How Mortgage Brokers Can Cross-Sell Will Writing

Many mortgage brokers find it beneficial to diversify their income streams beyond a 2-year fix. This can be particularly sensible in a slow market, when a rate hike is expected, or in response to new competition.

Other financial products that can be sold as an add-on to a mortgage are the simplest way to increase your profit versus effort. A will is one such add-on that can often be successfully sold as part of a mortgage deal package. We’ll look at a few practical tips to help you introduce the concept of will writing services alongside a mortgage sale.

Tip 1: Personalise the pitch by upselling during the fact find

Upselling a will during the mortgage fact find allows you to personalise your pitch. When you get to know the client and their needs, it will become clear which factors will be most influential. For example, are they an unmarried couple considering a tenants in common mortgage? This could be a great time to mention transfer of ownership rules in the absence of a clear will.

You could also mention cost comparisons between alternatives, such as probate costs, fees, protection for their kids, lasting power of attorney costs, care home fees versus the relatively small cost of will writing services.

Tip 2: Visual aids can be compelling

At this point in history, when cold calling is so commonplace that phones can be enabled to automatically ignore salespeople and customers are cautious about anything being sold over the phone, visual aids can be your best friend. Encourage the client to participate in a video meeting. There are several benefits to this approach:

• You can explain benefits with diagrams, and explain estate planning options in a more relatable way

• You can avoid overwhelming the client and potential confusion by showing how the products correlate to each other

• You elicit greater trust when they can see your face

Tip 3: Emote

Even more than mortgages, wills are a very personal and emotional product. People are uncomfortable planning for death because they are uncomfortable thinking about it. It’s important to show your human side, whether or not you’ve been able to contact the client using a face-to-face method.

It’s a fine balance between persuasion and communicating the value of peace of mind and protecting their loved ones, and coming across as callous. Educate clients about the importance of proper estate planning, but don’t let your pitch overshadow your mortgage expertise.

Tip 4: Can you improve their existing will?

One objection that can be difficult to overcome is when a client already has a will. However, you may still have an opportunity to upsell. Be sure to ask if the will was written up by a qualified estate planner. It’s fairly common for people to have arranged a free will, which often only covers probate costs. This is particularly commonplace in March and October, as free wills are available to over 55s in the UK during these months.

If the client already has full estate planning services as part of their will, it’s unlikely to be worth your time giving the pitch any more thought. This will be a good opportunity to return to the mortgage sale, or an alternative add-on, such as protection.