Sign up for our free 8-week step-by-step e-course on how to land that dream job at one of Australia's top banks.Learn More

Dr. Mark Sinclair
Dr. Mark Sinclair, Mentor Education

Mortgage broking and financial planning convergence set to soar

14 January 2014

As the synergy between mortgage broking and financial planning becomes much more apparent, the convergence of the two is set to increase at a much greater level experts believe.

Commentators believe that with the role of the mortgage broker evolving dramatically over years we are now witnessing many brokers broadening their service proposition and break into new areas of advice, particularly financial planning. This seems to be partly driven by increasing levels of education and professionalism, and the two groups finally seeing the advantages and opportunities with converging.

Financial adviser have reported that convergence between the professions as having many upsides including mortgage broking businesses with a financial planning arm having an ongoing relationship once the loan has been settled and having more of a client relationship as opposed to just one transaction.

Financial adviser with Shore Financial Ben Warnes, said that, “I can see a lot of mortgage brokers either merging with financial planners or having a referral arrangement in place” and “there is an abundance of work for advisers looking to broaden their offering to include risk products like insurance.”

Warnes also conceded that there was plenty of work out there for every adviser and confirmed that, ‘there is so much work out there to be done that there is more than enough for me to earn a good living doing what I’m doing.”

We care about your opinion. What’s your take? Leave a reply