Copy article

"New Leaf has seen a big increase in the number of mortgage advisers actively pursuing a licence in wealth"

ended 07. August 2024

Mortgage and wealth network, New Leaf, has told Newspage it has seen a rise in the number of brokers seeking to become IFAs. In part, it says this is to offer a more holistic service to existing clients and widen their prospective client base, but it also being used as a hedge against the ups and downs of the property market. Newspage asked brokers and IFAs for their views, below.

7 responses from the Newspage community

Copy all

Star Quote
Copy

Editor
Daniel Hobbs
Managing Director at New Leaf Distribution
Since Covid, New Leaf has seen a big increase in the number of mortgage advisers actively pursuing a licence in wealth at our network. Becoming an IFA adds value to your business, giving you a repeatable income stream that can also provide you a real retirement plan on exit. This approach can also safeguard your business in downturns in the market. IFAs also enjoy a different client relationship that is less transactional and more akin to being a coach, which some find less stressful. The qualifications to become an IFA have also become more flexible, which means a mortgage adviser shouldn’t be put off with the studies as you can take the exams at your own pace.
Star Quote
Copy

Editor
David Stirling
Independent Financial Advisor at Mint Wealth
It's a simple case of business diversification rather than spreading yourself too thin. Having been a mortgage broker since 2006 I have seen the effect of a property crash and then the recovery into the further turbulence we are seeing now. I made the decision to up my game and go holistic during Covid as this seemed a good time to attain the diploma, but also to steel up my business for the future by offering full IFA services. With more interesting and involved client relationships rather than the cold transactional mortgage meetings, there is much more job satisfaction for me. All the while I am building up a long-term business that should hopefully be recession proof for the future.
Star Quote
Copy

Editor
Dariusz Karpowicz
Director at Albion Financial Advice
The end goal for all brokers should be becoming IFAs. After years in the mortgage industry, you build knowledge but eventually stop developing as the changes are mainly in criteria. Becoming an IFA means evolving into a holistic professional. Some brokers argue that you need to focus on one thing, but maybe they're just avoiding the exams. Offering a wider range of services not only benefits clients but also provides stability against the property market's ups and downs. Why not broaden your horizons and keep learning?
Star Quote
Copy

Editor
Riz Malik
Independent Financial Adviser at R3 Wealth
Having made the transition myself, I think there are many advantages to being able to give your clients holistic financial advice. We can talk to our clients about many different areas of financial planning whilst still having a deep understanding of one of the major asset classes, property. By connecting the dots, the client can benefit and they can have more of their problems solved and plans arranged under one roof.
Star Quote
Copy

Joshua Gerstler
Chartered Financial Planner at The Orchard Practice
When I started out in financial services I took my mortgage adviser exams first as this was the quickest and easiest qualification to get. This enabled me to start earning a living straight away. Within a few months of this I had completed my financial adviser exams. I began in 2011 with the Credit Crunch fresh in my mind, therefore decided early on I did not want to be limited to only providing mortgage advice. After a few years, I realised that my passion lay in financial advice however I have always kept my advanced mortgage qualification as it is nice to be able to help families in this area, too.
Copy

Editor
Darryl Dhoffer
Founder at The Mortgage Geezer
IFAs and mortgage brokers are two seperate athletes. The financial world is a demanding arena, and specilisation is the key to victory. Independent Financial Advisers (IFAs) and mortgage brokers each require a unique skill set to achieve gold-medal performance. By focusing on their individual disciplines, professionals can hone their expertise, delivering superior service to clients. This separation also safeguards against potential conflicts of interest, ensuring the highest level of integrity. Just as athletes train rigorously for specific events, IFAs and mortgage brokers must concentrate on their areas of mastery to stand on the podium of success.
Copy

Mark Andrews
Advisor at Finance Energy
I joined the financial services sector at the beginning of the pandemic and immediately decided that I needed to become an IFA to do the best I could on behalf of my clients. I may have thought differently had I been around before that but in today's world I think it is essential. Clients deserve a full holistic service and while I appreciate that you can have referral networks in place, I like to look after my own clients and maintain a consistent quality of service. There are of course benefits of having a more diverse revenue stream for the business but first and foremost it is about delivering a more rounded and holistic client experience.