Use Suitability Assessments to Sell More Mortgages, Not Just Comply

Virtually every mortgage pro in Canada does some kind of suitability assessment before recommending a mortgage. But there are vast differences in how effectively they analyze client circumstances, compare financing options and make fitting recommendations.

Some regulators, like Ontario's FSRA, mandate comprehensive suitability assessments. Other regulators imply it. And some provinces make little mention of suitability at all.

But regardless of the law, suitability assessments aren't just about covering your backside. Done right, they can give brokers a sales and marketing edge that draws referrals and boosts revenue. Here's how.