There has always been an inextricable link between the world of mortgages and protection insurance, so when Naomi Greatorex, managing director of Heath Protection Solutions, wanted to find a rich source of mortgage referrals, she thought who better than her own daughter?
Today Naomi and her daughter Heather have launched Heath Mortgage Solutions, 20% owned by Naomi (pictured right) and 80% owned by Heather (pictured left), who has worked in the mortgage industry for seven years at LDN Finance.
Dearth of young women running businesses
“I wanted for a long while to have my own business,” Heather tells Health & Protection. “I enjoy talking to clients and helping them meet their financial needs.”
But Heather adds she also thinks the industry is lacking in young people – particularly women.
“I’ve been going to industry events and there’s not been many females at those,” she continues.
“I think it’s important that there’s a company run by women.”
In terms of how the business will run, Naomi explains there will be a synergy between hers and Heather’s businesses.
“What we wanted to do is have separate businesses so I will run Heath Protection Solutions and then Heather will run Heath Mortgage Solutions, but there will be a synergy between us,” Naomi says.
“So we will be actively referring clients, so Heather will refer her mortgage clients to us for protection advice and we will referring where we can our protection clients to Heather for mortgage advice.”
According to Heather, the business will offer whole of market services.
“It’s residential and buy to let mortgages, so anything a person can live in basically,” she continues.
“We can deal with clients here, offshore, limited companies, so a wide range of mortgages.”
A continuing relationship
But their working relationship is not an entirely new one, with Naomi explaining that the mother-daughter duo have worked together before when Heather was working at at LDN Finance.
“We worked together under that umbrella,” Naomi says.
“I think I’m working independently. I’m working with professional introducers,” Naomi continues.
“There was a gap in the market where Heather could support those introductions through mortgage advice and I could deal with them on the protection side, so it’s a natural fit really because we’re dealing with accountants, solicitors and wealth managers.
“And in all of those areas, they’re looking for a mortgage adviser, so it just makes perfect sense.”
Working with Mum
Elaborating on working with her mum, Heather explains the pair are “very close”.
“We talk to each other about seven times a day on the phone, so we are very close,” Heather continues.
“I’ve worked with her before at LDN Finance, so she used to deal with my clients and it worked very well.
“We talk about finance a lot which might bore people.
“We’re not much fun at a family party at the moment,” Naomi adds.
“I think you have the understanding of each other because you’re mother and daughter,” Naomi continues.
“There’s the trust that you have because you’re working so closely together with someone who is probably the closest person to you which is a lovely thing.
“It will give us both the opportunity to grow our businesses because we can support each other and support our clients with different areas of financial advice.”
Reverse mentoring
That support also includes an element of reverse mentoring, Naomi adds.
“I’m not a mortgage expert and Heather is obviously teaching me there in how to identify mortgage opportunities,” Naomi says.
“When we’re talking to introducers, Heather’s got some unique ideas.
“We’re doing the mortgage capacity reports, we’re doing a lot of work with people who are getting divorced where Heather’s able to support them with capacity reports for mortgages which is opening new areas for us to have a conversation with clients.
“That’s very much being driven by Heather and she’s built up a network of people in that area, such as family solicitors.”
Looking ahead to plans for the businesses over the next year or so, Naomi reveals she is actively recruiting.
“We are recruiting on my side and we will be looking to grow the business in numbers,” Naomi says.
“We’ve already signed a few introducer agreements, so I think in order to be able to offer excellent service, we will want to grow the business in order to support those clients,” Naomi adds.
“I would say I’m having two networking meetings a week at the moment.”