Choosing the best mortgage network to help your firm grow and thrive can feel like an impossible decision, particularly when it comes to comparing and contrasting the services and features each network has to offer.
To simplify the process, we’ve put together some of our top tips to help you make the best decision for your business.
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Think about your business goals
If you’re joining a network for the first time or considering switching to a different network, it’s really important to keep your business goals at the forefront of your mind when making your decision.
There are many different goals that may be a priority for you, but whether you want to grow your business, minimise the amount of money you’re spending on fees, simplify your processes, or seek out more comprehensive support, always make your decision with these objectives in mind.
After all, when you understand what you want your mortgage adviser network to help you achieve, you’ll be better placed to accurately evaluate whether a network has the services and features that will propel your business forward.
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Don’t just compare fees
Different mortgage networks tend to have different approaches to packaging their fees, so it’s not usually possible to compare fees directly. It can also be the case that some networks may advertise a seemingly very low price structure, only to then hike up the prices of add-on services that you’ll need to see genuine growth and value for money.
While there is an element of ‘you get what you pay for’ when it comes to mortgage networks, this doesn’t always mean that the most expensive option will be best for your business. Instead, take some time to evaluate the different services you’ll have access to as part of each network to determine how much value your business will get from each one. This will give you a better perspective when it comes to determining whether the fees for each network will give you a worthwhile return on your investment.
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Speak with advisers currently within the network
One of the most effective ways to understand the benefits you can expect to experience is to speak directly with a number of different advisers who are currently part of the network. It will be beneficial to put together a handful of questions that will enable you to get a solid overview of each network you’re considering.
We recommend asking questions that will help you to understand how much meaningful support is available within the network and how much personalised strategic input you’ll receive from experts who can help your firm to secure the level of success you want to achieve.
Many networks will be happy to facilitate these conversations for you. At Stonebridge, we’re always very happy to connect prospective network partners with our existing partners, as we understand just how valuable these conversations can be.
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Look into the onboarding process
Whether you’re joining a network for the first time or transitioning to a new network that’s better equipped to support your business going forward, it’s really important that your onboarding process is smooth, seamless and not completely overwhelming.
Networks with excellent onboarding processes will be able to offer induction training, which will help you to get up to speed with all the new technology at your fingertips. Your new network should do everything possible to make you feel at home instantly, including providing all the support you need to start pushing towards achieving your objectives with confidence.
If you are moving from another network, it’s really worth taking the time to understand how your new network will support this transition to ensure that you don’t get unnecessarily caught up in anything that may delay your ability to start benefiting from the new services and support teams you now have access to. Plus, don’t forget to check the small print of your current network agreement and flag any concerns you may have with your prospective new network. The more information you have to hand, the easier the transition will be.
Finding the Best Mortgage Network for Your Business
Your best mortgage network may not be the same as the network that’s best for one of your competitor firms, which is why it’s so important not to rush your decision making process and take all the time you need to determine exactly which goals and objectives your ideal network will help you to achieve.
While it’s important to consider the associated costs of being part of a network, don’t fall into the trap of directly comparing fees and instead evaluate each network’s offering to determine whether you’ll experience genuine value for money.
If you feel as though a network isn’t being entirely upfront with you, this may be a red flag and an indicator that it’s not quite the right partnership for you. Here at Stonebridge, we’re always forthcoming with information requested by our prospective network partners because we believe that transparency is key to achieving the best outcomes for all parties.
Please don’t hesitate to contact a friendly member of our team to learn more about the Stonebridge mortgage network and discover how we can help your business reach your goals.
