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Brokers who sell only mortgages are “dinosaurs”, according to Aussie Home Loans executive director James Symond.
Mr Symond told the Australian Mortgage Conference yesterday that a broker who offered nothing but mortgages would be able to survive in the future but not thrive.
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“If they want to walk around in a dinosaur park, just sell mortgages,” he said.
He said clients wanted brokers to offer a “rounded product” that included offerings like insurance and credit cards.
Mr Symond was part of a panel discussion that also included NAB Broker general manager Steve Kane and ING Direct’s executive director of distribution, Lisa Claes.
All three panellists agreed that brokers could continue to thrive in an increasingly digital market, provided they remained close to their clients and offered them value through multiple transactions over the years. That was another reason why diversification was so important.
Ms Claes said brokers were in the fortunate position of being able to retain clients for decades.
She said mortgages were usually the biggest financial decision a young adult made, which meant brokers could win their trust early and continue to sell them financial products throughout their lives.
She also said brokers who offered more services were likely to have more loyal clients.
Mr Kane said digital channels would take a greater slice of the mortgage business in the future but that there would also be a market for face-to-face service.
