Mortgage brokers are being urged to work with Google following the launch of its new mortgage comparison service.
Google this week launched a UK mortgage comparison service in partnership with Avelo Trigold. Where products are available only through a broker, users are passed to one of 10 brokers Google has selected, who pay Google for each lead. The brokers areTurnkey Mortgages, Your Mortgage Decisions, Think Loans Mortgages, Which? Mortgage Advisers, Charwin Private Clients, First Union Mortgages, If I Were You, Mortgage Pro, A Mortgage Now and Sensible Home Finance.
Finance & Technology Research Centre director Ian McKenna says brokers should be prepared to accept that the tech giant will be a powerful force.
He says: “If an adviser cannot think of how to adapt to add the level of value in a world where Google exists, their future is bleak.
“Start with the assumption that consumers will have looked at Google or a similar source and bring that into the discussion. Work out where you are going to add value over and above what they can get online.
“Trying to swim against the tsunami that is Google and it will just engulf you.”
Peter Stewart Associates director Michael Brown says the service may lead brokers to find new ways to compete.
He says: “Brokers will not be able to compete with an ever increasing demand for people to satisfy their own questions online and they might have to become more specialist.”