Mortgage Choice FP immune to FOFA change

Speaking at a press conference in Sydney yesterday, Mr Russell said Mortgage Choice has built its financial planning business to be FOFA-compliant from day one.

“The suggested reforms, modifications and tweaks are not going to impact our model at all, to be frank,” he said.

“We are currently on track to meet our Mortgage Choice Financial Planning recruitment target of 60 advisers by the end of 2015.”

The group has already employed 25 advisers.

Mortgage Choice Financial Planning will offer a full service, Mr Russell said, catering to everyone from first home buyers to retirees.

“We offer a very strong proposition to financial advisers: firstly, from a lead perspective, and secondly, we are offering presently-employed advisers the opportunity of taking an ownership in a financial planning business,” he said.

“To know that they can partner with professional mortgage brokers who can assist them in terms of lead acquisition, coupled with the opportunity to take equity in that business is really attractive to advisers.”