TMA Club urges advisers to ‘embrace technology’

TMA Club has urged advisers who aren’t doing so already to start using digital tools that can help them keep on top of changes to their clients’ mortgage policies amid the coronavirus crisis.

The mortgage club’s calls come as data from CACI highlighted that a spike in product maturities worth £33.18bn is expected in December.

The same findings showed that there are further fixed rate maturities expected in 2021 worth a total £250bn, with spikes of £26bn, £26.5bn and £38.9bn due in April, June and October, respectively.

By using customer retention tools, TMA suggested advisers will be better able to reach out to clients, confirm whether they are coming to the end of a fixed rate deal and reassess their financial situation. The club said that this will enable them to start proactively speaking with clients about their options, and determine which solution would best suit customers’ specific circumstances.

“CACI’s research shows just how important it is for advisers to be keeping in touch with clients,” said TMA development director, Lisa Martin. “The next couple of weeks will be a crucial time for the thousands of borrowers who are set to be impacted by December’s spike in product maturities – and now is the perfect time for advisers to showcase their value.

“By utilising technology, brokers will be better able to get in touch with clients who are set to be affected, offer their support and expertise – particularly to those who are uncertain of what to do next – and inform them of the options available.

“Embracing technology will put advisers in good stead for the future, helping them retain clients and gear up for a post-coronavirus market. This is why it is in a broker’s best interest to have the digital tools to hand to better support them in their conversations with customers over the long-run.”

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