Tag: Cash Flow Cross Sell

Many Financial Advisors have said that they are disappointed that they don’t receive more referrals from their Mortgage Originator partner. Most have given up on even trying, and just settle for good service and getting loans closed for clients.

It doesn’t have to be that way………….. The Core7 Referral System has a proven methodology that makes it easy for a Mortgage Originator to generate a ton of outgoing referrals to financial advisers. Here are some of the tactics that allow the Mortgage Originator to do this:

1) Set the stage and convey a different approach. Use the Core7 Agenda Method:

Let the client know you take a different approach to make sure you integrate real estate into their overall financial plan. Then ask permission to go over a quick “Agenda” of how this call or meeting will go.

When they say “OK.” Tell them you first want to find out what most important to them about this mortgage, and you may make some introductions to other experts on your team to make sure they get the best service. Let them know there is no obligation and they don’t have to accept your introduction, but is typically time well spent.

Then ask “Is that OK?” Now you have permission to make referrals without the client feeling uncomfortable. Many professionals are reluctant to make suggestions. Now there’s n0 excuse. (You then continue with next steps based on your own “Agenda”.

2) The Cash Flow Cross Sell at The Loan Consultation:

All Mortgage Originators use debt to income ratios to calculate the loan amount for Pre Approval. These numbers do not include lifestyle expenses for entertainment, hobbies like travel and leisure, and other expenses not included on the credit report etc. This is a great time to introduce a Financial Advisor to analyze cash flow and discuss some of the basic tax planning.

Here’s how I introduce it.

“Mr. Smith when I issue a pre approval, I use debt to income ratios based on debt from your credit report and the mortgage payment. This does not include many of your lifestyle expenses like hobbies, vacation, and entertainment. I think it would be great to review this with a Financial Advisor to make sure we make smart decisions. How is your relationship with your Financial Advisor who specializes in cash flow and tax planning?”

3)The Closing Cross Sell:

The closing can trigger many financial ramifications. The client has created an estate, and it’s important to protect it. A Financial Advisor Introduction at this point is necessary.

By introducing the Financial Advisor at these 2 points, whether they have said yes or no to the introduction, you have accomplished 2 things:

  • You planted a seed that they do need a Financial Advisor
  • That you are the resource to make the introduction.

4)The 1 to 3 Month Cross Sell: This is really simple just follow up and say:

“Hi (Borrower), 
It has been a while since we have last spoke, I hope you are doing well. 
My goal is to always be a valuable resource for you. I was reviewing your Mortgage Planning Analysis and I noticed you don’t have a financial advisor. I think it is so important to have one, and it’s critical to your financial well being. 
I’d like to make the introduction to the advisor on my team, I think it would make a lot of sense. Would you mind if I made the introduction? 
Again, there is no obligation, but I feel it would be time well spent.”

5)The Annual Mortgage Review:

Core 7 Mortgage Originators ask this integrated question in every review. It’s the question that helped me generate 70 Referrals to my Core7 Financial Advisor in 18 months!

“What are your 2 to 10 year financial goals?”

This can bring out so many future needs, and most important it creates the opportunity to ask The Referral Generator.

“How is your relationship with your financial advisor, who specializes in (WHAT THAT NEED IS?)”