Carl Parker, head of self-employed division, Just Mortgages

The current boom has brokers rushed off their feet but trans-actions may drop away in April if the stamp duty holiday ends, so brokers will need to be prepared to diversify. If there is one thing we have learned both during the financial crisis and at other times since, it is that there will be quieter periods. When these quieter times come around, brokers who advise only on mortgages tend to struggle.

One area of growth is wealth management. With savings across the UK increasing by £75.5bn during lockdown, there is a huge need for sound financial advice on a much wider scale.

While qualifying to be a wealth manager is not a walk in the park as it is the equivalent of the first year at degree level, the rewards for both brokers and their clients are worth it. Brokers who upskill to become wealth managers also find their own businesses become more secure because wealth advice also provides the opportunity to earn trail income.

At upward of £10,000, the cost of going through the qualification to become a wealth adviser is something to think about seriously, but there are options to take the course and avoid paying this. For example, Just Mortgages will pay for a broker’s training if they are really serious about becoming a wealth adviser.

Another growth area is equity release. With people living longer, there is a trend for asset-rich, cash-poor pensioners looking to release funds from their property to enjoy their retirement. Brokers need to really understand the equity release market if they are going to operate in it, but it is an area of growing need.

Brokers could also look to set up affiliate schemes. Many brokers currently miss out on these but they dripfeed income that can add up. The most common is referring wills, but brokers can also set up affiliate schemes for areas such as wealth management.

Although brokers are swamped, those looking to get ahead will be investing in skills to set them up well for 2021. Diversifying into equity release, affiliate schemes or wealth management will enable brokers to ensure that, even if the market slows, they are well equipped to thrive.

Adam Hosker, founder, Bespoke Finance

You know the expression, ‘Jack of all trades, master of none’? This is a lesson we often forget, in favour of becoming generalists.

When we started Bespoke Finance, we were generalists; a small team doing everything. We later removed all marketing for residential mortgages on our website and specialised in landlords.

Now within the company I direct enquiries on HMOs, multi-unit buildings and other niche areas, from novice to experienced landlords.

When an adviser specialises in buy-to-let, they will know the intricacies of criteria better than someone specialising in first-time buyers. Both will know more in their own area than a generalist who dabbles in both. Specialism and mastery of a trade deliver better consumer outcomes.

A generalist may be competent in different areas but could miss out on a better product that a specialist could secure.

I personally may take specialism to the extreme, but our industry tends to go too far the other way. As an example, mortgage advisers are also doing wills and trusts. These are different competencies. Please stop it.

The industry needs to make ‘Jacks of all trades’ a thing of the past and be masters of a specialism. A firm can have multiple competencies but an individual should limit themselves for their own sake.

They say that putting all your eggs in one basket is risky but I would argue that putting none of your eggs in a basket will lead to a higher chance of getting yolk on your hands.

A great benefit of specialising is also targeted marketing. I do not write articles about general finance and the impact of Covid-19 as many others do; I write about how the pandemic affects landlords. Targeted marketing has a much better impact and more shareability.

Clients want to know who the HMO, first-time buyer or ex-pat specialist is at a firm. Why would you want to be a generalist?