Welcome back to another episode of the Mortgage Business Mastery Podcast! If you're a mortgage broker looking to simplify your path to success, you're in the right place. In today’s episode, I’m going to cover three key areas that can significantly impact your business:

1. This Week’s Focus: Simplifying your Initial Disclosure Documents (IDDs) and Terms of Business.

2. Broker Q&A: Answering questions about when to pivot, choosing the best social media platform, and the controversial topic of broker fees.

3. Social Media Update: Instagram’s new carousel feature and how you can use it effectively.

Let’s dive in!

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This Week’s Focus: Simplifying Your IDDs and Terms of Business

The Problem with Over-Complicating Things

Ever read through a set of Terms and Conditions and felt like you were deciphering a secret code? You're not alone. Over-complicating documents—especially your IDDs and Terms of Business—can lead to confusion and frustration for your clients. When things are overly complex, you risk losing clients who may turn to someone else who presents information in a more straightforward way.

The Consequences of Being Too Complex

• Confused Clients: If clients can’t quickly understand how you work, they’re more likely to feel frustrated.

• Lost Trust: Over-complicating things makes clients feel like you’re hiding something.

• Fewer Referrals: Even if clients stick with you, they’re less likely to recommend your services if they found the process confusing.

Four Steps to Simplify Your Documents

1. The "Mum Check"

Could you explain your terms to someone who knows nothing about financial services—like your mum? If the answer is no, it’s time to simplify. I used to hand my documents to my mum and ask her what she thought. If she couldn’t understand them, I knew they were too complex.

Action Step: Give your IDDs and Terms of Business to someone who isn’t in the industry and ask them to explain it back to you.

2. Simplify Where You Can

Less jargon means more clarity. We live in a fast-paced world, and most people don’t have the time or energy to sift through complex documents.

Tips:

• Use simple language.

• Break down key points with bullet points.

• Highlight the most important terms.

3. Be Transparent

If it feels like you’re hiding something, your clients will sense it. Complex terms can make people think you’re trying to pull the wool over their eyes, and that’s the last thing you want.

Remember: Transparency builds trust.

4. Test Your Materials

Beyond the "Mum Check," get feedback from other people outside of your business.

Guidelines:

• Don’t ask for feedback on the creative side; focus on clarity.

• Make sure it makes sense to someone who hasn’t met with you yet.

• Keep adjusting based on the feedback you receive.

The Takeaway

Simplicity isn’t just for the benefit of your clients—it makes your life easier too. A clear process leads to better relationships, smoother transactions, and fewer headaches for you as an adviser.

Question for You: What’s the most complicated part of your process that could use a "Mum Check" today? Send me a DM on Instagram, Facebook, or LinkedIn. I’d love to hear your thoughts and ideas!

Broker Q&A: Answering Your Questions

Question 1: How Do You Assess When Something is Successful, and When Do You Pivot?

Answer:

Measuring success is all about tracking specific metrics over time. Here’s how I do it for my own business:

Metrics to Track

1. Lead Magnet Downloads: How many people are downloading your guides or free resources?

2. Discovery Calls Booked: Are people booking appointments after engaging with your content?

3. Impressions: How many people are actually seeing your content?

Timeframes for Assessment

• Monthly Check-ins: Monitor your key metrics monthly to spot any trends.

• Quarterly Reviews: Every three months, take a deeper look to account for seasonality and other factors that might affect performance.

When to Pivot

• Short-Term Strategies: If something isn’t working after three months, assess whether it’s worth continuing.

• Long-Term Strategies: For things like a podcast or YouTube channel, give it at least a year, but assess every quarter.

Action Step: If, after six months, things aren’t moving in the right direction, it’s time to pivot your strategy—not necessarily quit altogether, but change things up.

Question 2: If You Could Only Choose One Social Media Platform, What Would It Be and Why?

Answer:

If I had to pick just one platform, it would be Facebook—and I’d focus on using a personal account. Here’s why:

Why Facebook?

• Massive Reach: Facebook is still one of the biggest social media platforms in the world.

• Strong Personal Connections: Using your personal profile allows you to engage with people who already know you.

• Local Focus: Facebook is great for brokers working within a local area.

Strategy

• Leverage Your Personal Network: Engage with your existing connections—they might know someone who needs your services.

• Post Regularly: Share valuable content to keep people thinking of you when they need advice.

• Use Facebook Reels: This feature can help you reach new audiences.

While Instagram is a close second (and it’s linked to Facebook anyway), focusing your efforts on one platform allows you to be more consistent and strategic.

Question 3: Should You Charge Fees for Remortgages and Product Transfers (PTs) for Existing Clients?

Answer:

This is a big topic, and I have some strong opinions on it.

Charging Fees is Essential

• Value What You Do: Not charging fees undervalues your services.

• Be Consistent: Charging everyone makes things simpler for you and ensures fairness.

• It’s About Confidence: Many brokers avoid charging fees because they lack the confidence to communicate their value effectively. This often comes down to poor training or past experiences in environments where fees weren’t charged.

Remortgages vs. Purchases

• Same Workload: Remortgages often require just as much work as new purchases.

• Consistency in Fees: Charging different fees for different types of mortgages just complicates things. Keep it simple—charge the same fee across the board.

Existing Clients

• Keep the Same Fees: Don’t offer discounts just because a client has used you before. Over time, most of your business will come from existing clients, so you don’t want to undercut your income.

Product Transfers (PTs)

• Existing Clients: If they’re already your client and you’ve got all their data, I don’t think you need to charge for a PT.

• New Clients: If someone new approaches you for a PT, you should charge a small administration fee (perhaps £100–£200) to cover your time.

Takeaway: Keep your fee structure simple and consistent. Charge everyone for remortgages and purchases, and consider waiving the fee for PTs if they’re an existing client.

Social Media Update: Leveraging Instagram’s New Carousel Feature

What’s New?

Instagram recently updated its carousel feature, expanding the maximum number of slides from 10 to 20. This is a game-changer, especially for brokers looking to provide more in-depth content on the platform.

How to Use the 20-Slide Carousel Effectively

Don’t Overload with Educational Content

• Short Attention Spans: Most users won’t swipe through 20 slides unless it’s really engaging.

• Completion Rates: If people stop swiping halfway through, it can hurt your post’s overall performance.

Best Use for Pinned Posts

Pinned posts remain at the top of your profile, making them ideal for important, evergreen content.

Ideas for Pinned Carousels:

1. Who Am I?: Introduce yourself, your qualifications, and why clients should work with you.

2. Mortgage Process Breakdown: Walk potential clients through the mortgage process step-by-step.

3. Client Testimonials: Showcase success stories and positive reviews.

4. Frequently Asked Questions: Provide answers to common questions clients might have.

Creating Your Carousel

• Use Canva: Canva is a great tool for creating visually appealing slides.

• Incorporate Videos and Images: Mix up your content to keep things engaging.

• End with a Call to Action: Make sure the last slide tells people what to do next—whether that’s visiting your website or booking a consultation.

Benefits of the 20-Slide Carousel

• More Room for Information: The extra slides allow you to share more detail without cramming everything into 10 slides.

• Improved Engagement: Carousels can boost the time users spend on your profile, which increases your visibility on the platform.

• Professional Branding: Well-designed carousels can elevate your brand’s image.

Final Thoughts

Instagram’s updated carousel feature is an excellent tool for creating mini-landing pages on your profile. Use it to educate, build trust, and ultimately drive more leads.

Conclusion

Simplifying your business processes—whether it’s through clearer Terms of Business, consistent fees, or using social media effectively—can have a huge impact on your success as a mortgage broker. Remember, sometimes less really is more.

Action Steps:

1. Review Your IDDs and Terms: Apply the "Mum Check" to make sure everything is clear.

2. Track Your Metrics: Use the metrics I’ve outlined to assess the success of your strategies.

3. Simplify Your Fee Structure: Charge consistent fees for all clients, whether they’re remortgaging or purchasing.

4. Use Instagram’s New Carousel: Create engaging 20-slide carousels and pin them to the top of your profile.

If you’ve got questions or need more advice, feel free to reach out!

Quote of the Week:

"Complexity kills clarity. Keep it simple—always."

Thank you for tuning in to this week’s episode of the Mortgage Business Mastery Podcast. Remember, success doesn’t have to be complicated—often, it’s the simple steps that make the biggest difference.

Connect with me on Instagram @ashborland and check out my YouTube channel for more tips on scaling your mortgage business!