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Mortgage Brokers Losing Clients

So we constantly read stories about diversification in fact that type of discussion has been around for 10 years or more and it constantly gets brought up in blogs and the press.
So what are the issues preventing many from taking the extra steps to ensure the clients interests come first? Investigations have revealed that many brokers and or other professionals do not want to do the extra study and or maintain the required CPD training, to ensure they remain up to date and are in a position to advise their clients fully.
Okay its acknowledged that these are issues for many but what about outsourcing the paper work so it frees up the sales person and allows them to spend more time understanding their clients needs and satisfying those needs. How much time is wasted in the $8 to $10 an hour job, when the sales person can be actually get some one else to perform such tasks whilst they focus on the $200 plus an hour role.

Read the following story written by Calida Smylie and one would safely say this conversation has been around for many years and will be for many more years to come as every human is different and not everyone wants to be a provider of more than one solution to meet  clients needs. If they did this conversation would not be reoccurring and blogs and press would not write these stories.


Mortgage broking is increasingly converging into financial planning and brokers who do not diversify will get left behind, according to a mergers and acquisitions specialist.

“A lot of financial planners and mortgage brokers are converging. Risk advice in particular goes hand-in-hand with writing loans, because if you’re taking out a mortgage then you’re also going to want to take out life insurance to protect your family from having to sell the house in the case you die,” Radar Results director John Birt told Australian Broker.

Once a broker is trained at offering risk advice, he or she can learn about offering advice on superannuation and self-managed super funds, he said.

“A lot of SMSF owners are buying direct property and need a loan – so it all ties in. Converging diversifies your income stream and it’s the way things are heading.”

However, Birt said some brokers are reluctant to make the move into financial planning because they are worried about the unknown consequences.

“They’re scared. They’re afraid of going into other areas they’re not comfortable with. It’s a psyche thing – but convergence is a slow process and the industry is making steps.

Accounting and mortgage broking also have a connection, and more accountants should move into broking, he said.

“At the moment there’s not many accountants doing mortgage broking, but it’s an area they should go into. They’ve got all the financials to do it, it would be very easy for them to move into mortgage broking – I don’t know why more don’t.”

Accounting, mortgage broking and financial planning are all moving together and it is the inevitable way the market is heading, Birt said.

“You’re going to have to get your staff trained to sell the products, but I don’t see that as a big problem. If you’re building up a big business for selling or to retire, you need to offer that service.

“If you don’t offer those services to your clients, they’ll go elsewhere.”

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