From my recent conversations with advisers, it’s become clear that despite purchase demand normalising slightly, the market doesn’t feel any less busy.

Our records show that, despite having fallen back from its June and July highs, our total August lending figure still sat at an astonishing £7.2bn: if we tracked that in every month of 2021, it would be a record-breaking year.

As it happens, we’re likely to do much more, which is telling of the year we’ve had to date.

These gut-busting numbers can only mean that advisers are having to work harder than ever to tackle demand and if the sheer volume of clients wasn’t enough, the reality that many have more complicated borrowing needs because of the crisis is surely adding to the challenge. Combine this with the fact that lenders are continuing to make product and criteria changes on a regular basis and it’s not hard to see why many advice firms are looking for ways to cope.

This is, of course, a good problem to have and a recurring theme in my conversations with firms currently is recruiting new advisers to handle elevated business levels. Convincing trained advisers to join is becoming increasingly difficult and expensive and some are looking at different ways to rise to the challenge.

Interestingly, the ongoing challenges facing advisers do open the door to tackling some of the other problems facing us as an industry; use of technology and diversity and inclusion.

Recruiting the right talent

I am fortunate to be working with Ami on its forthcoming viewpoint on diversity and inclusion in the mortgage market. The early findings suggest we have much to do in this area and the report will be a must read for all of us. One way we can broaden our industry is thinking differently about the recruitment ponds we are fishing in.

For example, because of the crisis, many people are currently retraining or looking for a new line of work, which has undoubtedly helped to boost the talent pool. I spoke recently with a newly qualified adviser called Darryl. Before the crisis started, he worked as a pilot for British Airways but was naturally impacted by international travel restrictions and reduced demand for flights. This left him in need of a new challenge and because he’s had experience in the financial services and property sectors while working as an accountant, he was interested in giving broking a try.

When we chatted, Darryl spoke about all the reasons why a person would benefit from a career in broking. It was so refreshing to be reminded of the rewarding nature of the job. Job flexibility, the option to spend more time with family and friends, and setting your own terms. I’m pleased to see that AFP – his chosen network – has since taken Darryl on board and he’s working with the team there to build his client pipeline and industry knowledge. In his words “AFP couldn’t have been more supportive” and I commend them for their positive work.

To me, this is a great example of recruiting new talent into the sector but in a way which encourages a different way of thinking. We need people joining our community that have fresh eyes and different backgrounds.

A digital approach

As part of their strategic development, I would also encourage advisers to explore modern solutions to their challenges. Yes, recruiting great talent is a sure way to boost resource, but taking advantage of technology can also help to make a business far more efficient.

We recently spoke with a range of DA firms about their business strategy and views on technology. More than three in four (74%) felt that technology would be a key differentiator for their business in the next few years but around half (46%) are not currently making use of a CRM system. We talk often about wanting to provide customers with a more seamless mortgage journey and embracing digital innovation is surely essential on the road to achieving that aim.

Our research also highlighted that 92% of the DA firms we spoke with have made reducing admin time a priority over the next 12 months. To these businesses I would say please do investigate the broad range of tools out there, from CRM’s to criteria and affordability engines and also take some time to review current processes – driving efficiency is a great way to handle more business without the stresses and costs of recruitment.

Legal & General Mortgage Club director Kevin Roberts