The LVR Podcast™ Episode #23

Written by on September 7, 2022

The LVR Podcast

How To Protect Your Client Base with guest Adam Grocke

Designed for Brokers, made by Brokers.

September 7th, 2022

This podcast is our chance to give back to the mortgage broking industry and talk about real issues that are affecting most brokers and loan writers right now. Learning, Validation and Respect = the very foundations of all relationships.



Pre-approvals are a hot topic as markets change, so today we’ve diving into pre-approvals, their benefits and at which point are they necessary or unnecessary.

Here’s the key take away points: 


  • It can be rewarding from a personal perspective and a financial point of view to retain more of your hard won clients.
  • Most mortgage brokers out there know they should be reviewing client’s mortgages every twelve months, but how many really do it?
  • Former broker, Founder and CEO of Sherlock; Adam Grocke works to help brokers increase their client retention rates by offering simple refinancing options that a broker can do proactively, and present options to their clients.
  • There is a point in time where clients are most at risk of leaving their broker and it comes down to their current interest rate is not competitive. This triggers a series of events that triggers that client from leaving a broker.
  • As mortgage brokers we all go on this exciting journey when we initially bring them on, and you think that client will stay, but when you see the recapture rate across the industry (about 30%) is pretty disappointing. So some brokers are operating under this delusion that your client will come back to you when they want to change something.
  • It is expensive to touch base with clients and keep marketing to them, and keep them in your circle. You would typically be adding more admin staff to make this happen.
  • If you’re a broker with a small book, put these practices in place now so you grow faster and retain more as you grow.
  • Even raving fans who can love your service can leave easily if they’re marketed to by someone else more effectively or efficiently or at the right time for them to hear a message.
  • How Sherlock works is delivering value to the customer first, by reaching out to them initially having already done the background work to lower their interest rate and offering them that new interest rate, saving them money.
  • So it’s about proactively repricing and refinancing your existing clients to a lower rate, automatically with a single click.
  • Historically brokers are not trained to retain. We’re trained to find leads and find new business. We’re trying to change this to educate brokers “retention is prospecting”. As soon as you shift your perception to retention being a source of income, then your opportunities will increase.
  • Retaining a client is a much simpler business strategy than finding new clients.
  • Think about this: It costs a broker $7500 in lost revenue if one of your clients refinances with someone else. This is real data and real numbers.
  • When you have critical information you want your clients to look at, send them a text msg at the same time as your email so you can get your clients to open your email and read/absorb the message you want them to hear. This will reengage your existing clients.

Key Quotes

“When I was a broker I had a problem of not being able to serve every client with the same level of service as my business grew” – Adam.

Create a great experience for your existing clients means they will be more likely to rave about your service, and refer more business to you.” – Adam

“We need to retrain our mindset on what customer experience really means. The customer experience is really for the life of the loan. It shouldn’t stop at settlement, in fact that is where you should work harder” – Marissa

Read more about Sherlock here.



More From Marissa and her company, Rise High Financial Solutions:

Marissa Schulze Linkedin 

Marissa Schulze Instagram 

Marissa Schulze Facebook 

Rise High Financial Solutions

More From Ruan and his company, Success and Broker:

Ruan Burger Linkedin 

Ruan Burger Instagram 

Ruan Burger Facebook 

Success and Broker

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