When it comes to the synergy between mortgage broking and financial planning businesses, the alignment goes beyond just sharing similar goals. Glenn Calder, joint CEO at Viridian Financial Group, emphasizes the importance of philosophical alignment between the two organizations. After Viridian acquired Smartmove Professional Mortgage Advisors, Calder highlights three key elements – technical, people, and philosophical – that have contributed to their success.
Before the acquisition, Viridian had a small broking division alongside its financial advice segments. Calder notes that the acquisition not only brought scale benefits but also provided an opportunity to learn from Smartmove’s expertise in certain areas. Smartmove excels in operational efficiency, particularly in the low-revenue profile of the mortgage broking business.
Both companies share a philosophical alignment in their approach to technology and offshoring. Smartmove’s advanced offshoring practices have been a valuable learning experience for Viridian. The firms are now exploring how to leverage offshoring and operational excellence to their advantage.
Smartmove CEO Darren Little points out their success with process-driven offshore staff, with a majority of their team based in the Philippines and Nepal. This approach has enabled consistent service delivery in lending, supported by a strong technology focus. The combined scale of the two businesses now allows them to serve over 15,000 customers.
Efficiency is key for both brokers and planners, with technology playing a crucial role in streamlining processes. Little emphasizes the importance of being easy to do business with, highlighting the focus on enhancing client relationships through technology-driven solutions. Calder echoes this sentiment, emphasizing the need to reduce friction in financial services by adopting Smartmove’s efficient processes.
Calder envisions a future where technology, such as AI, can enhance oversight and compliance, ultimately improving client relationships. By streamlining processes and leveraging technology, the aim is to provide more effective and sustainable advice to a broader client base.
One area of focus is paraplanning processes, where offshoring and AI can play a significant role in enhancing efficiency. Calder believes that a combination of evolving technology and a commitment to philosophical alignment will drive the future of financial services, ultimately benefiting clients by reducing costs and improving service quality.
As the industry evolves, the collaboration between mortgage brokers and financial planners highlights the potential for innovation and efficiency gains. By embracing technology and operational excellence, businesses can enhance client experiences and drive sustainable growth in the financial services sector.
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