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Mortgage aggregator partners with advisory firm

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handshake business ta
Reporter 1 minute read

A major broking franchise has entered into a new joint venture with a Sydney-based advisory firm.

Sydney-based financial planning firm Encore Advisory Group has onboarded the services of Loan Market Group to expand its offering to include mortgage broking services.

The joint venture, Financial Advice Mortgage Solutions (FAMS), which forms part of Loan Market’s ‘Bring Your Own Brand’ initiative, aims to serve as a one-stop shop for customers seeking financial assistance.

“We seek out businesses that look to lead the next generation of financial services and who embrace the combination of wealth management and mortgage broking,” Loan Market chairman Sam White said.

“I believe Encore Advisory Group have the deepest experience in the market in helping businesses reach their full potential in this space while offering their clients the most wholistic experience possible.”

FAMS CEO Mark Zaglas said the new firm’s diversification strategy would be particularly pertinent in the current environment.

“Client value needs to be proven more than ever and advice will need to go beyond traditional areas of investment, superannuation and insurance and into areas of advice on cash flow and managing debt,” he said.

“We believe this is a win for consumers, will accelerate business growth and business value, and must be part of a financial advisory firm of the future.” 

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He continued: “Brokers who work with us produce higher, more sustainable revenue. Advisers who work with us build better, more profitable integrated businesses and/or referral partnerships.  

“This is because of what we call our ‘Connectivity IP’ and the unwavering belief that advice is incomplete without addressing both sides of the client’s family, household or business balance sheet.”

Mr Zaglas said the new business model would ensure compliance with the best interests duty obligations, which forms part of the regulatory framework for both brokers and financial advisers.

“Financial advisers, accountants and mortgage brokers all have a best interests duty in one area; however, it’s hard to imagine ignoring the others if the true interests of the client are being realised and business value maximised,” he concluded.

 [Related: Mortgage Choice welcomes specialist lender to panel]

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