Brokers vs planners: Have we finally found common ground?

by Mackenzie McCarty12 Apr 2013
“The other thing that financial planners and accountants tell me is that financial planners and brokers don’t really mix –they’re on opposite sides of the balance sheet.”

He says the key to establishing common ground is recognising the value that comes from preserving individual identities while providing mentoring to grow joint interests.

“By establishing joint ventures which cement a commonality of interests, you overcome what is often a barrier to success, which is that people on either side can tend to focus on what they are giving up rather than on potential benefits from getting together.”

By letting planners and brokers retain individual identities while growing joint interests, Rich says the outcome is a win-win all round, especially for clients who respect being able to stay within a professional family, while knowing they’re getting the best advice and a ‘holistic’ solution.

Trigon’s focus has been on working with mortgage brokers and training people to become mortgage brokers, while providing them with specialist hands-on mentoring to help them build their businesses.

“At the moment,” says Rich, “we have a number of financial planning and accounting groups with whom we are working to establish these finance broking joint ventures, but our challenge at present is to find suitably motivated finance brokers to join these ventures.”

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  • by Lesley Wood 12/04/2013 9:33:54 AM

    At Australian Loan Company we have been doing this for 10 years and I agree with the comments made. Over the time we have established numerous partnerships, referral agreements and grown many business in this way. You are right it is a proven formula.

  • by Broker Chris 12/04/2013 9:35:27 AM

    Totally agree. We have had this model for years. We have over 120 planners and 20 brokers. None of them hold dual authorisations as we have found that it is better to do one thing great and refer other services to an expert on a fee sharing arrangement.

  • by SIDBROKER 12/04/2013 9:45:34 AM

    I have always found financial planners very helpful. They are so keen to get access to my client data base and yet have no intention of giving any access to theirs. I guess it a matter of whats yours is mine and whats mine is mine also. Thanks very much.