Choosing a lead provider is one of the most consequential decisions a mortgage broker, insurance adviser, or IFA can make. Get it right and you have a reliable pipeline of new business. Get it wrong and you burn through cash on leads that go nowhere, tie yourself into a contract you can't escape, and end up more frustrated than when you started.
This guide is designed to help you evaluate any lead provider — including us. We'd rather you make an informed decision than a rushed one, even if that means you end up choosing someone else.
Before You Start Looking
Before you even begin comparing lead providers, get clear on a few fundamentals.
What is your current cost per acquisition? If you don't know how much you're currently spending to acquire each client — whether through referrals, networking, your own advertising, or any other method — you won't have a baseline to measure against. Even a rough estimate is better than nothing. Factor in your time, not just hard costs.
How many leads can you actually handle? This is the question most brokers skip. If you're a sole practitioner managing an existing caseload, you might only be able to work 10-15 new leads per week properly. Taking 50 when you can only work 15 is a waste of money, no matter how good the leads are. Be realistic about your capacity.
What does your follow-up process look like? If you don't have one, sort that out before spending a penny on leads. The best leads in the world won't convert if you're calling them 24 hours late or not following up at all. We've written a separate guide to setting up your lead process that covers this in detail.
Questions to Ask Any Lead Provider
These are the questions you should be asking every lead provider you're considering. Don't be shy about asking them directly — any reputable provider will be happy to answer.
Where do the leads actually come from?
This is the single most important question and the one many providers will be vague about. You want to know specifically how they generate their leads. Are they running Google Ads? Facebook campaigns? Do they own consumer-facing comparison websites? Are they buying data from third parties and reselling it?
The source matters enormously. A lead from someone who has actively searched Google for "mortgage broker near me" is fundamentally different from someone who clicked on a Facebook ad while scrolling through holiday photos. Both can convert, but they have different intent levels and require different follow-up approaches.
A good provider should be able to tell you exactly where their leads come from, ideally down to the specific platforms and campaign types. If they can't — or won't — that's a red flag.
Are the leads exclusive or shared?
An exclusive lead goes to you and only you. A shared lead goes to multiple buyers — sometimes two, sometimes five, sometimes more. The distinction matters because it directly affects your conversion rate and the consumer's experience.
If a consumer fills out a form and then gets called by four different brokers within the hour, they're going to be irritated. The first caller might get through; the rest are fighting an uphill battle. We cover this in more detail in our guide to exclusive vs shared leads.
Ask the provider directly: is each lead sold to one buyer or multiple? If they say "semi-exclusive" or "limited distribution," ask exactly how many buyers each lead goes to.
How are leads verified?
Verification is the difference between a genuine enquiry and a bogus form submission. At minimum, a provider should be verifying that the phone number is real and belongs to the person who submitted the form. Some providers use SMS verification (the consumer receives a code and enters it to confirm), others use phone validation APIs, and some do no verification at all.
Ask what their verification process is. If they don't have one, expect a higher proportion of wrong numbers, fake details, and people who don't recall making an enquiry.
How are leads delivered and how quickly?
Speed to contact is the single biggest factor in lead conversion. Research consistently shows that calling a lead within the first five minutes dramatically increases the chance of a conversation. If your provider is batching leads and sending them out once a day, or even once an hour, you're already at a disadvantage.
Ask how leads are delivered (email, SMS, CRM integration) and what the typical delay is between the consumer submitting their enquiry and you receiving the lead.
What is their replacement or refund policy?
No lead provider delivers 100% perfect leads, no matter what they claim. Some leads will have wrong numbers. Some people won't recall making an enquiry. Some will have already arranged their mortgage or insurance elsewhere. This is normal.
What matters is how the provider handles these situations. Do they replace invalid leads? Is there a clear process for flagging issues? What's their current refund or replacement rate? A provider who claims zero invalid leads is either lying or hasn't been around long enough to know.
Are there contracts or lock-in periods?
Some providers will ask you to sign a 3, 6, or even 12-month contract with minimum volume commitments. Others operate on a pay-as-you-go basis. Neither model is inherently better — a contract might get you a better per-lead price — but you need to understand what you're committing to.
If you're new to buying leads, we'd strongly recommend avoiding long-term contracts until you've proven the ROI. Start on a flexible arrangement, measure your results over 4-8 weeks, and only consider a commitment once you're confident in the numbers.
Red Flags to Watch For
Over the years, we've heard plenty of stories from brokers who've had poor experiences with lead providers. Here are the most common warning signs.
Guaranteed conversion rates
No lead provider can guarantee a specific conversion rate. Conversion depends on too many variables that the provider doesn't control: your speed to contact, your follow-up process, your advice quality, and the consumer's circumstances. If someone promises you "20% conversion guaranteed," run.
What a provider can tell you is their average or typical conversion rates based on aggregated client data, their refund rate (which is a proxy for lead quality), and what their best-performing clients tend to do differently.
Vague or evasive answers about lead sources
If a provider won't tell you where their leads come from, there's usually a reason. They might be buying cheap data from third parties, scraping enquiries from forms that don't clearly state the consumer's data will be shared, or recycling old leads as new ones. A legitimate provider should be transparent about their acquisition methods.
High-pressure sales tactics
"This price is only available today." "We've only got two spots left in your area." "Sign up now or you'll lose your territory." These are tactics designed to prevent you from doing your due diligence. A confident provider doesn't need to rush you into a decision.
No verifiable track record
Ask for case studies, testimonials, or references from existing clients. Check online reviews. Look at how long they've been operating. A provider who can't demonstrate a track record of satisfied clients may not have one.
Unrealistic pricing
If a provider is offering exclusive, verified, real-time leads for significantly less than everyone else in the market, ask yourself how that's possible. Lead generation costs real money — advertising, technology, verification, compliance. If the price seems too good to be true, the quality usually reflects that.
That said, more expensive doesn't automatically mean better. The right comparison is cost per acquisition (how much you spend on leads to acquire one new client), not cost per lead.
A Practical Evaluation Framework
Here's a structured approach to comparing providers.
Step 1: Shortlist 2-3 providers based on initial conversations, reputation, and answers to the questions above.
Step 2: Start small with each one. If possible, test two providers simultaneously with a small batch (10-20 leads per week each). This gives you a direct comparison under the same conditions.
Step 3: Track everything. For each provider, record: how many leads you received, how many you contacted, how many became conversations, how many converted to clients, and your total spend. Calculate your cost per acquisition for each.
Step 4: Give it enough time. A week isn't enough data. We'd recommend at least 4-6 weeks to get a meaningful sample. Some leads take 3-6 months to convert, particularly in mortgages and equity release, so factor in your typical sales cycle.
Step 5: Compare honestly. Don't just compare on lead cost. Compare on cost per acquisition, contact rate, conversation quality, and the overall experience of working with each provider.
What a Good Provider Looks Like
Based on what we've seen across the industry, here's what the best lead providers tend to have in common.
Transparency about sources. They can tell you exactly where their leads come from, which platforms they advertise on, and how their websites or campaigns are set up.
Exclusive delivery. The best providers sell each lead to one buyer only. This gives you the best chance of converting and gives the consumer the best experience.
Real-time delivery. Leads arrive within seconds of the consumer submitting their enquiry, not hours or days later.
Verification. Some form of verification — ideally SMS — to confirm the consumer's contact details before the lead is delivered.
Fair replacement policy. A clear, simple process for flagging and replacing leads that don't meet the agreed specification.
No long-term contracts. Particularly for new clients. The provider should be confident enough in their product to let results speak for themselves.
Honest communication. They set realistic expectations, don't overpromise, and are upfront about both the strengths and limitations of their service.
Where We Stand
We obviously have a stake in this conversation — we're a lead provider ourselves. But we'd genuinely rather you make an informed decision than a pressured one. If you use this checklist to evaluate us alongside other providers and someone else comes out on top, that's fine. The right fit matters more than the sale.
If you want to see how we measure up against these criteria, you can read about how we work, check our pricing, or simply get in touch and ask us anything. We'll give you straight answers.
And if you're not sure whether buying leads is even the right approach for you, start with our guide on buying leads vs generating your own. It might save you time and money before you go any further.