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ING Direct has announced that it has extended its broker referral program to include its superannuation arm, Living Super.
The bank said its expanded referral program provides more opportunities for brokers to source additional revenue, with an increased referral fee of $550 available until 30 June.
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The program will also allow brokers to deepen their relationships with clients while addressing the growing issue of superannuation fees, according to ING Direct.
The addition of Living Super to ING Direct’s broker referral menu comes after research by the lender revealed that super fees “can eat a hole of up to $192,000 in a retirement nest egg”.
Mark Woolnough, ING Direct’s head of third-party distribution, said super is a logical extension for brokers in their discussions with clients.
“A home loan is a huge financial commitment, and for many it is the first time they have had to really consider their finances now and into the future,” he said.
“Superannuation is the second significant financial commitment that most people face in their lives, and while clients are getting their paperwork in order and understanding their financial position, it is only natural that superannuation should be considered."
Mr Woolnough said brokers are in a great position to help their clients think about their finances during the home loan process “and set themselves up for a sound future”.
[Related: Smaller banks confident of gaining ground on big four]
