Mortgage aggregator Vow Financial has continued the growth of its wealth management offering with a new joint venture in Melbourne.
With two financial planning practices in Sydney and another in Perth, Vow chief executive Tim Brown said the firm was also in negotiations to add a branch in Brisbane.
He said wealth management had been a significant revenue-maker for the business over the past 12 months, with most clients looking for income and life protection solutions.
"We're also finding commercial finance is in growing demand because banks are squeezing their clients on rates at the moment and pushing up the margin on their commercial products," he said.
Vow has set up a specialist committee of commercial mortgage brokers to help its residential brokers close business deals in situations where they wouldn't normally have that level of experience and knowledge, Brown said.
