Vow not ruling out NZ
Australian aggregator Vow Financial is not ruling out the possibility that it is considering a move into the New Zealand market.
Friday, March 22nd 2013, 6:00AM
by Susan Edmunds
Good Returns has been told by multiple sources that the group is eyeing the Kiwi mortgage industry.
But Vow marketing manager Matt Mitchener would not comment beyond saying that Vow Financial was always looking at opportunities within other markets.
But he said that New Zealand brokers could offer tips to their Australian counterparts.
He said Kiwi brokers were well ahead of Australia in integrating financial planning into their businesses. “The UK was the first country to do this really well but it is not unusual to now find a mortgage broker in NZ who is not either a financial planner or tied to a financial planning group.”
Mitchener said that was largely because New Zealand brokers did not receive trail commission and needed to find other ways to earn ongoing income.
“The negative of still having trail [is that it] has made Australian brokers lazy and not offer insurance products which are often easy to sell and help the client protect themselves and their assets.”
The Australian mortgage market is about three times the size of New Zealand’s, in dollar terms, each month.
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