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Jessica Darnbrough
After months of planning, one of Australia’s biggest brokerages is finally set to launch its own financial planning arm.
Speaking to The Adviser last week, Mortgage Choice’s chief information officer Neil Rose-Innes said the brokerage was now just “weeks” away from launch, with the recruitment process already firmly underway.
“We are currently in the throes of recruiting planners for the new business,” he said.
“We will look to launch the new business within the next six to eight weeks. We believe it is necessary for Mortgage Choice to head into financial planning if we are to remain competitive in the marketplace both now and into the future.”
Mortgage Choice first flagged its intentions to break into the wealth management space in November last year.
Speaking at a media function in Sydney, Mortgage Choice’s chief executive Michael Russell said the wealth management business would form a key part of the company’s “diversification strategy”.
"In 2010 we unveiled our DREAM strategy. The 'D' stands for diversification and adding a wealth management arm to our business will help us do just that," Mr Russell said.
"A lot of Australians are receiving very ordinary financial advice and we want to change that," he said.
"Not only that, but we believe the Mortgage Choice brand will stretch nicely over this space."
