Mortgage advisers should be proud of the value they bring to consumers and not shy away from recognising the importance of work they do, according to Andrew Montlake, chair of the Association of Mortgage Intermediaries (AMI).
In his speech at the organisation’s Annual Dinner, Montlake said it was “time for brokers to stop being shy about the value we bring. We need to come out fighting, proudly and publicly, for the work we do in our clients’ interests”.
Montlake said brokers were “not just form fillers”, he added: “We are translators, problem-solvers, protectors, counsellors, challengers and, on the odd day, miracle workers with a laptop and a caffeine problem. We are the growth engine, the safety net and the conscience of the mortgage market.
“So be proud. Value yourselves. And shout about it.”
Not backing down from challenges
Montlake said the sector had to face the “headwinds of chaos” again this year, despite many believing the market would be calm.
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“Cue stress, worry, long nights, early mornings, weekends cancelled, family forgotten, clients assured and reassured again. Cue three months of potential business brought forward and slam-dunked into lenders wrestling to make sense of pricing models.
“Cue swearing at laptops, mobile phones overheating, emails out of date five minutes after sending, brokers and business development managers (BDMs) sweating as their mailbox reached capacity, the wails of clients who went away for a week and now faced hundreds of pounds more in monthly payments. Cue those immortal words: ‘there has to be a better way to make a living’,” he said.
Montlake said these times of stress were followed by awe at how well advisers worked, and thanked lenders who took notice and supported intermediaries.
He said intermediaries kept the sector busy by continuing to contact clients to ensure they did not miss out on good deals.
Montlake added: “This is a fundamental difference between us and the direct space. These are the times when a broker’s value is proven without a shadow of a doubt.
“Not just the obvious value of advice, but the value of you all as individuals: people who go above and beyond every single time a difficult situation arises.”
On the night, AMI’s CEO Stephanie Charman also announced that a new piece of research, the Value of Advice Viewpoint, would be carried out later this year.