When I was 8 years old, my mom drove me into town to the bank and walked me up to the counter and asked the teller to set me up with my first bank account. It was at my local credit union and the account was called a ‘FAT CAT youth account.’
I remember this very much as I have always been obsessed with cats and, also, getting your first bank account is probably one of those pivotal moments in your life that sticks with you. It came with a little booklet to track my balance and each time I would go into the bank, the teller would check my booklet against their records and ‘mark my work’ in the effort to teach me about money management at a young age. I was an excellent student, in case anyone was wondering.
Thirty-three years later, I still bank with this credit union. I have had the same member number my entire life. I remember this number and, yet, I don’t actually remember my SIN without looking it up. I don’t know what year my parents were born. I don’t know how old I was when I fractured my T6 vertebrae in a horse-riding accident. Nor do I remember which year it was when I moved to Scotland without really needing to think hard and do some finger math.
But I instantly remember my member number with the credit union that I have had since I was 8.
Today, I read yet another post on one of the brokering forums that bleeds the sentiment of “where is the loyalty?”
Why banks feel familiar
For most of our customers, they have known their bank their entire life. They have a relationship that spans 20+ years that has seen them through the deposit of their first paycheque, the birth of their first child, COVID, and the times they didn’t quite have enough to make their insurance payment.
My first credit card was the credit union student Visa card with a $500 limit that my mom had co-signed. My first car loan (on that 91’ Chev) was with my credit union, they made that dream happen for a 16 year old with a part-time job. In retrospect, that was far too much car for me and they probably should have limited my dreams, and as such, they were also there for me through numerous speeding tickets and a complete body rework after I plowed her into a concrete wall going far too fast.

In short, where is the loyalty? Probably with their bank.
Let’s think about the relationship the client has with you.
You were referred to them by their Realtor or their friend/family, and with that referral came a certain level of trust. They had a conversation with you for about half an hour. They sent you documents; you spent an hour on their pre-approval. You had a follow-up call with them where you discussed options for 40 mins and then maybe you sent an email or two.
Maybe you followed up with them. Maybe you ran a couple more scenarios. Maybe you checked in every couple weeks for six months while they got their credit repaired or their down payment saved up. Overall, you have a few phone calls, emails and maybe 3-5 hours time into this relationship.
So, why are we so quick to stomp our feet and curse our clients when they tell us they called their bank? Or called another broker? They owe us no loyalty. We are a service provider doing our job and the client is doing their part in looking out for themselves and we all need to stop taking it so personally.
Loyalty isn’t owed—it’s built
Or, take it very personally. Not on the ‘you’ve been slighted’ front (because you haven’t), but use it as an opportunity to improve. If you are losing all of your leads to other brokers or banks, then ask yourself: are you doing enough to build trust with your clients?
Sure, sometimes we just lose on rate. And yes, in some cities, markets and cultures this is more prevalent than others. But, often we lose because we didn’t do enough to instill confidence, build trust or set expectations. We should never expect that we have a right to loyalty simply because the client called us or we spent a few hours working on their file. Instead of making the assumption that you have their trust, start with the assumption that you never had it and you will work every minute of that file with the goal of winning their business.
The client was never yours to lose, but they are certainly yours to win. And the W doesn’t get celebrated until the file is funded.
If they’re calling around, there’s a trust gap
I get a lot of ‘second opinion’ calls in my business. Clients calling me to tell me what they have approved with another broker or at a bank to see if it is a good product, a good lender, a good rate or the right decision.
Most often I send them back to their broker or their bank feeling better about the approval they have. But every now and then I take the file and we go in a completely different direction. I get these calls because their bank or broker didn’t answer them when they called them. Or they didn’t answer their questions when they were confused, didn’t understand why they were in a certain product or how their approval was not what they expected.
One thing in common with all of these calls is that the client doesn’t trust the broker or bank rep that they are working with. If your client is calling around for other opinions, it is because you haven’t done the necessary things to earn that trust. This is not a matter of loyalty.
Is your process serving you or your client?
Take a look at your process; have you been nickel-and-diming the client for more docs throughout the fulfillment stage instead of asking for all docs up front? Are you hard to get a hold of when they have questions? Did you explain their options and choose a lender with them or did you choose for them? Did you set expectations on turnaround times and keep them updated? Did you talk about rates and monthly costs before you submitted to the lender? Is it difficult to book a meeting with you? Did you pass the file to an assistant for follow up? Did we use AI to write all our emails?
There are plenty of ways our process and systems can betray us, particularly when we implement structures that serve only us as the broker. Often, we are so focused on streamlining workload for ourselves or our staff that we overlook what the process feels like to our clients. When we build a client journey/process that serves the client, however, this is where trust and client retention come from.
The rate wars of 2024 have shown us that clients are more cautious than ever about where they place their trust.

Looking beyond rate: What clients really value
Mortgages are more expensive right now than they have ever been, with house prices continuing to rise and rates remaining above average. So too are the cost of groceries, vacations, after-school care, gym shoes and hockey camp. The only thing not on the rise, it seems, are wages, at least not proportionately. And when pennies start getting pinched, every .01% of rate seems to matter.
And yet, time and time again, we see clients choosing better-quality products over cost. Yes, all things being equal a broker channel approval vs. a branch approval with the same lender is pretty tough to argue with and in many cases that is simply an opportunity to wish them well, add them to your CRM and try to win them back on renewal. But I often have clients choosing a better-quality mortgage product at a higher rate vs. a discount rate on a product that doesn’t suit their needs.
Just last week I had clients opt for a higher rate to ensure they could get a fast approval that would fit within a two-day COF, allowing them to win the bid on the house. Rate didn’t matter, getting the home they wanted with fast, efficient service was the most important factor.
There is a reason we don’t all drive the same vehicle, or live in the same type of home. Why some people like condo living and others prefer the country.
I learned a long time ago that a cheap couch needs to be replaced sooner and doesn’t really save me money in the long run. I opt to pay more for my tires so they take more kms. A higher-quality mattress is better for my overall health. I chose a more expensive vehicle for the quality and safety (and obviously because it looks cool; I drive this one far more responsibly). And I buy Kraft Dinner, not the no-name brand mac ‘n’ cheese. Clients know these things too and they make these same decisions each and every day.
In mortgages, the name of the game right now is flexibility and the best products we offer give exactly that. Sometimes our clients simply need reminding that you can get them a WalMart mortgage if they want, or you can get them a full-service mortgage that meets their needs and offers the flexibility they want. These things might not be priced the same, but you always get what you pay for. And maybe by explaining the differences, as part of your new client-driven process, you will earn that client’s trust.
And who knows, in this era of online banking, you might cement your way into their memory as one of those pivotal moments of their life, their very own FAT CAT, and that might even earn you a little bit of loyalty.
Opinion pieces and the views expressed within are those of respective contributors and do not necessarily represent the views of the publisher and its affiliates.
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Last modified: February 4, 2025