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Jessica Darnbrough
Mortgage Choice has identified the self-managed super fund sector as a major growth area and the brokerage has announced a new initiative to helping its brokers capitalise in this lucrative market.
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Speaking to The Adviser, Mortgage Choice executive Michael Russell said the brokerage had this week launched an SMSF educational program that will be mandatory for all brokers.
"At Mortgage Choice, we recognise that the self-managed super fund space is the next big opportunity for brokers and we wanted to make sure our brokers are well equipped to offer this product and provide advice to borrowers on this area," he said.
"At present, 2,500 SMSF are being registered each month. Moving forward this is going to be the next big space and we want to make sure our brokers are prepared for it."
Liberty Network Services managing director Brendan O'Donnell agreed and said with so few brokers currently competing in this space, there was a real opportunity for brokers confident enough to diversify into this area.
"If you look at the data, there is currently $1.2 trillion in super, $300 billion of which is self-managed super funds," he told The Adviser.
"If brokers want to collectively grow their market share to 50 per cent within the next few years then they need to diversify and in 2012 I believe the low hanging fruit will be self-managed super funds."
Mr O'Donnell said for brokers that have the knowledge and aren't afraid to take risks, dealing in the self-managed super fund space will result in easy additional revenue.
