systems hold a list of every client you have placed a mortgage for. Each of them shared their whole financial picture with you, their circumstances have changed since the file was closed, and each is a possible introduction to E&G.
Winning a new mortgage client costs marketing, time and the effort of earning trust. Clients in your back-book have already chosen you, told you their income and outgoings, and let you arrange a large borrowing. Between the deal completing and the next remortgage, the file sits idle.
A client you placed five years ago may have had changes that bring financial questions they have not addressed:
You will only learn of these changes by asking.
Start where change is most likely. Older completions come first, because more life has happened since. Within those, some groups are more likely to have a wider need:
Working in that order puts the cases most likely to need an introduction first.
The case notes already hold useful information. The income recorded at the time, set against how long ago it was, suggests how far things may have changed. Employment type shows you the business owners and company directors, who may have little in a pension. A large deposit that came from outside the client’s own income can point to an inheritance or a sale. A buy-to-let, or several, points to tax and estate questions. Age at completion tells you who is now nearing retirement and later-life decisions. Reading the file this way is not advice; it helps you decide whom to call first.
The mortgage gives you a reason to get in touch: a rate coming to an end, a product transfer falling due, an annual review you offer as a matter of course. The client expects that contact, and it is a suitable moment to widen the conversation. Before you run anything across a batch of old clients, check that the consent and privacy terms they agreed to cover contacting them about a related service. E&G’s partnership team helps you get that part right.
Open with a question. While reviewing the mortgage, you can ask whether anyone is looking at the rest: the old pensions, the savings sitting in cash, the protection behind the borrowing. If no one is, offer the introduction. You can raise the subject, and you can advise on the mortgage and the protection yourself. What you must not do is advise on the pensions, the investments or the estate. That is regulated advice, and it belongs to E&G. Your job is to notice the gap and offer the introduction.
When the client is interested, you introduce them to E&G. The introduction comes from someone they already trust. An E&G adviser takes it from there: the fact-find, the regulated advice, the paperwork and the ongoing service. You stay in view throughout, keep the mortgage relationship, and share in the recurring value of the assets that come under advice. The client gets the wider advice they were missing, arranged through the person who arranged their mortgage.
Work at a steady pace. Take a handful of old cases each week, fold the wider question into the reviews and product-transfer calls you are already making, and let the introductions accumulate. Because the relationships already exist, a slow pace through a few years’ completions can produce introductions for a long time.
You are working your own clients, under your own permissions, and introducing them for advice you are not authorised to give. You may raise pensions, investments or estate planning, and advising on them is E&G’s work, under its FCA authorisation (No. 474163). Using your client data for this has to sit within the consent your clients gave and your firm’s privacy terms, so check both before you begin. Handled that way, your back-book provides introductions within your permissions.
Yes. The older the case, the more life has happened since, and the more likely the client now has pensions, savings or a windfall that no one is advising on. The relationship and the trust are already there.
Start with older completions, then favour business owners, higher earners and landlords, and clients approaching the ages where pension and later-life decisions become pressing. Your own case notes hold the clues, such as income at the time, employment type and how a deposit was funded. That lets you call the most promising cases first.
You can contact your own clients where the consent and privacy terms they agreed to allow contact about a related service, so check those before a wider push. Contact around a mortgage review or renewal is the most straightforward footing. E&G’s partnership team helps you set this up.
You can ask whether anyone is reviewing the wider picture, such as old pensions, cash savings and the protection behind the mortgage, and you can advise on the mortgage and the protection yourself. You must not advise on pensions, investments or estate planning. At that point you make the introduction to E&G, who give the regulated advice.
How to build introductions into the fact-find, the consent step, the partner portal and back-book reviews so that they happen on every suitable case.
Read it
A comparison of the two ways to work with Pecunia: the introducer model and the partner model that shares in ongoing assets under management. Who each suits, and how to start as an introducer and move up.
Read it
The questions a broker's compliance function, network or PI insurer raises about a wealth partnership, with the answers: the introducer agreement, where the regulated liability sits, what data moves and when, and how you stay inside your permissions.
Read itYour firm keeps the mortgage and protection advice. Equity & General gives the pension, investment and estate planning advice, and a named partnership manager sets the arrangement up with you.