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Following an 18-month pilot, the scheme offers three levels of collaboration to diversify.
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NLG launches broker-accountant alliance
25 July 2022
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National Lending Group has launched a strategic alliance program between finance brokers and accountants following an 18-month pilot campaign.
The Accountant-Broker Collaboration Program enabled practices to diversify and increase revenue by offering a service to clients seeking funds, NLG said.
“The Accountant-Broker Collaboration Program is a bespoke initiative that benefits all stakeholders,” partnerships director Steve Lake said. “It materially extends brokers and accountants’ service proposition, supercharges referrals and boosts lead generation.
“Having the ability to facilitate residential or commercial finance represents a tremendous opportunity.”
Brian Willett of FinCare, based in Wollongong and Sutherland in NSW, said the firm had been looking to expand into mortgage broking and after several false starts, was up and running with the help of NLG.
“Steve [Lake] placed the ad for the broker, shortlisted the broker and then we interviewed and chose the one who we thought was the best option,” Mr Willett said.
“A lot of stuff that we would have been running around trying to research and trying to gain some facts on, Steve just knew and it became a very easy way to set up that part of the business.”
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He said with one full-time broker plus support staff, FinCare was already planning on hiring a second. The firm now has almost 60 staff with satellite offices in the Gold and Sunshine Coast Queensland.
FinCare’s choice of an in-house loan writer was one of three partnership options, Mr Lake said. Another involved an accountant partnering with a broker via a reciprocal relationship model, while a third meant accountants training to become brokers themselves.
Mr Lake said the FinCare option was the preferred model so far.
“It’s an extremely cost-effective and flexible strategy that extends the firm’s service proposition and diversifies revenue without resource or accreditation constraints,” he said.
Mr Willett said the various accountancy, financial planning and broking aspects of FinCare worked together well, with useful synergies and crossovers. Some people came in for one service and ended up being a client of another as well.
The arrangement grew quickly enough that it was paying its way after six months.
“It's such a natural thing for accountants to be doing financial planning and home loans, and also commercial loans as well,” he said.
NLG said it would consider accounting firms in all areas of expertise and locations for the program.
“NLG’s vision is to be recognised as the leading provider of finance and broking services to accountants and the preferred boutique aggregator to brokers in Australia,” Mr Lake said.
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