Mortgage brokers and finance aggregators have seen their market share grow dramatically from 25 per cent just 10 years ago to owning over 50 per cent of the $5 trillion plus Australian mortgage market.
Research by the Australian Bureau of Statistics found that in December 2014 mortgage brokers contributed to 64.7 per cent of the growth in the mortgage market, with mortgage brokers accounting for $43.7 billion of the $93.7 billion.
As consumer appetite for qualified, ethical mortgage professionals continues to grow, so does the need for advisers to diversify their services and introduce mortgage advice.
It is no secret that both the accounting and financial planning professions have encountered some game changing reforms in recent times. 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. I have been a strong advocate of what I believe is the new era – and who will be driving this new era? Look at the pie chart below and see for yourself who you think is driving the new era.
Yes you guessed it! Financial planners and accountants are the new era!
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.
Meeting the debt solutions of clients is a key acquisition platform in achieving lifelong client earnings.
Financial planners and accountants looking to build a more valuable advice business should consider the following:
- Identify and assemble value ads that complement the core business i.e. debt advice
- Extend a portfolio of products or services to add additional revenue streams, acquire new clients and generate more referrals from your existing client base.
Product and service offerings can differentiate a business from its competitors and can turn a niche firm into a successful multi-faceted business. The question is – are you wanting to be involved in the new era?
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.
Tanya is also featured in the No More Practice 30 Day Buisness Challenge. Register today for the ultimate business transformation experience.
