Loan Market’s New Zealand branch has announced a merger with Allied Kiwi, creating one of the largest financial service companies in the country.
Allied Kiwi’s existing advisors and Loan Market’s mortgage brokers will join forces to create a network of 500 members that will offer home loan, insurance and other financial services across New Zealand.
The two businesses will continue to trade under the same brand names but will operate under the shared infrastructure of the newly created entity, NZ Financial Services Group.
Loan Market executive chairman, Sam White, says that the ‘clear winners’ in the deal are the brokers and advisers, whom he claims will benefit from a shared infrastructure of support, resources and opportunity.
White says Ray White real estate group, who work closely with Loan Market, will also be impacted by the merger.
“Ray White offices have long enjoyed the benefits of a mortgage broker available to service their clients. This merger gives Ray White principles a larger pool of talent to choose from and the opportunity to provide a wider range of services to their valuable clients.”
Loan Market New Zealand CEO, David Hart, says the merger will extend the opportunities for brokers and advisors to grow their businesses.
“Loan Market brokers now have the ability to offer additional products such as insurance and financial advice. They will also be upgraded to a technology platform that will ultimately enable better service for our customers.”
The company will hold offices in both Wellington and Auckland, all current staff will be retained and all brokers will continue to operate under their existing models and commission structures.
For more on Loan Market's NZ venture, check out Australian Broker 10.4, on desks Monday!