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Jessica Darnbrough
While the term advice is often bandied about by the third party distribution channel, many brokers don't truly understand the concept, according to Choice Aggregation Services' chief executive Stephen Moore.
Mr Moore said many brokers weren't comfortable admitting that they provide advice, but this should not be the case.
"Brokers provide advice and that advice is valued by their customers," he said.
"Whether they are telling a customer how to structure a property loan, advising them on the right lender for their needs or helping them understand how to accelerate payments, they are, in one form or another, providing advice that results in a better client outcome."
Moving forward, Mr Moore said brokers should not fear the term advice, but rather embrace it and see what they do as a true "value add".
"Customers respect the advice they receive from their broker. They wouldn't use a broker if they thought they weren't going to get financial advice from them. This advice needs to be well articulated in a brokers CVP."
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