A former $100m-plus mortgage broker has called for the industry to unite in a revolution that will see broker market share rocket beyond 50% and its future as the channel of choice assured.
ProSolution Private Clients' Stuart Wemyss has launched a new online movement - which includes a full Manifesto - aimed at propelling the broking profession to front of mind for clients.
Claiming that financial advisers have lost the trust of consumers, and accountants are likely to remain focused on tax advice, Wemyss says mortgage brokers have a unique opportunity to change people's lives by providing essential money management advice.
"I am very proud that mortgage brokers, on the whole, seem to have captured Australians' trust and respect, with our market share hovering between 40 and 45 per cent," Wemyss says.
"I believe the combination of structural changes in the world economy and the absence of a category of financial services professionals putting their hand up and working hard to earn Australians' trust, means we have an enormous opportunity to help make this country the richest in the world."
Wemyss says Australia is at risk of squandering its rich future because of a lack of financial education on money management - which could be provided by mortgage brokers.
"I dream of a future where contact with mortgage brokers is seen as an essential relationship by every Australian," he says.
Wemyss said to succeed, the revolution must ensure it is focused on the client, not on the product, must look beyond the mortgage alone, and must help clients understand cash flow management.
"In essence, we simply need to help clients avoid making poor financial decisions and avoid procrastination," he said.
"Inspiring great brokers with a big and bold vision will hopefully allow our industry to increase our penetration and break through the 50% barrier," he said. "If we do it we'll create history."
Stuart Wemyss is inviting brokers to read his manifesto, and sign up as Ambassadors of its principles. You can find the manifesto at www.brokerrevolution.com.au