A senior banker has spoken out about the benefits of an integrated business model, singling out dual financial planning/mortgage broking businesses in particular.
Lisa Claes, executive director of distribution at ING DIRECT, told ifa sister title The Adviser that diversified financial services businesses have greater growth prospects.
“Integrated businesses tend to work very well,” she said. “In the case of financial planning and mortgage broking, businesses that hold both licences tend to outgrow their referral-based competitors.”
Claes pointed to ING DIRECT data indicating that these integrated businesses are outperforming standalone businesses, partly accounted for by the fact that they are in line with consumer needs.
“Consumers are information rich and time poor,” she said. “In addition, they are commercially savvy enough to expect the person who they give their financial details to to be able to provide them with a range of financial services that can cater to all of their needs.”
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