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'You wouldn't ask your dentist to check your prostate'

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Australian Broker | 26 Feb 2015, 08:11 AM Agree 0
A franchise CEO says diversification is critical, but there is a right and wrong way to diversify your business
  • peter | 26 Feb 2015, 08:50 AM Agree 0
    Well said Mike. Consumers trust experts.
  • rex | 26 Feb 2015, 10:02 AM Agree 0
    Perhaps what Mr Russell should have said instead of "diversified into financial planning' was "diversified into selling insurance".

    Whilst it may prove to be a profitable revenue stream for the business, what is the actual realisable benefit to clients of topping up insurance to cover their debt?

    There should be a far greater emphasis on the overall 'health' of the client than a new loan and perhaps "some new insurance with that?".

    If insurance is appropriate then make it as substantive as it needs to be, don't be constrained by the size of the loan. Then what about cashflow, super estate planning, etc... Or is that a bit too difficult?
  • CharlieX | 03 Mar 2015, 01:09 AM Agree 0
    the whole of wealth consulting is the way to go.

    then perhaps Yellow Brick Road is ahead of the crowd?
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