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
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.