Wealth Today CEO Michael Stephens has refuted Mortgage Choice's position on individual brokers holding more than one licence, arguing this only increases their capacity to provide good service.
Mortgage Choice CEO Michael Russell has argued that while as a brokerage it would offer financial planning services to clients, individuals themselves would only hold one licence.
However, Stephens said this would improve the capacity of these individuals to provide advice.
“I don’t think it does undermine professionalism,” he said. “If a doctor has an additional qualification over and above being a GP, does that make them worse as a doctor? Probably not…”
Stephens said it depended on the complexity of the service being provided, but claimed by holding more than one licence planners and brokers could add value to their business plan.
It was a "natural progression" for mortgage brokers to start offering financial advice, he added.
“Our business is built on the premise that there is a significant synergy between mortgage brokers and planners, and I think you’re going to see more brokers migrating to offer advice,” Stephens said.
Stephens predicts less financial planners will move into mortgage broking. “It’ll be vice versa to a lesser degree … I think the weight of movement will be the other way,” he said.
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