The Word - How many products do you cross sell to your clients?

“We position ourselves as experts in mortgage finance, so that is our primary offering. As a small firm we don’t have the capacity to become experts in other products, so rather than become a ‘jack of all trades, master of none’, we like to stick to what we know. Having said that, we do believe it is responsible to introduce the concept of income protection and/or life insurance. Also, if a client has an expressed need for a complementary finance product, we are happy to assist them.”
ELLE MCKENZIE
Crawford Mortgage Services  

“I only offer mortgage protection. I’ve seen too many clients have something dramatic happen within the first few years of taking out a mortgage – either an accident or a terminal illness. I offer this to all my customers, but I don’t push it at all. I used to do personal loans, but I stopped because there’s no money in it. If they do need a personal loan, most of the time I just do a redraw on their mortgage or increase their mortgage.”
ERIK VERHEYDEN
Approved Home Loans

“I do a bit of insurance, and I do some personal loans for car purchases, but that hasn’t been successful. I don’t push it very much, but I might look to expand into that a little more in the future because income has dropped. It’s a changing industry, with new software, NCCP and MFAA requirements – it’s a struggle to get used to. I’m a sole trader, and I don’t have a PA to organise everything. I’m not even pushing the insurance as much as I should.”
ALLAN FAINT
Finance Company

“We always recommend that clients have mortgage protection, but we also have a property service so clients have their investment property sourced for them – but that’s not for everyone. On average, most of our clients would end up with four products: home loan, credit card, offset account and mortgage protection. We don’t deal in personal loans; I prefer to specialise in mortgages as opposed to be everything to everyone. I just suppose that personal loans are more hassle than they’re worth.”
PAUL WRIGHT
IPS Home Loans

“We supply our clients with more products than you can possibly think of. We are fully qualified financial advisers here at teamwork finance, so we can do SMSF insurance, pension and general insurance and advice, a whole range of products. I believe our brokers who write loans will be particularly important after July when they will be able to still write SMSF loans, while most other brokers won’t be licensed to do so anymore.”
DIANA NOCERINO  
Teamwork Finance