flongle, a mortgage contest, consumer-facing website where consumers can put their mortgage out to tender to banks, non-bank lenders and mortgage brokers, is now giving advisers the opportunity to do the same on behalf of their clients.

“A mortgage broker might have accreditations with many banks but most brokers mainly source a loan from three or four of them which means the best deals often fall through big gaps,” says flongle partner development manager, Daryl Smith. “Because of the nature of the flongle bidding community, the adviser will now be able to find the most competitive product for their clients, which may not necessarily be the one a mortgage broker will find. Lenders are discounting, and in many cases, broker firms offer cash back on commissions so it works better for the client.”

Mr Smith said advisers that are looking to offer comprehensive advice to their clients can now expand their service offering by adding ‘debt planning’ to their other planning segments. “By utilising the flongle system advisers can feel confident that their clients will receive a competitive lending product, resulting in a mortgage that suits their specific requirements.”

Currently, there is a risk when advisers outsource mortgage broking because larger mortgage aggregation firms are moving into the financial planning space, Mr Smith says. “flongle allows advisers to keep this process in house. It gives greater options and choice to clients and allows advisers to oversee the whole mortgage process and charge a fee which is in line with the service they provide.”

AdviceInnovation director, Michael Topper, says the addition of flongle to the hub of innovators was reflective of the growing demand for innovative services for advisers. “Advisers are coming to us really excited about what is new in the space and how they can better service their clients – it is something that is becoming more prevalent.”

Mr Topper says services like flongle are becoming more popular amongst financial advisers as they look to add more value to clients at a time when business models are changing to fee-for-service.

In order to lodge a contest direct an adviser needs to hold a credit licence, however other options are available for advisers who do not hold a credit licence.  Advisers pay for the flongle service on a casual plan or via a monthly subscription.

The post flongle® – helping advisers source competitive mortgages for clients appeared first on AdviserVoice.