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'Scared' mortgage brokers losing clients

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Australian Broker | 22 Apr 2014, 08:30 AM Agree 0
Mortgage broking is increasingly converging and brokers who do not diversify will get left behind, according to a mergers and acquisitions specialist
  • Not convinced | 22 Apr 2014, 09:31 AM Agree 0
    Specialise... business 101.
  • sam wheeler | 22 Apr 2014, 09:39 AM Agree 0
    Model doesnt work Smart clients want to deal with specialists.
    Look at all the listed accounting firms that tried to "hamburger" their clients.
  • Ray_Perth | 22 Apr 2014, 09:43 AM Agree 0
    What hogwash. In the real world when people are buying homes the critical thing to them is a good broker to get them a good loan. When you start talki8ng insurance other than building insurance you can see you are losing them.
  • Colin Rice | 22 Apr 2014, 10:15 AM Agree 0
    Im a few weeks away from operating my specialist finance only business from a high end financial planning practice via a JV.
    I will naturally introduce my clients to a specialist planner and vice versa. I cant keep up with writing loans never mind insurance products etc.
    A well thought out JV is the way to go in my opinion.
  • Gordon | 22 Apr 2014, 01:43 PM Agree 0
    Brokers have not (and will not) earn the right to speak to clients about anything other than mortgages until such time as the industry is seen as more professional and the general professionalism of industry members is raised a few bars from where it currently sits. How many people go to the local butcher to buy a loaf of bread?

    The only reason broker aggregators are continuing to pedal this is out of their own self interest - that is, to be seen to have a more diverse asset base that becomes more appealing to potential suitors. Now ask yourself - does that help the aggregator or the individual broker more?

    Ask yourself seriously - is a consumer more likely to deal with a broker to buy an insurance or investment product ..... or a financial planner to buy a mortgage?
  • sam Bondi | 23 Apr 2014, 09:53 AM Agree 0
    Goo Point Gordon
  • Chris_Sydney | 23 Apr 2014, 01:16 PM Agree 0
    Good point Gordon.

    Part of our business came from referral partners, including like professionals such as solicitors and accountant etc. I believed that stepping feet on their turf did no good to our business relationship. BTW, what do you think about combining mortgage broking business with real estate agency business?
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