The true value of admin support

By Steve Swyny 22nd November 2021

The old adage of working smarter, not harder has never been more evident in an intermediary environment which is drowning in admin.

Whether this is ensuring that all application forms are completed and signed, accurately maintaining all records on client management systems, sending post meeting reports to clients – complete with appropriate documentation, responding to client and lender queries, providing updates on customer case files, liaising with solicitors’ and any other third party to keep within deadlines – the list goes on.

Mortgage administrators need to manage multiple cases at any given time and effectively communicate/update key stakeholders and progress mortgages through to legal completion.

This involves plenty of plate spinning and multitasking and for intermediaries who don’t have the ‘luxury’ of dedicated admin support staff then these lengthy processes can be overwhelming.

I would estimate that more than 75% of a broker’s time is currently spent on admin tasks with one broker I recently spoke to saying that he had been waiting in a telephone queue for over an hour to speak to a lender about one single case.

I won’t name the lender in question but this shows just how time consuming the admin process can be. Thankfully, help is out there.

Technology has risen to the fore across the intermediary market after being something of an afterthought in days gone by and this has been further extrapolated in recent times with remote working becoming the norm.

As such, the advice process has evolved. Platforms, such as OMS, have been developed to generate simpler and smoother access to a range of alternative solutions, meaning advisers can dedicate their time to what really matters, providing the best advice and maintaining close relationships with their clients.

Such tech-driven tools have been adopted by networks to better support ever-growing admin processes with the ultimate aim of saving brokers time so they can focus on speaking to more clients and generating more business.

For example, the F4B Network provides our ARs with cutting edge technology, compliance support, access to a white-labelled portal and product training.

In addition, unlike many other networks, we now also provide free admin support. Meaning that – whilst brokers still need to complete the fact find, the Decision in Principle and submit the application to the chosen lender – once this is done our admin team will then pick up the case from this point and manage the whole process right through to completion.

The AR will then complete the Suitability Letter to send to their client.

Whether DA’s are looking to take a step back from such onerous admin commitments or AR’s are seeking admin support which doesn’t come at an extra cost, it’s important for brokers to carefully weigh up their options and ask themselves where they really want to be spending the majority of their time. Is it on admin or is it engaging with more clients?

I think I can safely guess the answer for the vast majority of brokers and this is certainly something they need to consider when looking at their DA/network options now, and in the future.