Protection washes well with mortgage brokers

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Mortgage advisers can ramp up business by taking a very different yet simple approach with protection, a mortgage advice firm has said.

Perception Finance has achieved total 2011 revenue and beyond by introducing a protection questionnaire to go out to clients with mortgage application information.

David Sheppard, managing director of the firm, said: "It was not rocket science or reinventing the wheel. I just identified a gap and changed my approach and we started including that at the turn of the year. By sending it together with the mortgage stuff clients will send it all back together.

"This tells up what existing protection they have and it is a way in to talk about something they might otherwise have put off."

Protection makes up roughly 25% of the firm's business. Sheppard added while a general broker move to a 50:50 business split of mortgages to protection would be "great" a 35% level of protection business was more realistic.

According to the firm, the network it is a member of, Pink Homeloans, has significantly upped its game on training and promotion of protection for its mortgage broker members.

Craig West, monitoring manager at Pink Homeloans, said: "Absolutely we have increased our focus on protection. Certainly Mark Graves brought a lot of that, as he has a strong background in protection, when he came in as head."

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