Martin Reynolds is director of K&R Consulting
It is easy to feel suffocated by doom and gloom. The papers are full of bad economic news and speculation of double dips, further house price falls, negative growth and Footsie worries. It is though it’s the newspapers’ job to generalise and sensationalise.
However, I always aim to have a positive attitude and outlook on life and it tends to help. There are plenty of reasons to be pessimistic if we look for them. My question is why look for them?
Yes there are issues such as the Special Liquidity Scheme repayments looming, unemployment is still rising, inflation is causing concern and we still have limited mortgage funding and reduced products at higher LTVs.
All of these need to be taken into account but they are all factors that are outside of our control. Even the Bank of England and the Government are struggling to wrestle with them to bring them under control.
Sometimes we need to take stock and realise that there is potential. The potential is also within our control. So what are the potential bright spots for an adviser?
There are over 10 million home owners in the UK and they’re confused when Base Rate will move. There is a need for unemployment cover as people fear for their jobs and when credit is not easy consumers need advice. Some lenders SVRs are also high compared to some of the current deals available and do I need to mention brokers’ own client banks?
These are just six reasons why there is business out there. There are opportunities. Woolwich currently has its Great Escape mortgage whilst new lenders are moving criteria. We have also seen new lenders such as Aldermore, Kensington and Precise moving into the non high street space.
None of these changes or opportunities brings us back to where we were but they all offer advisers more chances to satisfy the needs of their customers.
If you surround yourself with negativity then you will be dragged down. Dismiss the negativity and focus on what we have and not what we do not have or might not happen.
People still have wants and needs in relation to Financial Services and no one is better positioned to help than an adviser.
