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Vow Financial forms new financial planning firm - Money Management (3 May 2011)
Tuesday, 3 May 2011
Mortgage aggregator Vow Financial has entered the financial services sector to help brokers "quarantine" their clients against financial planners, according to chief executive Tim Brown.
Vow Financial has entered into a joint venture with a financial planning firm to form Vow Wealth Management, providing brokers with another opportunity to diversify their range of services and develop new income streams, Brown stated.
"There's also been a sentiment among brokers that financial planners have been encroaching on their territory, and as such we believe this strategy will help brokers quarantine their clients," he added.
Brown said the joint venture achieved the broker's long-term goal to enter the financial planning space, especially regarding property.
"It will enable our brokers, if they choose to do so, to fill in all those voids involving property transactions, such as risk insurance, investment advice and superannuation," he said.
Brown stated that the joint venture would mean that the majority of brokers would continue to focus on home mortgages, offering referral services to its aligned financial planners, while about 20 per cent would provide limited advice and 10 per cent of brokers would receive assistance from Vow Wealth to qualify as financial advisers.
Vow Wealth will be led by newly appointed national sales manager Justin Dale.