It is no secret that both the accounting and financial planning professions have encountered some game changing reforms in recent months. Always the optimist, I believe with great change comes even greater opportunity.
There are those who are fearful of what the future may hold – some are contemplating whether they will even remain in this industry – but the one’s with vision of the bigger picture (like me) have dusted themselves off, surveyed the opportunities washing ashore and are formulating a more rounded financial services platform.
One prospect you may have overlooked is one all of us have! There is a world of opportunity out there and it is called DEBT.
Much has been said about the state of the housing market and what percentage of household debt relates to that market. With interest rates at an all-time low, borrower demand is strong, not only for property but for debt in general. I can see no reason why this trend will not continue thanks to Australia’s undersupply of housing, strong population growth, low rental vacancy rates, rising rental prices, as well as, a growing appetite for share trading.
All of this of course, is good news for you! Consumers are increasingly looking to their financial planner/accountant, not necessarily to follow old tracks, but to charter new roads and part of that process is to look at strategies that will require DEBT.
Offering credit services to your clients will not only boost your service offering, but increase the value of your business. There are two primary options available:
Option 1: Direct Writer – enables the accredited person to advise on and write the lending transaction
Option 2: Outsource Referral Model – focus on strategy and refer to an experienced Lending Manager, while retaining complete ownership of the process and the client
The requirements differ for each option and as you would expect, there are pros and cons for each model – depending on the way you look to structure your business and advice proposition.
No matter which option you choose, it is your CLIENT that will BENEFIT from the path you undertake. Bringing debt advice into your practice and your client conversations allows you to take a helicopter view on your clients overall financial position, while also adding another dimension to your income stream.
Tanya Sale is the Chief Executive Officer of outsource financial. outsource financial work in partnership with Legal Firms, Financial Planners, Accountants, Licensed Conveyance’s and other Professional Service Groups who want to offer their clients a simple and cost-effective range of lending, leasing and asset finance. www.outsourcefinancial.com.au
