Purpose and General Use
Diversification Opportunities feature is designed to assist brokers in fully servicing applicants needs by offering any additional services that clients might require at the time of loan application or regular loan reviews. By doing this:
Brokers will address some aspects of best interest duty towards applicants;
Assist applicants in obtaining quality services from tried and trusted referral sources;
Enrich the loan review process, ensuring ongoing customer satisfaction and of sustainable trail income;
Secure additional income sources or referral partnerships form services not offered directly by the broker.
There are multiple options available to discuss with the applicants during and after the loan applications. Diversified offer questions appear through out the fact find and tools to prompt the broker to ask the relevant question contextually or refer on the spot. At the end of the tools, a summary screen lists diversified options relevant to the deal. In addition, contact view contains all the services listed to be offered during the review interviews.
Three types of referrals
1. API referrals
One type is API integration with mainstream referrers. These are available in Settings > 3rd party integrations. API integrations are individual for each users.
2. Email referrals
Another type is email referral, which is set up in Settings > Diversification. These are available and visible for all users in the organization and can include multiple options per referral.
3. Access referrals
Users from different organizations can refer deals to each other using Access referrals feature. This feature will transfer deal and contact data from one Salestrekker organization to another. This is useful when referring deals to brokers specializing in certain areas of finance and insurance, e.g. Asset finance or insurance brokers.
There are over 20 referral options set up, and these are likely to expand in the future.
Settings (system admins only)
A. Go to Settings > 3rd party applications tab and activate any relevant referral integrations. Note that integrations are individual for each user and that these will override any email setting in Settings > >Diversification (See C below).
B. Go to Settings > External notifications tab and create an email template that will be used to refer to your existing referral partner that does not have API integration with the CRM. See health cover example below:
C. Go to Settings > Diversification tab (A) and click on 'Add referral' button (B) to add email addresses and templates to the relevant service option (C).
Note that multiple referrers can be added and that these will be visible to all users in organization. Also note that for individual user, an API setting will override email activation.
Using Diversification Opportunities
Client Profile questions
Diversification opportunities will appear in the Client profile/tools section as the data is entered. The idea here is that users are reminded to ask applicants the question at the time of the interview. These questions appear only in broker view and are not visible in the Client Portal.
Note : Only set up opportunities will show in Client Profile.
Users should select one of three available options:
Client would like to hear more;
Client declined the offer;
Not discussed at this stage.
Even if client declined the offer can be beneficial to the broker as this will be recorded in the compliance documents and can be utilized to defend broker position in case of any 'best interest duty' discussions later on.
Typically, these questions will appear:
If the client is self-employed;
If Needs and objectives questions are answered in a way to warrant a diversified service;
In the Product requirements tab, if the client indicates they require some additional services.
Some questions may appear more than once through the Client profile and tools.
To refer on the spot, simply click on 'Refer' button (or API service button if in place), review email and click 'Send'.
Note: If client declines the offer, referral button will be disabled and greyed out.
Documents generated or uploaded to deal can be attached to the referral email.
When the client answer is selected, the section will turn green (from the original red). Client answers are also color coded: green/red/amber.
Broker Tools Summary Tab
A summary of questions that appeared in Client profile will appear at the end of Broker Tools in a separate tab, Diversification Opportunities.
There are three sections here: Diversification opportunities; Missed opportunities and Comments section:
Services are highlighted in Caps and answers are color coded (green = yes, red = no, amber = N/A). Where the referral email/API isn't set up, or the answer was 'declined', the 'Refer' button will be greyed out.
To refer, simply click on the refer button, review email and click 'Send'.
Note: Cc/bcc addresses are set in email template settings. Where multiple referrers are set, select a referrer from the drop down list:
Contact View Tab
During the review process (that can be scheduled using recurring task feature), users can discuss any of the available options and refer clients on the spot.
Note: Referral email in Contact view will only cover referrer email address; email subject and body will have to be manually entered:
Adding a Summary Table to a Document
For the compliance purposes, a summary table with the outcomes of diversification discussions can be added to a document. Merge code can be found in Settings > Document templates/Merge fields button. Field is under the 'Deal - Tables' grouping of merge fields. Type 'diversification' in merge field search and click on the relevant option to copy. Then add to your compliance or sales document.
Use Case Scenario/Example 1
Home buyers are likely to buy a new car 2-7 months after the settlement. Diversification feature can increase broker revenue by potentially offering the following:
Car buying service (additional revenue $100-$200)
Car loan ($1,000+)
Motor vehicle and gap insurance ($500+)
Motor vehicle warranty ($500+)
The process would be as follows:
Set up a task and add to 'Settlement' stage to be completed within 2 weeks of deal moving in that stage. Task would require user to send marketing email (note that this can be automated in Marketing)
User would either send marketing email introducing a car baying service, which id successful would then launch other products (finance, insurance, warranty).
User would create a new deal in Asset Finance workflow (copy existing deal then move to Asset Finance workflow)
Use Case Scenario/Example 2
Home buyers require home and contents insurance to be able to settle new home. Broker commission will be a share of the insurance premium as well as the ongoing trail.
The process will be as follows:
Set up a diversification task automation at formal approval stage in the home loan workflow.
When task is received/due, user will access Diversification section and launch an external insurer site to create/commence quote process.
User can create a new deal in the Insurance workflow (if in use)
Use Case Scenario/Example 3
Three months after the loan settlements a review meeting is held (a task was automatically set to contact the client to arrange a review meeting). During the meeting, client might indicate they would like a new quote for health cover and another quote for their risk insurance. Broker will get a % of insurance premium.
The process will be as follows:
Access Contact view page and click on Diversification opportunity tab;
Click on the relevant refer buttons, amend the outgoing email and click send.
Example Timeline - Purchase Owner Occupied
