But social media said...
Blog
Publication date:
03 March 2022
Last updated:
25 February 2025
Author(s):
Society of Mortgage Professionals
Over the last few weeks, I’ve noticed a worrying trend in my social media news feeds, and that is people asking for mortgage advice from complete strangers instead of seeking out a qualified and trusted adviser. Why would someone feel comfortable asking and accepting advice from a stranger on social media? Is it because they don’t know where to go, or is it because they think it will cost them money?
This is an example of a recent post in a Facebook group which has 1.1million members….
“Need some advice regarding a mortgage I have absolutely no idea where to even start. Does Universal Credit come into consideration when going for a mortgage? How much deposit do you need nowadays? What’s the best route for me to do? I work part time and can get a deposit of around £4,500 that’s it. Is this possible?”
With these types of posts when you read through the answers to the posters question, they vary so dramatically and many of the answers are totally factually incorrect. I’ve found myself unable to resist in some instances and pleaded with the poster to access qualified professional advice. How can we address this as an industry? As advisers you all have your loyal client bases but how do we stop this terrifying trend of “but social media said” for those that haven’t yet found you, when it comes to advice on the biggest financial decision of their lives?
There is huge value in receiving advice from a qualified mortgage professional, so how can we turn the tables so that if they do ask a question on their social media, it is simply “which mortgage adviser would you recommend?”
What is your social media presence like? Do you have a facility for a potential customer to ask you a quick question? If you charge a fee, do you offer a free initial conversation so that potential customers can realise your value before they commit? Do you volunteer to give talks in local schools and colleges to support financial education and raise awareness of your business along the way? Are you making the best use of your professional body membership and designations online to reinforce that you are a trusted source of advice? Do your customers feel so passionately that you’ve provided them with an excellent service they will sing your praises on social media?
Don’t forget members of the Society of Mortgage Professionals have access to a digital membership card and your customers can validate your membership when you share your validation link. Associate Firms can also display their digital badge as a mark of professionalism and commitment to the ongoing development of their employees.
I’d love to hear how you promote the value of your advice, please do get in touch with your top tips, or with any queries you may have about the Society of Mortgage Professionals. You can reach me at laura.gauden@smp.org.uk
Laura Gauden
National Account Manager
Society of Mortgage Professionals
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.