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ING Direct to drive convergence of broking and planning

 

 

ING Direct to drive convergence of broking and planning

James Mitchell Comments 0
— 2 minute read

One of Australia’s largest mortgage lenders has appointed a new partnership manager to help promote the convergence of mortgage brokers and financial planners.

ING Direct has addressed the growing convergence of the mortgage and advice industries with the appointment of Tim Hewson as national partnership manager, residential lending and wealth.

Mark Woolnough, head of third-party distribution at ING Direct, said Mr Hewson’s appointment was a logical step for the bank as “the line between these two increasingly aligned industries continues to blur”.

“When a consumer builds trust in their wealth professional, be it a broker or adviser, they tend to look for broader support across a range of financial matters,” Mr Woolnough said.

“They want a ‘one-stop shop’ where their trusted adviser can support them through their financial life cycle, from home loans to superannuation.

“Many brokers and advisers recognise this and are increasingly working together, through either commercial agreements or referrals, to provide this level of service to their customers. Just as it is simpler for the consumer to have all their needs met in one place, this same principle also applies to brokers and advisers.

“With Tim’s appointment we are effectively mirroring what is happening in the industry, ensuring we can provide the best level of service to our professional partners.”

Mr Hewson’s financial services career spans more than 20 years and for the past six months he has been focused on working with advisers and brokers to further develop the bank’s product and service proposition across both lending and wealth.

He previously held the position of manager, superannuation, where he was responsible for growing ING Direct’s superannuation product, Living Super, and launching both the Living Super administrative platform to advisers in mid-2015.

“We see this convergence as a growing trend and it absolutely makes sense for us to be on the front-foot, providing holistic support for our broker and adviser partners,” Mr Hewson said.

“Our great proposition in the mortgage industry has seen us become the country’s sixth largest home loan lender.

“We also have a very successful broker referral program which support brokers in engaging with their clients on other areas of finance such as everyday banking and superannuation. While we are a relatively young player in the wealth space we are getting great traction from both national dealer groups and boutique planning firms.”

[Related: Brokers eager to expand financial planning business]

ING Direct to drive convergence of broking and planning
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James Mitchell

James Mitchell

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.

 

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