PIS signs up with AFG for mortgages
Professional Investment Services (PIS) has signed up with Australian Finance Group (AFG) to provide mortgage broking throughout its network of financial planners.
The deal adds a further 400 planners to the 1200 planners from around the country already using AFG to source loans for their clients.
AFG offers a number of different levels of service to financial planners. On one level, a financial planner can simply refer clients to AFG and simply receive a referral trail commission. At the other extreme, the planner can control the entire loan application process and use the technical back-up and broking licence of AFG while receiving a larger proportion of the trail commission paid by the lending institution to AFG.
AFG is also in discussions with another large dealer group to sign an agreement similar to that signed by PIS.
PIS general manager Greg Whimp says the number of enquiries coming from its planners' clients has increased.
"There is certainly scope for financial planners to capture a bigger share of the mortgage broking business," he says.
"Offering mortgage broking and advisory services positions the financial planning sector as the most integrated wealth management one-stop shop."
AFG chief executive Steve Holloway says third party mortgage origination makes up about 22 per cent of the mortgage market and has the potential to match the US where it makes up between 50 and 60 per cent of the market.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
