Non-major lender Advantedge Financial Services has celebrated the first six months of its Mortgage Rollover Campaign which they claim has helped brokers retain close to 2,500 customers during that time.
Driven forward by the firm’s Mortgage Retention Unit, Advantedge would proactively notify brokers of opportunities to have important conversations with customers whenever a milestone event occurred.
These events included when customers were nearing the expiry of a fixed rate or the interest-only period on their loan.
The campaign also connected with the customer, directing them to call their broker and providing them with the broker’s individual contact details. This respected the broker-customer relationship, the firm said.
“Current market conditions have created a competitive market where customers find it increasingly easy to refinance, but they may risk making sub-optimal selections if they proceed without advice from their mortgage broker,” said Brett Halliwell, general manager of Advantedge.
“In this context, it is especially important for brokers to take advantage of opportunities to speak with their customers and provide ongoing value-adding services. Our campaign helps brokers do this, empowering them to ‘check-in’ at pivotal moments to maintain strong relationships.”
The firm said the campaign had been positively received by the broker community especially amongst those who didn’t have the resources to pursue a similar strategy on their own.
“The initial success of our retention program has been staggering – our campaign has not only helped brokers deepen their relationship with close to 2,500 customers, but it has also helped them retain 94% of those customers. This equates to $1.2 billion footings retained,” Halliwell said.
The campaign showcased Advantedge’s broker-centric approach by putting brokers in the box seat and facilitating more informed customer conversations, he added.
The firm has plans of scaling up this initiative across its entire product portfolio in future.