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Mortgage Choice rebrands wealth business

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Reporter 3 minute read

The financial services group has officially rebranded its wealth division as part of a broader transformation strategy.

Mortgage Choice has announced that its wealth business, Mortgage Choice Financial Planning, has been rebranded to FinChoice, effective from 1 May 2020.

The rebrand is part of a broader transformation strategy announced during the group’s half-year results presentation in February.

The group had said it would review its “brand and value proposition” to reflect “rapidly changing industry dynamics”.

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This followed the appointment of Dean Thomas as chief advice officer in November 2019. Mr Thomas previously served as managing director at Hillross Financial Services Dealer Group.

The group also recently invested in a new IT platform, launching financial planning practice software Xplan.

In 1H20, Mortgage Choice’s wealth business reported a 30 per cent increase in funds under management to $1.1 billion.

Insurance premiums in force also increase, rising by 8 per cent to $31.2 million.

However, the group’s financial planning network declined over the half, with both the number of franchises and the number of advisers falling to 33 and 37, respectively.

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[Related: Settlement spike brightens Mortgage Choice result]

Mortgage Choice rebrands wealth business
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