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Financial planning is a core focus for almost half of top-performing young brokers, highlighting the rapid convergence of mortgage and wealth advice amongst brokers under 30.
Data from the latest Young Broker of the Year ranking survey, conducted by The Adviser, show that the number of top young brokers breaking into financial planning has sharply increased.
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According to the results from the 2012 survey, just 27 per cent of respondents offered financial planning. However, the latest report found that 47 per cent of brokers now offer the service.
Theo Chambers, director of Shore Financial and a top young broker in 2012, told The Adviser that financial planning was an important aspect to his business, and that despite a heavy focus on residential mortgages, he aims to grow the planning channel.
“Being a business owner lets you see things with a different perspective,” he said.
“Since starting Shore Financial in February, I have seen how important financial planning is to mortgage broking as an industry, and how the future of the business will be heading towards planning.”
Despite less than 10 per cent of business coming from planning, Mr Chambers said he aims to increase that to 50 per cent.
“It’s just a very logical step for brokers and the mortgage industry in general. They go hand in hand with each other, and consumers see that and appreciate it when they are offered together,” he said.
The survey also found that 13 per cent of young brokers who didn’t currently offer financial planning were aiming to earn their diploma in the next 12 months.
