Choosing a lead provider is one of the most consequential decisions a broker or adviser can make for their business. Get it right, and you have a predictable, scalable source of new clients. Get it wrong, and you waste thousands of pounds on leads that never convert. The problem is that most providers sound the same in their marketing. They all claim to offer 'high-quality, exclusive leads' with 'great conversion rates.' The difference is in the detail.
Before you commit to any lead provider, ask these five questions. The answers will tell you whether you're dealing with a genuine lead generation business or one that's going to take your money and deliver disappointment.
1. How Exactly Are the Leads Generated?
This is the most important question, and the one most brokers forget to ask. Not all lead generation methods are equal, and the source directly determines the quality of what you receive.
Good sources include:
- Paid advertising on Meta (Facebook and Instagram) or Google, driving traffic to dedicated landing pages with detailed qualifying forms
- Search engine marketing targeting high-intent keywords like 'mortgage adviser near me' or 'life insurance quote'
- Content marketing that attracts consumers actively researching financial products
Sources that should raise concerns:
- Data harvesting from competitions, prize draws, or surveys where the consumer's primary intent was to win something, not to get financial advice
- Aged data lists purchased from third parties and repackaged as 'fresh leads'
- Co-registration forms where consumers tick a box (often pre-checked) agreeing to be contacted while signing up for something unrelated
- Lead aggregators that buy leads from unknown sources and resell them, often with no visibility into original quality
A reputable provider will explain their lead generation process openly. They'll tell you which platforms they advertise on, what their landing pages look like, and what qualifying questions they ask. If a provider is vague about their sources or says something like 'we use a variety of channels,' press them for specifics. Vagueness is a warning sign.
At Lurvo Digital, we generate leads through paid advertising on Meta and Google, using dedicated landing pages with multi-step qualifying forms. Every lead is a genuine consumer enquiry, not a recycled database entry or a competition entrant.
2. Are the Leads Exclusive or Shared?
This question alone will save you more money than almost anything else. There's a fundamental difference between a lead that's sent only to you and a lead that's simultaneously sent to two, three, or even five other advisers.
With shared leads, you're competing against other brokers to make first contact. The consumer gets bombarded with calls, which creates a poor experience and immediately puts them on the defensive. Your conversion rate on shared leads will be dramatically lower than on exclusive leads, even if the leads themselves are otherwise identical.
Some providers are transparent about sharing. Others use carefully worded language that obscures the truth. Phrases like 'priority leads' or 'first-look leads' sometimes mean you get the lead slightly before other buyers, not that it's exclusive to you. Ask directly: 'Is this lead sent to me and only me? Will any other broker or adviser receive this same consumer's details?'
Exclusive leads cost more per unit. That's expected. But the ROI calculation almost always favours exclusivity. A detailed comparison of exclusive versus shared leads shows why the per-lead price is misleading without context.
3. What Data Do I Receive With Each Lead?
A lead is only as useful as the information it contains. At minimum, you need a verified name, phone number, and email address. But beyond the basics, the qualifying data is what separates a useful lead from a frustrating one.
For mortgage leads, you want to know:
- What type of mortgage they're looking for (purchase, remortgage, buy-to-let)
- Their approximate property value or purchase price
- Their deposit or equity position
- Their employment status
- Their timeline for proceeding
For insurance leads, you want:
- The type of cover they're interested in
- Whether they have existing cover
- Their age range and smoking status
- Their reason for enquiring
The more qualifying data you receive, the better prepared you are for that first call. You can personalise your approach, demonstrate that you've read their enquiry, and move the conversation forward efficiently. A lead that simply says 'John Smith, mobile number, interested in mortgages' gives you almost nothing to work with.
Ask potential providers to show you a sample lead (with details anonymised). If the sample contains minimal information, expect your conversion rates to suffer.
4. Is There a Long-Term Contract or Minimum Commitment?
This question reveals a lot about a provider's confidence in their own product. Providers who lock you into six or twelve-month contracts are essentially saying: 'We know you might want to leave, so we're making it difficult.'
Contracts aren't inherently bad. Some level of commitment can be reasonable, and providers do need some consistency to manage their ad spend and delivery. But be cautious of:
- Long lock-in periods with no performance guarantees
- Minimum spend requirements that exceed your comfort level
- Cancellation fees or notice periods that feel punitive
- Contracts that auto-renew without clear notification
The best providers earn your business month after month through results, not through contractual obligations. They're confident enough in their lead quality that they don't need to lock you in. If a provider insists on a long contract before you've had any chance to evaluate their leads, that's a significant red flag.
At Lurvo Digital, we operate on a no-contract basis. You order leads, you receive leads, and you reorder when you're ready. If our leads don't work for you, you stop ordering. We believe that's how it should work.
5. What Happens If a Lead Is Invalid?
No lead generation system is perfect. Occasionally, a lead will have an incorrect phone number, a fake name, or turn out to be someone who didn't genuinely submit an enquiry. What matters is how the provider handles these situations.
A good provider will have a clear policy for invalid leads. They'll define what qualifies as invalid (wrong number, duplicate, clearly fake details) and offer a replacement or credit for leads that meet those criteria. They'll have a simple process for reporting issues, and they'll respond within a reasonable timeframe.
A poor provider will make it difficult to report problems, have vague or non-existent refund policies, or blame you for not converting leads that were genuinely invalid.
Ask specifically:
- What is your replacement policy for invalid leads?
- How do I report an invalid lead?
- What qualifies as invalid versus simply 'hard to reach'?
- How quickly are replacements issued?
Be reasonable in your expectations here. A lead that doesn't answer the phone isn't necessarily invalid. A consumer who says 'I'm not interested right now' isn't invalid either, they're just not ready. But a lead with a disconnected number, a fake name like 'Mickey Mouse,' or who claims they never submitted a form, those are legitimately invalid and should be replaced.
Bonus: Ask for References
If a provider can't connect you with at least two or three existing clients who are willing to share their experience, that's telling. Providers with good results have happy clients, and happy clients are usually willing to vouch for them.
When speaking with references, ask about their conversion rates, the consistency of lead quality over time, how responsive the provider is to issues, and whether they'd recommend them to a colleague. These conversations will give you more useful information than any sales pitch.
The Bottom Line
Choosing a lead provider shouldn't be a gamble. By asking these five questions, you'll quickly separate the providers who are worth your investment from those who aren't. The right provider will welcome these questions because they have good answers. The wrong provider will deflect, obfuscate, or pressure you to sign up before you've had a chance to evaluate properly.
Take your time. Do your due diligence. And when you're ready to try a provider that's transparent about all five of these points, read our full guide to choosing a lead provider or explore our lead options directly.