Industry newcomer Mortgage Choice Financial Planning boasts one of the highest conversion rates in the industry with over 50 per cent of referred home loan customers becoming advice clients, according to the group’s general manager, Tania Milnes.
Listed mortgage broker Mortgage Choice established Mortgage Choice Financial Planning in October 2012 as part of a strategy to transform the business into a diverse financial services group with multiple revenue streams.
Mortgage Choice Financial Planning has recruited 18 advisers across 15 offices in the last year and is on track to reach its goal of 60 practices by mid-2015. The group has a salaried model but will offer equity to advisers when appropriate.
Milnes said the Mortgage Choice brand, the group’s ability to generate quality leads, and its innovative menu and price list of advice services were compelling reasons for advisers to join.
She said the group was targeting “next-generation advisers” who had a moderate level of experience.
“Mortgage Choice receives 80,000 home loan enquiries a year, mainly from people between the ages of 24 to 45, and there’s growing customer demand for holistic advice,” Milne said.
“We want to form stronger relationships with our customers by offering additional services and we want to attract advisers who want to work with this demographic. These customers have the potential to be clients for life.”
From as little as $165, customers can access the services of Mortgage Choice Financial Planning. It costs around $990 for an adviser to consolidate up to three superannuation accounts and ongoing advice starts from $1320 per year.
The group has five flat-fee ongoing advice packages.
After an extensive tender process, Mortgage Choice Financial Planning selected Morningstar as its research partner, Macquarie Wrap as its preferred platform and Coin as its financial planning software provider. It also uses a panel of selected insurance providers.
