Major franchise group, Mortgage Choice, says more than a quarter of its existing brokers have opted to diversify into financial planning. The announcement comes as the group’s new financial planning arm reaches its one-year anniversary.
Tanya Milnes, general manager of Mortgage Choice Financial Planning, says there’s growing interest from existing franchise owners to diversify their businesses by expanding into the area.
“More than one in four existing Mortgage Choice franchise owners have signalled their intentions to start a financial planning franchise,” she says.
“In order to keep up with this demand, we need to recruit more advisers. In saying that, we have been very selective with our hiring so far to ensure that our advisers are of the highest quality.”
Milnes says that, in a post-FoFA environment, advisers want the systems and process support of a big advisory along with the flexibility and freedom to offer their clients quality products and realistic pricing. With this in mind, she believes Mortgage Choice’s proposition is a unique one.
“First, our mortgage brokers refer home loan customers to our advisers so our advisers receive well qualified leads from customers in all stages of their financial journey. This gives our advisers the opportunity to work with the customer to make a difference to their longer term wealth.
“Second, we are not controlled by a financial institution, so our advisers are not restricted to offering products from one supplier; they have a range of suppliers and products to choose from, based entirely on merit and client need,” says Milnes.