October Compliance Newsletter

Newsletter

Issue 19 November 2018

Introducers – Clarification

Following on from last months newsletter, there has been some debate over the current IntroducerAgreement in that it implies the relationship is between TRER and the Introducer and not the Adviserand Introducer.

TRER recognise the hard work our advisers have gone to establish valuable relationships with their Introducers and we would never seek to interfere with this.

However, we do have a regulatoryresponsibility to ensure that all parties are aware of their responsibilities and we do need tomaintain a register of all Introducers and ensure agreements are in place.

With this in mind, we are changingthe wording on the current Introducer Agreement to make therelationship clearer. This will be available from the usual place.

GDPR Following on from the GDPR presentation and the “self-review”, we are now in the final throws of implementing the GDPR procedures. You will shortly be receiving a declaration to confirm that you have undertaken the necessary precautions. You will need to sign and return this to me as soon as possible.

Please however also bear the following in mind: 1.

2.

3.

You must not store your passwords for CRM on your laptop.

If you lose your laptop or it is stolen, you must report this to either myself, Rob, Sarah or Jo as soon as you become aware and we will ensure that your access to CRM is suspended.

CRM itself has end to end encryption using SSL therefore entering or retrieving data should be safe.

GDPR will have a regular slot in these updates as this will provide a forum to discuss issues that arise.

Inspirational quote

Retention of payaway A reminder that over £100k issued to £150k the retention between that is reduced by 1% £150 - £200k reduced by 2% Over £200k by 3% The Right Equity Release St. Johns Court, 70 St. Johns Close Knowle · Solihull · B93 0NH 0800 612 6755 www.therightequityrelease.co.uk

Tim Ashton’s top tips for higher conversions I regularly refer back to these points if I miss a sale and can’t figure out why. More often than not it’s because I missed something basic from the following list:

At the fact find try to establish a ‘hot button’ – not so much what they want, but what it will do for them e.g. if they want £20k for a wet room – great, but in reality the wet room equals a better quality of life, less inconvenience maybe no need to clamber up stairs etc.

seeing other brokers?

Initial rapport is so important earn the clients trust – they need to buy into you before they buy anything from you.

People don’t care what you know … but they do want to know you care.

Exhaust all possibilities with leads – treat them like gold dust, if it doesn’t fit with your first choice – try them all or it might fit 6 months later etc. Put it down for a callback on CRM rather than NFA it.

Establish the way forward – 2 call system, fact find today – full details next week (keep to 1 week ) so they can give you their decision.

Objections – it’s not an objection if you think of it (and deal with it) first, so ask open questions that probe. This is vital in establishing potential hurdles e.g. have they already had other quotes - are they

Trial close to test for obstacles e.g. when will you need the money?

Assumptive close – assume your proceeding? Unless you tell me different.

CRM updates Recent Changes:

Forthcoming Changes:

1. Revised Lifetime Mortgage types • Lifetime Lump Sum • Lifetime Draw Down • Lifetime Interest Only N.B: when selecting an established client file you need to select which type of lifetime mortgage it is and update client before making any changes to the file or loading any documents. The system is not recognising the previous selection of Lifetime Mortgage so throws it out as an error and nothing can be saved.

3. Duplicate Entries - You will be able to duplicate your own client files.

4. Pre-Verification Button If you need a file to have a pre-verification check by Jane, you will be able to send it automatically by clicking a button.

2. Free typing now permitted on status types for NON-AVIVA Leads only - We have lifted the restriction on fitting reasons to standard status types on all lead sources except Aviva leads. This should now help with non standard properties etc. Please give valid reasons when not using a standard one.

Future Enhancements: 5. Multiple Sales - on one client file – no need to duplicate your client 6. Diary system within CRM – no need for several systems 7. Pay statements section – each payment will be autogenerated to a section for you.

Any queries, please speak to Rob.

The Right Equity Release St. Johns Court, 70 St. Johns Close Knowle · Solihull · B93 0NH 0800 612 6755 www.therightequityrelease.co.uk

Panel solicitors

Aviva update

Due to the increase in cost of the leads it is more important now than ever that you support us with our leads by using our panel of solicitors.

In July last year Aviva adjusted their script down to just four questions to enable the customer to speak to TRER as soon as possible in their journey. Although it is still early days we can see that from the “sales to lead ratio” the results from the sales cycle are really encouraging. Aviva will continue to track through in the meantime and want to thank everyone for their efforts in making the change a success.

Their marketing we receive back is ploughed straight back into lead purchasing obviously benefiting us all.

Contact details & further info of our panel solicitors can be found here: Dropbox\TRER - Advisor Files\Solicitors

TRER Awards

Save the date

A quick re-cap of the winners for those that did not attend the last meeting in January:

Please make a note that our Annual Conference & Dinner will be held on 3rd November 2016 at The Belfry.

Best Business Mix = John Whyte & Tim Ashton

For those looking to stay at The Belfry, we advise booking your room now to avoid disappointment as they cannot guarantee there will be rooms available nearer the date.

Best Self Generator of Business = John Whyte Best Use of Own Introducers = Steve Branch

No payment is necessary and you cancel up to the day before.

Best Convertors of Leads = Keith Jones Alison Case, Phil Morgan & Nigel Iverson

To book, call 0844 980 0600 and select option 1 which is the resort desk. Alternatively, feel free to use your own preferred booking sites.

Top producers of issued business = 1st: Kevin Hull 2nd: Martin Reilly 3rd: Kevin Woods Well done to all!

Charity Easter Eggs We will be buying Easter eggs at the end of this month for the charity we support, 4 Steps to a Smile, so if anyone would like to contribute it can be deducted from your pay to buy Easter eggs for care home children. Please contact Jo if you would like to donate.

We look forward to seeing you all at the next Sales Meeting: Thursday 30th June 2016 The Hyatt Regency Birmingham 2 Bridge Street • Birmingham • B1 2JZ Don’t forget to RSVP to Jo or Nicola!

The Right Equity Release St. Johns Court, 70 St. Johns Close Knowle · Solihull · B93 0NH 0800 612 6755 www.therightequityrelease.co.uk