Non-bank lender, Mortgage House
is set to further diversify into financial planning, with a plan to officially launch their retail financial planning arm – Financial Plan
ning Wealth – next month.
The lender already holds a wholesale Australian financial services license, but decided to expand and obtain a retail financial services license – with the intention to expand its offering to include SMSF
advice and insurance sales for its “mum and dad” mortgage clients.
, CEO of Mortgage House
told Australian Broker
that the main driver behind this move to further diversify is purely for the benefit to their clients.
“A year and a half ago, we enhanced our lending application and started to really focus on responsible lending. As such, we started asking how much our clients had in their super as a ‘Plan
B’ for retirement – and the penny just dropped. We found that a lot of people had super that was just sitting there doing nothing. So we ran a survey with those clients about offering retail financial planning services to provide SMSF
property investment and advice as a retirement strategy, and about 90% of respondents said it was a great idea.”
ning Wealth will be separate from its mortgage lending arm with separate branding, but will remain a 100% subsidiary of Mortgage House
. However, Sayer says the plan is to have the two channels working as a partnership, with Financial Plan
ning Wealth leveraging off Mortgage House
’s lending clients.
Sayer also revealed that an ex-Westpac planner is set to head the new retail planning arm. The official launch will take place next month. More news to come.