Australian Broker TV

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How FOFA will impact brokers

Alongside the Future of Financial Advice Reforms, the roles of planners and brokers are converging. For this week's Broker News TV we caught up with Mark Woolnough of ING Direct for his insights into how the industry is embracing these changes.

Video transcript below:
Stephanie Zillman, Australian Broker TV
Stephanie Zillman:  Alongside the future of financial advisory forms, the roles of planners and brokers are converging.  Mark Warner of ING Direct commented at the 23rd [Team] MFAA Conference that it’s important for brokers to stay abreast of changes within the financial services industry.
Mark Woolmer, ING Direct
Mark Woolmer:  I think one of the interesting things at the moment is to follow the developments of the FOFA reforms in the financial services and planning side of the world and keeping in mind the potential changes that will lead for our own industry.  It’s quite interesting to see the change in dynamics and the changing customer expectations as driven by FOFA and the impacts that has on the advice model.
Stephanie Zillman:  Woolmer says it’s not a case of brokers and advisors becoming the one role, but sharing knowledge and developing more strategic partnerships.
Mark Woolmer:  What you are starting to see now is the professional networks actually is starting to move closer together and they are prepared to talk one another and potentially still operate under the same brand.  For the consumer it’s just a holistic advice, but it’s more strategic partnerships and joint ventures behind the scenes. So I think that works quite well when a trusted advisor on either side can forward a referral to their trusted partner and colleague to look after the customer. 
Stephanie Zillman:  In the case of ING the process has been a matter of fostering both the advice and broker’s sides of the business to ultimately create a better service offering for clients.
Mark Woolmer:  Recently with integration of our advisor division and our broker division into a true third party distribution model, we are actually able to learn a lot on both sides and to share wisdoms and war stories for want of a better term with the respective partners.
Stephanie Zillman:  This is Stephanie Zillman reporting for Australian Broker TV.