Ben Allen, Head of Compliance

Fred & Ginger, Lennon & McCartney, Spielberg & Lucas, Posh & Becks, Kim & Kanye – The list could go on.

One thing is for sure… Relationships Count!

Sure some relationships have their failings, and maybe not all of them stand the test of time, but it is clear that when two people come together with one common goal, great things can be achieved.

Take a recent survey by a dating website; it revealed the qualities we look for in a potential partner include: loyalty, reliability, trust & respect. So, if these are the qualities we look for in a potential partner why do we settle for less in our business relationships?

This week we have undergone a pair of training events with advisers from around the country at our new Head Office training suite in Knowle, Solihull. The training covered the changes in regulation of Buy to Let mortgages as well and the forthcoming changes to taxation that will undoubtedly affect any landlord clients you may deal with.

Of particular interest were the changes to taxation, including, stamp duty, taxation of rental income and ‘wear and tear’ allowances. But what stood out to me was the need to have a good tax adviser on your side. Sure, any of us can read the taxation guidelines (if you are so inclined), but we are not experts in taxation, nor would we profess to be and that means that our clients need good quality, clear advice.

This is where the need for good business relationships come in.  If you are involved in the selling of Buy to Let mortgages and work with landlords, a good tax adviser will be a real asset to you and your clients over the coming months. But this needn’t be a one way street; by your setting yourself up as an expert in the field of Buy to Let and being prepared to work at building a relationship with these potential business partners, you can be well placed to offer your mortgage services to any landlord clients with whom they may deal.

That really leads me on to the subject of introducers.

By association, an introducer becomes a representative of your business, in fact, an introducer is the first person that your client will see in the mortgage sales process and therefore you need to be convinced that this is the sort of person you wish to be affiliated with – think ‘reputational’ and ‘association’ risk.

It is no secret that as an industry and as a network, there is a big push towards improving the due diligence that is conducted before accepting any business from an introducer. Yet, as an industry, we continue to see advisers being removed from lender panels due to the calibre of their clients, many of whom have come from external introduction sources.

Those of you who know me will be aware of my love for ‘all things’ rugby and when writing this article I am reminded of the Sir Clive Woodward ‘school’ of rugby management and a statement he once made:

 “Getting the right people in is the biggest trick in business…”

This is an approach that has been employed by many businessmen, including the great Richard Branson who once said:

“Collaborate with others who share your vision to bring your dreams to life. If you don’t, you will never see the bigger picture.”

Both men have a solid mantra; a successful one at that – Always surround yourself with the best and together you will achieve excellence.

As business people, our business relationships really do matter… Please be resolved to surround yourself with excellence and choose your affiliates wisely!

For those of you interested in having more detail on the regulatory changes and the adjustments to taxation relating to Buy to Let mortgages and rental property, please take a look at our guide to the buy to let changes here.

Have a fantastic Bank Holiday weekend!