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Brokers challenged on financial planning skills

by Staff Reporter7 minute read
The Adviser

Financial planning could be a “bridge too far” for mortgage brokers, according to BT Financial Group’s general manager for advice, Mark Spiers.

Mr Spiers told The Adviser’s sister publication, InvestorDaily, that the convergence of broking and financial planning was not a strong trend.

He said it was “almost a bridge too far” for brokers to move into financial planning “because of the training requirements to be a financial planner”.

However, he added that brokers could still work well with financial planners and accountants on a referral basis.

FBAA president Peter White said there was no reason why brokers couldn’t make a success of financial planning.

“It comes down to whether it complements or detracts from their business, but brokers certainly have the aptitude to take on financial planning should they require to do so,” he told The Adviser.

“I know many of our members and brokers in general who are also involved in financial planning and do it extremely successfully.”

Mr White said diversification was a sound strategy provided it didn’t detract from a company’s core offering.