Australian Broker TV

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Time to get real about diversification

The issue of exactly how brokers can best diversify their business and integrate with financial services is a key hurdle for many brokerages. Australian Broker caught up with Frank Paratore of Ballast, who says it’s time for more strategizing around how brokerages should actually diversify.

Video transcrip below:

Stephanie Zillman, Australian Broker TV
Stephanie Zillman:
 The issue of exactly how brokers can best diversify their business and integrate with financial services is a key hurdle for many brokerages.  For Frank Paratore of Ballast despite all the talk there has not been a lot of strategising around how it should actually happen.

Frank Paratore, Ballast
Frank Paratore:  From a Ballast perspective, we still see the integration of financial services as one of the key industry points.  There has been a lot of talk with regards to diversification and integration and what it actually means to a broker, without the real explanation of how it physically perceptually works.
 
Stephanie Zillman:  Ballast has created their own integration calculator, meaning brokers can better communicate their service offering to clients.
 
Frank Paratore:  One of the things that we have looked at Ballast specifically for our members and for the industry in general which we are just in the process of launching, is an actual integration calculator which will physically take you through not only a referral aspect of, on the referrals, on the different financial services aspects, but also on how to potentially integrate the ownership of financial planning and the ownership of the sub aggregation within the Ballast model.
 
Stephanie Zillman:  This calculator means brokers can more effectively communicate the value Ballast can add to clients overall.
 
Frank Paratore:  So effectively via our referral, via our calculator our [Aggra] calculator we can show you what you can potentially add to your business as a bottomline.  In and encompassing all of that is also a handbook which we can work with you, which we will work on business plans to deploy the actual integration of the services to yourself.
 
Stephanie Zillman:  This is Stephanie Zillman reporting for Australian Broker TV.