Brokers to benefit from new referral partnership

Advantedge Financial Services has formed a new partnership which will see financial advisers remunerated for referring mortgage business.

The NAB-owned mortgage funder has teamed up with Synchron to help financial planners diversify into mortgage broking either through a referral model or by building capability in-house.

Synchron director Don Trapnell said the referral arrangement with Advantedge is in response to the Life Insurance Framework, which is expected to impact advisers’ revenue when it comes into effect on 1 July 2016.

“We know that at any point in time, one in seven consumers is reconsidering their mortgage and finance arrangements,” he said.

“We believe it is appropriate that Synchron advisers be afforded the opportunity to satisfy that need by referring clients on to a licensed finance broker and be remunerated for it. The arrangement with Advantedge will facilitate that.”

Advantedge also recently announced rate reductions across its interest-only loans for investors and owner-occupiers, as well as a restructure of its pricing by loan purpose.

[Related: Advantedge unveils new white-label product]

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