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Anthony Landahl, the general manager of Principal Edge Financial Services, has launched a mortgage broking arm of the financial planning business in a bid to create a holistic financial services company.
Mr Landahl explained to The Adviser that the company has several cross-referral relationships with mortgage brokers, and noted that while understanding clients’ needs around how to manage their mortgages, he found that this often sparked conversations around clients’ management of their finance and credit needs.
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This led to the determination that “the next phase of growth” for Principal Edge would come from starting a mortgage broking business. As such, the company now has six financial advisers and one broker.
Mr Landahl commented on the benefits of launching the broking arm: “We’ve been able to broaden our depth of service offering to our clients, and being able to have those conversations in-house, rather than moving some of the relationship to another party outside the office.”
The general manager also highlighted that the businesses complement each other well.
Looking to the future, Mr Landahl said that Principal Edge is looking to build up a team of brokers, and will likely have a service offering dedicated to its existing clients and a team servicing its external clients.
He added: “So, broadening the offering beyond these four walls is the idea, and building a standalone mortgage business within the brand.”
To other brokers and financial advisers who may be looking to launch a complementary business in a similar way, Mr Landahl advised: “Take some time to understand the differences between a mortgage business and an advice business and what the advantages are in terms of broadening your offering.”
[Related: Accountants increasingly keen to partner with brokers]
