This is a great opportunity to integrate technology to reduce the administrative burden of managing hundreds of cases spanning over many years.
For example, the best CRM platforms can automatically notify you and the borrower at a set time before their product matures.
Of course, this must all be integrated with the spirit of the Financial Conduct Authority's consumer duty in mind, ensuring that all planning and communication is compliant and designed to produce the optimum customer outcomes.
Ultimately, if back books are managed in an efficient manner, there is no reason why advisers cannot double the proportion of product transfer business supported.
And secondly on procuration fees, of course the renumeration for product transfers is lower than that received for new business, but there is good business to be completed in this space, especially given the scale of products maturing.
In the end, customer needs are paramount, and advisers must take care to act in their best interests at all times.
After all, procuration fees can vary, with some lenders offering large sums, and some not paying anything at all.
As an industry, we need to consider how the advice community can be best financially supported to provide quality advice to all customers.
Lenders are also beginning to experiment with procuration fees, for example by offering ‘trail commission’ for long-term fixed rate products.
Given the reduced pipeline of new buyer inquiries, the advice community must turn its attention to its existing customers as a top priority.
Exploring the potential advantages of a product transfer is certainly one path towards achieving that goal.
The property market is always evolving, and that will never change.
In the scramble to keep up, there is always a risk that clients and advisers alike can miss key opportunities to make the most of the new rate environment.
Not only is the current market more well-stocked with diverse and accessible fixed rate deals than last year, but advisers are armed with an expansive mortgage tech toolbox.
However, the priority must always be to look after the customer and work closely with lenders to deliver a service of the highest quality.
At the same time, the industry must come together and seek opportunities in untapped business areas, such as the product transfer business.
The current rate environment is challenging, and customers will inevitably feel concerned.
Given the sheer range of products and tech tools available, advisers are ideally placed to help clients steer a clear path through choppy waters.
Clare Beardmore is a director at Legal & General Mortgage Club
