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ISCOVER
Staff Reporter
In a bid to help its brokers diversify their core offering, Vow Financial has launched a wealth management business.
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The business, Vow Wealth Management, opens this week under the stewardship of newly appointed national sales manager Justin Dale.
Vow chief executive officer Tim Brown said the aggregator had always planned to push into financial planning.
“Vow Wealth allows us to do this,” he said.
“It will enable our brokers, if they chose to do so, to fill in all those voids involving property transactions, such as risk insurance, investment advice and superannuation; in short, our brokers will be able to comprehensively build and protect their clients’ assets while protecting their client from other cross-sell opportunities.”
According to Mr Brown, brokers will be able to engage the new wealth management on three levels – straight referrals, limited financial advice and complete financial advice.
"About 70 per cent of brokers will never be financial planners and will prefer to refer their clients on. Meanwhile, 20 per cent of brokers will want to offer some financial planning advice, such as risk insurance, but not the full range of services and about 10 per cent of brokers want to become financial planners and Vow Wealth wants to help them go on that journey to become fully qualified,” he said.
Mr Brown said being able to offer financial services with property as its focus was always on Vow’s agenda.
“But what has surprised me as I talked to our brokers was how many of them really wanted to get into this field to diversify their businesses and develop other revenue streams,” he said.
“There’s also been a sentiment among brokers that financial planners have been encroaching on their territory, and as such we believe this strategy will help brokers quarantine their clients.”
