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ACLs give planners a foothold

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Australian Broker | 01 Feb 2011, 05:45 AM Agree 0
Financial planners are expected to heat up competition in mortgage broking, following many mid to large size planning groups applying for ACLs
  • Jeff Mazzini AAMC Training Group | 01 Feb 2011, 01:05 PM Agree 0
    Its only a matter of time when a client will go to one trusted advisor to secrure all their services in one place. Most clients are time poor and only having to tell one person their information and have all their solutions solved is the way of the future. Diversification is a must and not an option anymore.
  • Derek Miles | 01 Feb 2011, 01:32 PM Agree 0
    I am just wondering if the financial planners applied for licences so that they can advise their clients of the type of loans they should use in their investment strategy rather than actually engage in providing mortgage products to their clients. Has this research been done?
  • Jef Mazzini -AAMC Training Group | 01 Feb 2011, 02:53 PM Agree 0
    In response to Derek Miles comment, "from our extensive experience in these areas, we are at this stage noticing more Planners having the ability to talk freely about loan products without the fear of breaching regulations. Whilst others are now starting to set up their own inhouse Mortgage advising and processing services. We feel more will follow this pathway as the process becomes more clear to them. A trusted advisor does not need to so all the paperwork but gathers information from the client and then has a supportive back office or referal partner to finalise the paperwork. The trusted advisor then presents the completed paper work for the clients to sign after confirming it meets the clients requirements.
  • KT_broker | 07 Feb 2011, 12:53 PM Agree 0
    Do Australians really want Financial Planners to have the ability to setup (and refinance) home loans for their financial planning clients?

    Remember the STorm debacle where Planners "arranged" to have their clients refinanced their client's home loans, to release equity and invest in listed shares (and gear it even further with a margin loan)??!....we all know what happened to those clients.

    So maybe separation (as opposed diversification) of services is a better way to go!
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