More mortgage brokers are looking to add financial planning to their skill set in a bid to future-proof their incomes, a new survey has revealed.
A survey by financial services umbrella group Wealth Today at the Mortgage Finance Association of Australia’s national convention found the majority of respondents (68 per cent) believed mortgage broking on its own did not have a future.
Instead, respondents described the broker of the future as “a trusted finance professional providing their life-long clients a full suite of services, including financial planning in addition to mortgage broking”.
Further to this, 64 per cent of brokers surveyed are considering adding financial planning to their suite of skills, while 28 per cent already have.
Wealth Today general manager Michael Stephens said it has become obvious to brokers that diversifying is no longer a nice option, but has become a necessity.
“It is exciting to see so many brokers gearing up to move their businesses to a more abundant future,” Stephens added.
