“Tanya Sale is a rare breed who speaks her mind to everyone, and that’s something this industry needs more of.” Vanessa Stoykov sets out the premise of our new web series with outsource financial The Truth with Tanya and why the industry needs to listen to what she has to say.
Mortgage broking represents a major opportunity for financial planners looking to improve their profit margin, and incorporating this service is not as difficult as first thought.
Tanya Sale shares the two primary ways you can tap into the debt advice market without completely overhauling your business and the pros and cons of each option.
There are those who are fearful of what the future may hold, others have dusted themselves off surveyed the opportunities washing ashore and are formulating a more rounded financial services platform. So who will be driving this new era?
The number of Australians reaching retirement with large mortgages is increasing. Rather than decreasing debt as they age, many have been adding debt using the equity in their homes.
Convergence, what a buzzword! ‘The Convergence Debate’ is the latest neologism in the mix, with various industry figures disputing whether brokers should also offer financial planning, and vice-versa. It’s a topic that has been getting a lot air time recently and I find it interesting to see how our industry is evolving. However, I think the ‘Convergence Debate’ is overlooking one very important element – and that’s your end client.
Given that a cookie jar usually has a variety of flavours and options, when looking at your business the cookie jar analogy is not that different.
We are all familiar with the phrase ‘the evolution of advice’. We are hearing it more and more. In fact, here on this platform we are seeing a shared resource for financial planners, accountants and mortgage brokers. But while the number of mortgage brokers who are converging on the financial advice sector, and vice-versa, is increasing, it remains a challenging cultural and regulatory area.
Industry data tells us that a little over 80 per cent of all mortgage brokerages operate as sole traders, or with one other staff member or loan writer. What this means is that the majority of mortgage broking business are conducted by owner operators.
Future-proofing is often defined as ‘the process of anticipating the future and developing methods of minimising the effects of shocks and stresses of future events.’
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