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Jessica Darnbrough
The future of mortgage broking increasingly looks destined for diversification, according to a panel of top brokers at a recent industry forum.
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Speaking at an ING DIRECT roundtable in Sydney earlier this week, FYI Group’s Sam Ayliffe said it was important for brokers to be able to cater to all of their clients’ financial needs.
“While my business partner Ben White and I don’t believe in being the one contact for our clients throughout their entire financial life, we believe it is critical that we have the right referral relationships in place so that we can refer our clients onto other financial professionals for their other needs,” he said.
“While I think it is important for us to keep our specialist hat on and don’t do everything ourselves, we want to make sure we can cater to all of a client’s needs in-house, or at least through strong referral partnerships.
“We wanted to build a business that catered to all of a client’s financial needs. Anything they need they can get within the white picket fence of our firm.”
ING DIRECT’s Lisa Claes strongly agreed with Mr Ayliffe’s comments and said it was now more important than ever for brokers to cater to all of their clients’ needs.
“Diversification is essential because it ensures when you capture a client, you capture them for life,” she told The Adviser.
And it is not just Mr Ayliffe and Ms Claes who believe diversification is critical to a broker’s success.
According to a recent The Adviser, straw poll, the majority of brokers have added a revenue stream to their business within the last 12 months as they come to terms with the importance of diversification.
Of the 150 plus respondents, 62.1 per cent said they had added an additional revenue stream in the last 12 months, while just 37.9 per cent had not.
