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Your Client Bank – A Crucial Asset

A person watering their plants

Your Client Bank – A Crucial Asset

Client banks can be an adviser’s secret weapon if they have a fruitful one at their disposal. The reality is that clients are one of the richest commodities that a broker can possess, especially as prices continue to rise and the financial squeeze is felt on all sides. As a result, maintaining favourable retention rates is growing increasingly significant.

Although prices will change with trends and developments in the market, your time will always remain invaluable. Optimising your client interactions is essential for ensuring that your business relationships remain strong.

How to Boost Your Client Bank

Nurture Your Bank and Watch it Grow
Ensuring your client bank remains healthy is not an overnight job; it’s like nurturing a plant. You have to give it time to grow before you start to see it blossom. As an adviser, it’s essential to look at the larger picture and implement longevity into your business plans.

Maximise Interactions
Maximise your interactions to the fullest, ensuring each exchange is as meaningful as possible. Ask the essential questions, to ensure your time is used efficiently and purposefully.

Be a Consumer Champion
Looking out for your client’s best interests is necessary, especially for first-time buyers with limited insurance knowledge. Ultimately, your clients are placing their trust in your services. So, providing sound advice on the intricacies of cover and educating them on the associated jargon will go a long way with each customer.

Product Transfers in 2023
With Consumer Duty from July 2023, businesses must ensure they meet the FCA’s vision of “higher and clearer standards of consumer protection.”

Capitalising on product transfers will be a critical focal point throughout 2023. Each product transfer will be integral to your business, significantly impacting your revenue and retention. Building communication points leading up to the transfer is an excellent way of maximising your impact and reminding your clients of your services as their trusted adviser.

Targeting Those Nearing Renewal

When identifying the optimal time for retaining business, renewal periods are crucial for producing a flourishing back-book. Sometimes, policyholders sit on the fence, debating whether to dedicate a portion of their income towards protection for their homes. Your job is to advise them on what they need and convince them of the benefits of protecting their biggest asset.

2023 – The Year for Investment?
Predicting the future isn’t easy, but with mortgage interest projected to rise over the near future and house prices expected to plateau and drop, we may see a rise in property purchases in mid-2023.

According to the Financial Reporter, ‘Just over 50% of all property investors plan to invest in 2023. However, 68% of more experienced investors with over five investment properties do plan to capitalise on increased opportunities in 2023.

Why the Momentum Shift?

As interest rates look to climb uphill, more inexperienced property owners might look to sell their assets to combat rising costs and demands. This provides an opportune moment for more prominent investors to swoop in and clutch these properties whilst the supply seems to be more attainable. 

The Guardian has reported, ‘After growth of 25% during the pandemic… it’s a reasonable assumption that house prices have now peaked.’ This pattern will surely provide eager investors with the potential to expand their property portfolio.

Where Does General Insurance Fit In?
General Insurance can be a great way of reminding your clients of your services annually. This cements you as their chosen adviser and will aid retention moving towards re-mortgaging or transferring to a new product.

We’ve been guiding brokers and their clients through their general insurance journey for over 25 years at Source Insurance. To discover more about our services and what we do, head to www.thesource.co.uk. If you’re not yet registered with us, you can do so by clicking here. https://gi.thesource.co.uk/user/register.

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Financial Conduct Authority. ‘Consumer Duty.’



Financial Reporter. ‘Majority of property investors indicate that they will further invest in 2023.’



The Guardian. ‘UK house prices stall as mortgage rate rise fuels caution.’

UK house prices stall as mortgage rate rise fuels caution | House prices | The Guardian