Planners to ‘piggyback’ brokers, but remain independent

by Caroline Dann,Robin Christie12 Oct 2012

According to Mortgage Choice Financial Planning general manager Tania Milnes, financial planning franchises will “piggyback” off the organisation’s mortgage broking franchises in terms of leads, but the two roles will remain independent.

“They’re not wearing two hats,” she told Australian Broker Online. “So the person that’s providing [the advice] is a specialist in their individual area”.
“We do believe that we are offering a one-stop-shop under the Mortgage Choice brand,” she added. 
“Where we believe our model is different is that the person providing the advice – whether it’s for a home loan or it’s for financial planning – will be a specialist in their individual area.
“So the client is still getting the benefits of a one-stop-shop, but they're also getting the benefits of a specialist providing that advice, rather than a generalist who's wearing two hats.”
This emphasis on specialist over generalist advice means that any of the company’s brokers who wish to cross over into financial planning will need to fulfil the company’s recruitment criteria – including providing evidence of financial planning experience."
“As Michael, our CEO, has frequently said, you wouldn’t go to a GP for specialist medical advice. And that’s the position that we take. That, in the client’s best interest, they should be talking to someone who’s a specialist in their specific area,” she explained.
Where the company’s mortgage brokers are playing a big role in its new financial planning venture, however, is on the recruitment side of the business.
“Over the years existing brokers have done a lot of the recruitment for us, because they’ve identified financial advisers that understand the Mortgage Choice brand values,” said Milnes.
“So the franchisees have actually done a lot of the work for us already. If they don’t have an existing relationship then we’re looking to use a professional recruitment company to help us.