“The other thing that financial planners and accountants tell me is that financial planners and brokers don’t really mix –they’re on opposite sides of the balance sheet.”
He says the key to establishing common ground is recognising the value that comes from preserving individual identities while providing mentoring to grow joint interests.
“By establishing joint ventures which cement a commonality of interests, you overcome what is often a barrier to success, which is that people on either side can tend to focus on what they are giving up rather than on potential benefits from getting together.”
By letting planners and brokers retain individual identities while growing joint interests, Rich says the outcome is a win-win all round, especially for clients who respect being able to stay within a professional family, while knowing they’re getting the best advice and a ‘holistic’ solution.
Trigon’s focus has been on working with mortgage brokers and training people to become mortgage brokers, while providing them with specialist hands-on mentoring to help them build their businesses.
“At the moment,” says Rich, “we have a number of financial planning and accounting groups with whom we are working to establish these finance broking joint ventures, but our challenge at present is to find suitably motivated finance brokers to join these ventures.”