Advisers shy of diversification

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With FoFA looming, planners are still a bit ‘shy’ of looking at mortgages, according to Mark Woolnough of ING Direct. But he says that this could be positive for clients.

“We’re seeing a lot of brokers potentially having some chances and opportunities to create networks and connect with financial planners and I think that spells good news ahead for consumers.

“What you’re starting to see now is the professional networks actually starting to move closer together and preparing to talk to one another... For the consumer it’s a holistic advice but it’s more strategic partnerships and joint ventures behind the scenes. So I think that works quite well when a trusted adviser on either side can forward a referral to their trusted colleague and partner to look after the customer.”

ING Direct has recently integrated its adviser division and broker division into a third party distribution model and Woolnough says they have been able to learn a lot on both sides.

Find his full interview on Wealth Professional TV here.

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