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Brokers urged to help their good clients through bad times
Wednesday 10th March 2010Yesterday – Tuesday the 9th of March 2010 – saw the third leg of the TrigoldCrystal Business Academy road show arrive at Southampton, where the message to the crowded room of brokers was clear: the market is changing; here’s how to survive in it.
Unveiling new and enhanced functions on its popular Prospector system, TrigoldCrystal showed the attendees the new tools which would give them more business opportunities and greater knowledge of new product areas, such as protection and debt management solutions.
TrigoldCrystal and its debt solutions partner, EuroDebt, explained to brokers that dealing with clients who have fallen on hard times has now become a necessity.
Outlining the options available to indebted clients, such as further borrowing in the form of secured loans, unsecured loans or remortgaging to consolidate debt, as well as referral to a debt solutions provider, it became noticeable that financial advisors are often best placed to give advice on these matters.
Kevin Still, director at EuroDebt, confirmed: “It has only been since summer 2007 that we have seen a change in emphasis, with financial advice and debt solutions becoming significantly linked.”
Whereas remortgaging accounted for 58% of debt management solutions in 2007, according to figures from TDX, over the last couple of credit constricted years, refinancing has become far less viable, leaving clients looking for alternative options.
Mr Still continued: “Denying debts is not an option. We have been working with TrigoldCrystal since July 2009 so brokers can easily offer debt solutions such as debt management plans (DMPs) and individual voluntary arrangements (IVAs) to their clients.”
Brokers were told to look out for warning signs amongst formerly “good” clients, such as dropping protection cover and trying, and failing, to secure more credit.
“Supporting clients during hard times engenders loyalty in the good times,” added host Terry Norris, of TrigoldCrystal.
Brokers welcomed the straight forward process of making referrals to debt management companies through the Prospector system, with most saying that they had made a series of debt management referrals over the last few months.
Mr Norris hailed the event as a success, saying: “The positive feedback was exceptional. It is now without question that brokers must be more open to adding more strings to their bow, as without them not only do they affect their income stream, but also their ability to help clients when they need them most.”
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