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Jessica Darnbrough
Tomorrow’s mortgage broker is set to look very different, one aggregation head has claimed.
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Speaking to The Adviser, Vow’s chief executive Tim Brown said tomorrow’s broker will be more “professional” and “business like”.
“I think there will be less single operators and more consolidation within the broking space,” he said.
“I believe we will see two or three brokers joining together and sharing administration, simply because of the cost of compliance. Compliance not only costs more in terms of money, but also time, it has definitely taken a lot more time away from the business.”
In addition to consolidation, Mr Brown believes the broker proposition will also continue to evolve, as more brokers decide to sell products on top of the traditional residential mortgage.
“I also think you will see more product sales,” he said.
“The mono-product line will become ancient history. While I think it will take years for all brokers to diversify, that is simply the way the industry is heading.”
