There's a global debate brewing on whether mortgage brokers have the "aptitude" to add financial planning to their repertoires – a question doing little to stem the flow of players doing just that.
One of Australia's most respected advisors is the latest to weigh in on the discussion, setting off a firestorm of controversy in suggesting financial planning is simply a "bridge too far” for mortgage brokers.
“Because of the training requirements to be a financial planner,” says Mark Spiers, brokers face a learning curve that precludes their entry into financial advising.
And it seems that the readers of MortgageBrokerNews.ca’s sister publication, Wealth Professional, share the same view, with a recent poll finding that 85 per cent of voters believe mortgage brokers don’t have the “aptitude for financial planning.”
The comments come on the heels of growing debate not only in Australia but in both the U.K. and the U.S., where challenging markets are sending a growing number of brokers scrambling for alternative revenue streams.
In Canada, a relatively strong real estate market has slowed the pace of any migration to financial planning, but that's also changing as brokers look to deepen their utility for clients.
“I know many of our members and brokers in general who are also involved in financial planning and do it extremely successfully,” said one industry player.
However, it wouldn’t be fair to deny our readers, mortgage brokers – and the very people these financial advisors believe don’t have the ability to add wealth planning to their toolkit – the chance to weigh in. So click here to vote
on whether you believe mortgage brokers have what it takes to also act as financial planners. And don’t forget to leave your comments below.