The independently-operated mortgage broker Mortgage Choice is operationally ready to provide financial advice following the soft launch of its new financial planning business.
Mortgage Choice Financial Planning will operate as a separate franchised business to the existing mortgage broking business. The aim is for brokers and planners to remain experts in their own field and provide specialised services for customers.
General manager for Mortgage Choice Financial Planning, Tania Milnes, said, “Our first trailblazing franchisees will open their doors to customers over the next month in Sydney, Melbourne and Brisbane – to help test our systems, processes and proposition in time for the full roll-out in July 2013.
“We anticipate having 60 financial planners operating across Australia in three years’ time, keeping in mind that our stringent recruitment standards require our planners to hold a Diploma of Financial Services (Financial Planning) and have solid financial advice experience.
“We will continue to assess the quality of their advice against a best practice checklist.”
A team of industry experts has been assembled to build a “best in class dealer group”, Milnes explained.
Strong lead flow into the new business is expected through the 80,000 new customer enquiries Mortgage Choice receives each year, together with enquiries from its existing customers.
“When you look at the forecasted growth across scaled advice, superannuation and risk insurance, our customers sit right across these growth segments and we know that by transitioning to a financial services business that we’ll be able to satisfy their complete needs,” said Milnes.
“With institutional independence scarce and FOFA [Future of Financial Advice reforms] changing the competitive landscape, we firmly believe that the timing is right for Mortgage Choice to enter the market. We intend to challenge the status quo and make financial advice more accessible to all Australians.
“Only around 30 percent of Australians seek professional financial advice. Our goal is to transform the need from optional to essential – with real, relevant and results driven financial advice,” said Milnes.
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