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Non-institutional licensee Beacon Group will diversify into mortgage broking services through a deal struck with mortgage aggregator Connective, according to its founder and chief executive.
Speaking to The Adviser's sister-publication ifa, Beacon Group chief executive Peter Daly – formerly chief executive of collapsed licensee AFS Group – announced the decision to move into a multi-service offering.
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“Where a practice has capacity, we will take a practice from being full financial planning and then open them up into other areas,” Mr Daly said.
Mr Daly found Connective attractive because it doesn’t “tie you down”, he said.
Beacon has also developed its own sub-five per cent mortgage product, which is designed to compete with the big four banks.
Along with mortgage broking, the dealer group is building an accounting service for its financial planners as part of an effort to encourage cross selling across Beacon practices.
