Broking and planning will continue to converge, lender says

by Julia Corderoy02 Oct 2015
ING Direct has addressed the growing convergence of the broking and financial planning industries with the appointment a newly created national partnership manager, residential lending and wealth.

Mark Woolnough, head of third party distribution at ING Direct, says the appointment of Tim Hewson to the role was a logical step, as the line between these two increasingly aligned industries continues to blur.

“When a consumer builds trust in their wealth professional, be it a broker or adviser, they tend to look for broader support across a range of financial matters. They want a ‘one stop shop’ where their trusted adviser can support them through their financial lifecycle, from home loans to superannuation,” he said.

“Many brokers and advisers recognise this and are increasingly working together, through either commercial agreements or referrals, to provide this level of service to their customers. Just as it is simpler for the consumer to have all their needs met in one place, this same principle also applies to brokers and advisers.”

Hewson’s financial services career spans more than 20 years. He was previously manager, superannuation, where he was responsible for growing ING’s superannuation product, Living Super. 

However, for the past six months he has been focused on working with advisers and brokers to further develop the bank’s product and service proposition across both lending and wealth. 

Hewson says he expects the two industries will continue to intertwine. 

“We see this convergence as a growing trend and it absolutely makes sense for us to be on the front-foot in providing holistic support for our broker and adviser partners.

“While we are a relatively young player in the wealth space we are getting great traction from both national dealer groups and boutique planning firms.”