Login
ISCOVER
Staff Reporter
The vast majority of brokers believe the end of transactional broking is nigh.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
According to a new survey conducted by Wealth Today, 68 per cent of brokers feel that the average mortgage professional can no longer earn an income from mortgage broking alone.
Moreover, 90 per cent said they do not expect to see their commissions increase in the near future. As such, many feel the time is right to diversify their core offering beyond the humble home loan.
“Twelve months ago, brokers were just starting to see there might be a need to expand on what they offer clients, but now, after another tumultuous year of mortgage broking, it’s become obvious to them that diversifying isn’t just a nice option anymore - it’s now a necessity,” Wealth Today’s general manager Michael Stephens said.
With even the MFAA’s national president, Joe Sirianni admitting that tomorrow’s broker cannot survive on mortgages alone, it’s encouraging to see how quickly the broking community is moving to ensure their service offering evolves and remains relevant to their clients’ needs.
It is also very interesting to observe that 64 per cent of brokers surveyed are considering adding financial planning to their suite of skills, and that 28 per cent already do.
