Mortgage broking model to evolve considerably

Speaking to The Adviser, Vow’s chief executive Tim Brown said tomorrow’s broker will be forced to do a lot more than find their client the best mortgage solution for their needs.

“Borrowers will expect a lot more form their brokers in the future,” he said.

“Diversification will become commonplace and brokers that do not offer additional services will run the risk of losing their clients to other professionals who do.”

His comments were echoed by Loan Market Group’s national sales director Mark De Martino who said brokers will become better at providing additional services to customers.

“To date, the banks have been superior in this but brokers will continue to gain ground,” he said.

Coverall Financial Solutions’ Igal Prigan said the days when borrowers will expect brokers to provide more than a home loan will come sooner than we think.

“Many borrowers already want more than just a mortgage,” he said.

“They want a financial solution. Tomorrow’s broker will have to be more than a transactional broker, they will have to be a solutions provider.”