Good service for financial advice in the entertainment industry can be defined by various factors, such as customer satisfaction, quality of content, innovation, accessibility and social responsibility.
Rather than list all the things that should be done, I will run through what a normal client journey looks like with Mortgages For Actors.
When a new client comes to us, the first thing we do is offer a phone call or Zoom meeting.
This means that should they be a little introverted, they can choose how they want to present themselves.
Sometimes it is too much to be on screen when not at work, and although we prefer as much face to face contact as possible, we know it is not always easy for everyone.
A relaxed conversation
After we have properly introduced ourselves, our company and our responsibilities and commitments to our client, we carry out our fact-find, but not in the question-and-answer style – we have a relaxed and comfortable conversation.
We ask questions about who they are, what they do and what their aspirations are. When it comes to their work, we expand on that and ask about the long-term prospects and how things like injury should be considered, especially so if they are on a contract or solely self-employed.
We talk about the process, the documents needed and then offer to help with the dreaded HM Revenue & Customs website or even contact their accountants to provide any self-employment documents.
This is because people in the entertainment industry often have variable incomes, so they have particular needs when it comes to being able to prove income.
Variable income does not mean no income, but it does mean that lenders, who often like to see the last three months of bank statements, need to be shown how to understand certain people and their circumstances.
We also talk about the reasons we will be recommending protection to go with their mortgage. They work hand in hand, and not talking about them together is not giving clients the service they need.
For example, if they stepped off the stage and broke something, they would be unable to work for a while, possibly lose their contract and maybe even dent their reputation. Worse still, if they could never work again, what would they do? Income protection is essential.
Then we ask them to send a few documents over to us for our research and we explain what the research stage means.
We also explain why their income presents a harder task than just asking a lender to lend. It often entails a lot more research and contact with the decision-makers at lenders.
After we bid them farewell we then research mortgage, protection, home insurance, solicitors and utilities.
Approaching the lender
Lenders we approach will always need at least a soft credit search to be able to accept a case, and after that the client will often need to be explained to the lender.
