Business & Finance Renting & Real Estate

Working With Accountants and Financial Planners

Many mortgage professionals miss a key referral opportunity by not engaging with accountants and financial planners. These two potential referral partners are a key source of opportunity and often overlooked, or under-utilized.

Since this particular year is getting off to a late start due to last minute changes in the tax code and the government's ability to fund tax refunds, it is not too late to engage these professionals and help provide all of your clients with a great deal of additional value.

Accountants and financial planners often communicate with their clients at the very beginning of the year to prepare them for tax season. Often, now is the time where last minute contributions to retirement plans, decisions on withholding rates, and a wide variety of other financial questions and preparations are taking place.

This is the time you want to help your accountants and financial planners provide additional value to their clients, and at the same time, provide them with an opportunity to locate new clients. So how do we do this? Simple; we share the benefits of your €Annual Mortgage Fitness Check-up and Identity Theft Screening€ for their customers. This can often identify people who should be refinancing to lower their payments, rates, or terms. Given that we know from last week's post that 43% of those who are paying a mortgage on their primary residence are likely to benefit from refinancing, that would likely be a large percentage of that accountant's or financial planner's clients.

Every week I ask my clients about the highest interest rate they have seen that prior week. And just about every week we find people still in 5 and 6% loans. Last week, we found someone who was 12 years into a 30-year mortgage at 9.25%! That L/O was able to refinance that client into a 10-year loan, save them $40 a month in payments and an additional $130,314 over the life of the loan! Now clearly it isn't every day that this will happen. But with 43% of the people in loans over 4% interest you are likely to save a number of people enough money to offset their recent tax increases!

I have one group of originators in California working hard to get the message out so their clients, and those of their other referral partners, can offset the changes to both their state and federal tax situation. Now granted, not everyone is in a position to save money, but enough are to really have an impact.

The other points you can make to these professionals are the importance of the €Forever Home Strategies€. Prices are rising and interest rates are off the bottom. For those clients not already living where they are going to end up; now is the time to really look at moving. For those who have cash or cash flow, investing in that larger home or that prime location can be a great idea given that you can still finance money very cheaply, and homes are becoming a good investment again.

Your accountants can see how much interest their clients are paying. They can also see if those loans are interest only or maybe an ARM product. Isn't now the time to have that conversation? If they are staying, refinance into a low fixed rate before they go higher. If they aren't planning on staying, let's find them that forever home NOW!

Financial planners can benefit because if people hadn't planned for retirement but would really like to get moving on this, a simple kick-start could be lowering monthly payments to provide for cash to invest for that retirement. Maybe even both?

Accountants and financial planners are a great source of opportunity and value for mortgage professionals. Part of my coaching and training of top professionals include serious attention to these two import areas of business. Don't overlook an opportunity to grow your business and increase the number of loan opportunities you can find by working to provide value for them and your clients by partnering with these two financial allies!

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