In today’s financial landscape, accountants play a crucial role in helping clients manage their finances, minimize tax liabilities, and plan for future wealth creation. However, one major financial transaction that clients undertake—securing a mortgage—is often left to external brokers. By obtaining mortgage broking credentials, accountants can add significant value to their clients while enhancing their own service offerings and revenue streams. Here’s why accountants should consider becoming accredited mortgage brokers.
1. Deepen Client Relationships and Provide a Holistic Service
Clients trust their accountants with sensitive financial details, tax planning, and long-term financial strategy. By also providing mortgage broking services, accountants can offer a more comprehensive financial advisory experience. Rather than referring clients to third-party brokers, accountants can manage the entire process, ensuring seamless integration between mortgage structuring and tax planning.
2. Increase Revenue Streams
Adding mortgage broking to an accounting practice creates a new and lucrative income stream. Accountants who facilitate home loans, investment property financing, or refinancing deals earn commissions from lenders, supplementing their existing service fees. Given that property financing is a recurring need, this can become a sustainable and growing revenue source.
3. Ensure Clients Receive the Best Financial Advice
Many traditional mortgage brokers lack deep tax knowledge, which can lead to inefficient loan structures that don’t align with a client’s tax position or long-term financial goals. Accountants with mortgage broking credentials can tailor loan structures that optimize tax benefits, ensure compliance, and contribute to wealth-building strategies.
4. Competitive Advantage Over Other Accounting Firms
The accounting profession is competitive, and firms must find ways to differentiate themselves. Offering mortgage broking services sets a firm apart by providing added value that traditional accountants don’t. Clients are more likely to choose a firm that offers a one-stop-shop for their financial needs, reducing the hassle of dealing with multiple service providers.
5. Increased Client Retention and Referrals
When accountants provide mortgage broking services, they become even more integral to their clients’ financial success. This not only enhances client loyalty but also increases referral opportunities. Satisfied clients are more likely to recommend accountants who can handle both their taxes and their financing needs.
6. Leverage Existing Financial Knowledge
Accountants already possess strong analytical skills, financial acumen, and an understanding of lending principles, making it easier to transition into mortgage broking. Their expertise in cash flow management, tax structuring, and financial planning provides them with a natural advantage over standalone mortgage brokers.
7. Compliance and Risk Management Benefits
By handling a client’s mortgage needs in-house, accountants can ensure that lending decisions align with compliance regulations and financial risk management strategies. This minimizes the risk of clients being misinformed or engaging in financial arrangements that may have negative tax or legal consequences.
How to Get Started
Becoming a mortgage broker requires obtaining the necessary accreditation. In Australia, for example, accountants need to complete a Certificate IV in Finance and Mortgage Broking, followed by a diploma-level qualification and licensing through the Australian Securities and Investments Commission (ASIC). Similar processes exist in other countries, requiring accountants to obtain regulatory approvals and affiliate with a lender panel or aggregator.
Conclusion
Accountants who expand their expertise into mortgage broking create a win-win scenario for both their business and their clients. They provide a more comprehensive service, increase client retention, and unlock new revenue streams while ensuring that clients receive well-structured, tax-efficient loans. As financial service professionals, accountants are in a prime position to offer this valuable service, making mortgage broking credentials a strategic and profitable investment in their career.
Next step
Register for our webinar “Why Accountants Should Get Their Mortgage Broking Credentials” on 17th April at 12.30pm EAST by clicking the link here: https://us02web.zoom.us/webinar/register/WN_80ZgBHcGTuSdsHusCBQKlw
Steve Lake | Director of Partnerships NLG
He also owns Referconnect, a marketing company specialising in linking financial service providers to provide better outcomes for their clients and deliver assets and profit to business owners and stakeholders.
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