Mortgage Choice opens financial planning business
Independent mortgage broker Mortgage Choice has opened its financial planning business, which it says will operate as a separate franchised business to the existing mortgage broking business.
The first franchises in Sydney, Melbourne and Brisbane will start servicing customers next month, which Mortgage Choice said will allow it to test out its systems, processes and proposition ready for a full roll-out in July 2013.
The company said brokers and planners would remain as experts in their own field and provide specialised services for customers. It anticipated having 60 financial planners operating across the country within three years.
Planners would need to come to the business with "solid financial advice experience", and the company said it would continue to assess the quality of their advice against a best-practice checklist.
The planning business will be using van Eyk for investment research and has partnered with practice management consultancy division The Encore Group.
It will also work with Catalyst Compliance to satisfy legislative obligations, according to general manager for Mortgage Choice Financial Planning, Tania Milnes.
The group has also selected Macquarie Wrap as an investment platform, Macquarie Visor for its financial planning software and revenue management software CommCentral REVEX.
The group said it would be using a "broad, non-aligned approved product list" and had selected risk providers Asteron, CommInsure, Macquarie Life, MLC, OnePath and TAL.
"We intend to extend the Mortgage Choice 'paid the same' philosophy across insurance, meaning our advisers have no financial incentive to recommend any one insurer over another," Milnes said.
Mortgage Choice said it was expecting strong lead flows from its 80,000 new customer enquiries per year, as well as from existing customers.
"When you look at the forecasted growth across scaled advice, superannuation and risk insurance, our customers sit right across these growth segments and we know that by transitioning to a financial services business that we'll be able to satisfy their complete needs," Milnes said.
Recommended for you
The Compensation Scheme of Last Resort has released the FY26 revised levy estimate, but the FAAA is concerned costs will be pushed into the following year.
Former Iress chief executive, Andrew Walsh, has been promoted to chair of a boutique Sydney advisory firm, having stepped down from the same position at Mason Stevens.
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
The finalists for the 2025 Australian Wealth Management Awards have been revealed, shining a spotlight on the top performers and rising stars across the nation’s wealth sector.
