The Covid-19 pandemic will see a shift in business models amongst directly authorised (DA) mortgage advisory firms, according to PMS Mortgage Club.
 
The club made its prediction based on adviser feedback and analysis of firms successfully weathering the coronavirus crisis, along with requests for support being received from advisory firms who are looking to learn lessons for the future.

PMS has been rolling out a package of support to help advisers through the ongoing pandemic, including the PMS Covid-19 Adviser Support Hub, which launched in March and is updated daily to provide advisers with the latest information and practical tools to help firms trade safely and look after the personal wellbeing of their staff and customers through the crisis.

The club has also been helping advisers find solutions for customers through its Covid-19 lender response grids, which are being continually updated with mortgage criteria information.
 
PMS managing director, Ross Liston, said: “One of the key trends we are seeing from the thousands of conversations taking place between DA firms and our PMS team, is the business resilience of firms who offer a one-stop service solution that’s backed by an effective client engagement strategy.

“It’s been a long-held view at PMS that this is the way forward, but I believe we have now arrived at a watershed moment, and the Covid-19 crisis will accelerate the move to lifelong financial planning amongst mortgage firms. Quite simply, mortgage firms with deeper relationships and a wider range of services are better-placed to assist customers and weather the storm.

“For our part, PMS is committed to helping mortgage advisers to future-proof their businesses, which is why it’s encouraging to see the growing number of firms who are looking for support to ensure they emerge stronger from this crisis.”

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