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Changing market conditions have pushed diversification into the main with 93 per cent of brokers now offering more than residential mortgage products.
According to a recent Mortgage Business survey of Choice Aggregation Services (CAS), FAST and PLAN members, mortgage brokers are increasingly looking to alternative products and services to bolster revenue flows and create stickier client relationships.
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Life insurance is the post popular add-on, according to the survey, with 73 per cent of brokers now offering life products followed by commercial finance at 70 per cent and general insurance at 56 per cent.
CAS CEO Brendan O’Donnell said changes in the lending landscape had had a major impact on the way brokers were viewing themselves and their value proposition.
“Not only are brokers now thinking more about their own revenue channels, they are also recognising their increased value as a vehicle for delivering a range of financial services.”
For more details on Mortgage Business’ diversification survey see Issue 3.6 – out next week.
