Expert and facilitator: Tony Crane, Crane Consulting
Headlines:
- Balancing relationship-driven advice with evolving fee structures
- Leveraging technology like AI and open banking to innovate
- Specialist lenders gaining traction amid market complexity
- Adapting to changing demographics and global mobility
- Exploring new marketing channels and engaging younger audiences
Discussion Points:
Fee structures and complexity
Delegates debated how brokers should structure fees, including:
- Complexity-Based Fees: Advocating higher charges for intricate cases.
- Menu-Based Transparency: Proposing clear, itemised fee structures for better client understanding.
- Regulatory Influence: Addressing how Consumer Duty regulations might shape these models.
Evolving channels to market
The conversation highlighted opportunities and risks in exploring new customer acquisition strategies.
Technology’s role: AI and open banking as tools for personalisation and improved targeting.
Human vs. machine: Concerns about AI undermining the relational aspect of mortgage advising.
Growth of specialist lenders
Specialist lenders and building societies were recognised for their growing market share.
Drivers of Growth: Increasingly complex financial scenarios demand tailored solutions.
Market Dynamics: How mainstream lenders can adapt to maintain competitiveness.
Changing demographics and global mobility
The group explored the implications of a globally mobile workforce.
Emerging Channels: Opportunities to create specialised services for non-UK residents.
Collaboration Needs: Brokers may need to liaise with international lenders to meet this demand.
New Channels and Influencers
Delegates examined innovative methods to engage younger demographics.
Digital Platforms: Channels like YouTube and influencers are gaining traction among younger clients.
Regulatory Concerns: The risks and compliance challenges associated with these
Key Takeaways:
- Consider adopting a transparent, menu-based fee model aligned with case complexity. Ensure compliance with Consumer Duty regulations when revising fee structures
- Explore how AI and open banking can enhance targeting and personalisation. Balance technological innovation with the need for human-centred advisory services
- Monitor the rise of specialist lenders and identify strategies to remain competitive
- Investigate potential opportunities in serving globally mobile professionals through non-UK resident channels
- Evaluate the potential of platforms like YouTube and influencer partnerships to engage younger demographics while addressing regulatory challenges
- Develop strategies to quickly respond to changing consumer needs, market conditions, and regulatory landscapes to secure long-term success
