Brokers of the future to offer financial advice
More mortgage brokers are looking to add financial planning to their skill set in a bid to future-proof their incomes, a new survey has revealed.
A survey by financial services umbrella group Wealth Today at the Mortgage Finance Association of Australia’s national convention found the majority of respondents (68 per cent) believed mortgage broking on its own did not have a future.
Instead, respondents described the broker of the future as “a trusted finance professional providing their life-long clients a full suite of services, including financial planning in addition to mortgage broking”.
Further to this, 64 per cent of brokers surveyed are considering adding financial planning to their suite of skills, while 28 per cent already have.
Wealth Today general manager Michael Stephens said it has become obvious to brokers that diversifying is no longer a nice option, but has become a necessity.
“It is exciting to see so many brokers gearing up to move their businesses to a more abundant future,” Stephens added.
Recommended for you
The corporate regulator has announced its first adviser banning of the year with the permanent ban of a Queensland-based former adviser that was sentenced to seven years’ imprisonment.
The Australian financial advice industry has risen by more than 20 advisers this week, with nearly half joining WT Financial and Sequoia.
Two financial advice professionals have shared their tips for success when building an effective Professional Year program as more advisers look to bring on junior staff to their practices.
Numbers are in for 2024, with Wealth Data confirming how many advisers left during the calendar year and which business models saw the largest growth in terms of new licensees.
