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Having one profession is challenging enough. But for this Sydney-based accountant, becoming a broker made sense for his clients and his practice.
Moien Khan is the managing director of KonceptM, a Sydney-based chartered accountant and tax agent business. Like many accountants, he was forced to question the future direction of his profession during the pandemic.
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“I found that my role had changed from being a number cruncher to being a business adviser,” he told The Adviser.
“What I found was that there was nobody to fast-track loan applications for my clients, particularly small businesses who needed to obtain funding fast.”
Rather than recruting a broker or referring to one, Mr Khan decided to partner with National Lending Group (NLG), which offered a number of solutions for accountants considering opportunities in mortgage broking. He quickly saw an opportunity to carve out a niche in business lending.
“Being an accountant, I know why some of my business clients have lumpy P&Ls and I can easily explain that to lenders,” he said.
He’s now one of a growing number of accountants offering broking services at KonceptM.
“All of my staff completed a Diploma in Mortgage Broking over six months. I moved some of my accounting staff onto the mortgage side and we started writing loans in June,” Mr Khan said.
“We are currently working on about 30 to 40 leads, which have come purely from existing accounting clients. We haven’t marketed the mortgage broking business yet.
“Moving into mortgages has been a huge eye opener for us. Accounting and mortgage broking really go hand in hand.”
Mr Khan is just one of many accountants and brokers to join NLG’s new initiative. The Accountant-Broker Collaboration Program enabled practices to diversify and increase revenue by offering a service to clients seeking funds.
“The Accountant-Broker Collaboration Program is a bespoke initiative that benefits all stakeholders,” partnerships director Steve Lake said. “It materially extends brokers and accountants’ service proposition, supercharges referrals and boosts lead generation.
“Having the ability to facilitate residential or commercial finance represents a tremendous opportunity.”
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