By Lauren Driffill
THE GEN-Y PERSPECTIVE
Lauren Driffill has been with the PAA since April and offers some valuable insight into the industry. Here she offers a fresh perspective from the next generation of potential clients.
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s 2013 comes to a close we can reflect on what has been a year of change for the financial advice industry and mortgage advisers in particular have seen many legislative changes which have begun to alter the way they do business. With LVR restrictions coming into play advisers have been given the opportunity to provide a range of clients with what banks cannot, to get them into a home. Finding new ways to attract clients in the low LVR space, as well as retaining those who are now wary of purchasing a home has been at the forefront of many advisers minds. When I walk into a bank seeking advice on a home loan, do I really get advice? I am probably going to be offered a range of products which may or may not be relevant to me based on whatever special offers or incentives are available at the time. It is unlikely I will truly be guided through the process. This is where mortgage advisers have the opportunity to separate themselves, adding value to the services provided by doing more
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than just ‘going through the motions’. There are the obvious things that consumers have come to expect from an adviser - offering refinancing options, seeking out alternatives where necessary, identifying potential issues that may arise in the future which will affect my ability to service mortgage repayments. Then there are the added extras – getting to know me, helping me to understand exactly what is happening each step of the way through my mortgage application and acting as my trainer when it comes to the world of finance and mortgages. When I consider the process of purchasing my first home it is hugely overwhelming, and a little bit frightening, while at the same time being an exciting milestone. In choosing an adviser to guide me through the process I want to know that I have the best person for the job .
MAXIMISE PROFITS Going the extra mile is something that I see much less of these days. Everyone rushes through sales in a bid to maximise profits
or commissions, be it when I am buying a television or getting a manicure. This often means that customer service takes a back seat. It doesn’t just take a bad experience to change my view of the services provided, it can be the realisation that there is better on offer elsewhere. It comes back to the old adage: quality, not quantity. In any service based industry, if you focus on quality then the quantity will follow. If I am your client, the better the service you provide me, the more likely I am to seek you out again in the future or recommend you to friends and family. Word of mouth is an extremely powerful form of advertising, and negative experiences do not just mean bad service! How would you feel if you found out that your friend goes to a similarly priced hairdresser to you, but while you get the basic cut and blow dry with no bells or whistles, she gets offered a flat white, enjoys a head massage during the shampoo, walks out with advice on which products are best suited to her hair type, styling ideas, and perhaps a
