Brokers urged to maximise ancillary sales

The Mortgage Alliance (TMA) is urging mortgage intermediaries to maximise ancillary sales in order to help cope with turbulent market conditions.

With the downturn in global financial markets still having a detrimental effect on the mortgage industry and mortgage sales slowing, TMA has highlighted the importance of increasing sales of ancillary products in the areas of general insurance, protection, legal and secured market. This will help advisers increase revenue streams and client retention, TMA says.

Phil Whitehouse, head of TMA, says brokers focusing solely on mortgage sales will suffer.

"Ancillary sales are increasing in prominence for intermediary firms looking to generate extra income or even supplement lost income, and now the time has come to grasp the revenue potential offered by such products," he says.

“The current financial climate demands that as an industry, we knock on doors to new sectors, evaluate all aspects of the market and investigate chinks of light in which new services, new revenue and new business alliances could spawn.”