Tips for Marketing the BID to Clients
The best interests duty, which came into effect 1 January 2021, requires mortgage brokers to legally act in their clients’ best interests. It sets a higher bar for the mortgage broking industry, and in turn, gives brokers a competitive advantage.
What client wouldn’t want to know that their broker is legally required to put their interests first when providing credit assistance?
Here are a few ways you can show them through your marketing material that you always have, and always will, prioritise their best interests — because it’s the law.
How to Market BID to Your Clients
With a growing market share every year, the broking industry has a lot to be proud of and the BID is just another step towards elevating and improving the industry we love.
By effectively communicating and marketing how the BID will benefit clients, we believe brokers might be able to pick up even more market share in the future.
Educate Your Clients About What BID Means for Them
To build trust and loyalty with existing clients, and to reach new leads, educate your audience about what you have to do to meet the BID and what this means for the service you’ll provide them.
In summary, under the BID, brokers must improve how they:
- Gather and document information about their client’s individual circumstances, objectives and situations
- Assess relevant products for their needs
- Present and make recommendations to them, educating them to make informed decisions
All of these points can be used to reinforce the customised solutions and personalised support you provide clients.
BID Marketing Statements to Use on Social Media
The MFAA has put together a list of 50 statements that brokers can use in their marketing material when communicating about the BID to clients.
We suggest you use the following in your LinkedIn, Facebook, Instagram and email campaigns:
I act in your best interests when recommending a home loan.
I put your best interests first when recommending a home loan.
When arranging a home loan, use a mortgage broker to protect your best interests.
Looking for a home loan? Use a mortgage broker to protect your best interests.
As a mortgage broker, I am proud to provide you with a credit recommendation that is in your best interests.
Mortgage brokers offer choice, experience and have a legal duty to act in your best interests when providing credit assistance.
Get Your Connective BID Certification
On our best interests duty education hub, you’ll find a downloadable BID guide, checklists and videos on ensuring your business and customer interactions are BID-compliant.
This is a great place to go to refresh your memory, keep track of your responsibilities and stay up-to-date on any changes. If your clients have questions about the BID, this is your go-to resource.
Setting Higher Standards for a More Successful Industry
We believe the best interests duty raises the bar for our industry, making us stronger and more successful as a result. When helping a client make the largest financial decision of their lives, the BID requirement will give them even more confidence that working with a broker was the right choice.