A financial planner’s guide to diversifying into mortgage broking

Find out how to build a broking business that compliments your existing service offering and sets you up for financial success.

When you explore the connection between financial planners and mortgage broking, you will discover why both industries synergise so well. 

Financial Planners are in an advantageous position to increase their business when they expand into the world of mortgage broking, whether that be through:

• Building an adjacent business to expand into new areas,
• Creating a joint venture (JV) to better serve your customers, or
• Becoming a broker yourself and boosting your personal income.

Hear from our top performing brokers and financial planners how they make the fit between financial planners and mortgage broking work to their advantage through partnerships, employment agreements and even career switches.  

Download our guide and learn more about the connection between financial planning and brokers

In our free Financial Planner’s Guide to Mortgage Broking, we explain the three pathways that financial planners are taking to obtain a share of the growing mortgage broking industry, with mortgage brokers currently writing over 66% of all home loans in Australia*.

Working together

In our eBook, we detail why the convergence of mortgage broking and financial planning is nothing new.

Mortgage broking presents a compelling career opportunity for those looking to leave wealth management, but it is also a powerful addition to a successful advice practice.

Michael Taipi is a Melbourne-based mortgage broker who has strong relationships with several financial planners. He says there are significant benefits for financial planning businesses that decide to work exclusively with a broker.

“It creates more of a holistic business model, where they can offer a service to their existing clients without having to refer them on to others who may potentially have other planner relationships,” Mr Taipi says.

“Having a team of financial professionals creates an integrated service offering around the customer.”

Building a diversified financial services business

Ufinancial director Bryce Deledio explains how he built a financial planning and accounting business to complement the group’s core offering of mortgage broking.

“Once we established Ufinancial as a group, we all moved off the tools and hired salaried loan writers, built an offshore team and a local servicing team and recruited an operations manager,” he says. 

“One thing we noticed was that clients had a lot of confidence and trust in their broker. We seemed to be their first port of call.”

Bryce speaks at length in our guide about the challenges of building a financial advice business, and how vital the broking arm has been for him.

“We are fortunate that we have a loan book valued at more than $2 billion. There are 8,000 active clients in there. In terms of leads, there are plenty. Having the mortgage broking business has allowed us to scale the advice business quite quickly and profitably.” 

“We wouldn’t be able to grow the advice business without having that established broking business. It just wouldn’t work.”

From financial planning to mortgage broking

In our guide, we talk to Alana Siebel, a Melbourne-based planner and financial broker who made the choice to add a broking arm to her planning business.

“My financial planning business is primarily in risk advice. With the changes that were implemented following the royal banking commission, my revenue was effectively reduced by 50 per cent. That meant I was making half of what I used to for the same amount of effort. I knew I had to find another income stream.”

“I considered several different options that I could do to provide additional services to my clients. Mortgage broking seemed to be a natural fit. “

If you’re wanting to become a broker or explore a broker business relationship, we can help

If you’re interested in our free guide to mortgage broking for financial planners, then why not contact us for more information about how we can support you on your journey.

Remember you can always reach out to Them Lam, our National Manager of Recruitment and Partnerships for a chat here: [email protected].

*Source: MFAA’s quarterly survey of leading mortgage brokers and aggregators July-September 2021