Mortgage brokers are officially providing clients with more than just a home loan with a vast majority of brokers now incorporating at least one other product into their customer offering.
The latest Adviser straw poll shows 80 per cent of brokers cross sell at least one product with as many as 33 per cent cross selling at least three different products.
Of the respondents to the poll, 23.5 per cent said they cross sold at least two products to their clients while 23.5 per cent said they cross sold at least one product. Just 20 per cent of readers said they did not cross sell any products.
Paul Jones of Money Advisers in the Northern Territory said cross selling insurance products was a no-brainer.
“The industry is quite difficult at the moment so it’s important to diversify our income,” Mr Jones told The Adviser.
Jeremy Fisher of 1st Street said he also cross sells risk insurance products with life and income protection being most predominant.
Mr Fisher said he had only begun selling insurance this year after previously referring clients on to referral partners.
“We started to offer insurance in house basically to ensure we were providing our clients with a full duty of care,” he said.
On top of ensuring clients were adequately protected, Mr Fisher said cross selling helped 1st Street provide a “one stop shop” for customers.
“They’ve already spent that time providing us with all of their details – this saves them doing it all over again with someone else.”
Mr Jones said Money Advisers was going one step further with the brokerage bringing in financial planning as of the end of September.
“Instead of referring all of that business on we thought we would capture it,” Mr Jones said.
“We often have clients asking about this sort of thing so we’re going to add it to our product offering.
“We’ll be providing more of a full financial service.”
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