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Nationwide's 'brand new customers only' advertisements still make me cringe but only because they ring true.
For some brokers the focus is on getting new clients on their books. I'm sure they're not as bad as the bank manager in the adverts but in reality this short-term focus exists and does little to build long-term relationships with customers.
With the recent problems in the mortgage market and the decline in the number of first-time buyers, the importance of retaining existing clients has never been greater. By only focussing on winning and servicing new customers, brokers miss the potential of their existing client numbers.
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