Finsure is helping advisers to succeed
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Finsure New Zealand outlines why compliance doesn’t need to be hard, how quality training and education is more important than ever and why someone needs to speak up for advisers
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FINSURE HAS always been a full-service aggregator, built to assist and support advisers with innovative business solutions. Gone are the days of an aggregator that simply pays commissions and connects you to lenders; they’re here to offer a full business solution and maximise an adviser’s time outside of all the paperwork.
While this can be quite challenging on a large scale, Finsure is developing intelligent solutions and processes to prove that it is more than a CRM and lender accreditation provider. It is here to help advisers in all areas of their business.
Finsure is one of Australia’s largest mortgage broking groups. Established in 2011, and expanding into New Zealand in 2023, Finsure has been one of the fastest-growing and most innovative mortgage aggregation businesses offering cutting-edge solutions to its broker partners.
Finsure acts as the intermediary between lenders and brokers, and at the core of its business ethos is the desire to provide the strongest value proposition to its vast network of mortgage brokers.
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“Compliance has always been perceived as a burden for advisers. We want to flip that perception and help advisers stay on top of their obligations without interfering with their day-to-day business”
Jenny Campbell,
Finsure NZ
The New Zealand finance industry is constantly evolving, with several major developments having occurred in recent years. With so much change, it’s vital that advisers remain informed to stay ahead of the competition.
Finsure believes that for its advisers to navigate the complex lending landscape, it needs to deliver relevant communications and expansive training programs. This will enable advisers to adjust their businesses proactively to keep their competitive edge, while meeting their obligations under the Financial Services Legislation Amendment Act.
Understanding the challenges posed by such regulatory changes, Finsure aims to provide a lifeline to mortgage advisers by equipping them with robust tools and systems specifically designed to manage compliance efficiently. By doing so, Finsure alleviates the administrative and regulatory burden that can often divert advisers’ attention away from their core mission of serving their clients’ needs.
The technology platform that Finsure provides is state of the art, featuring automation and streamlined processes that simplify compliance tasks, such as maintaining proper documentation, adhering to regulatory standards and following best practices in client dealings. This level of support is poised to empower advisers to focus on what they do best – providing personalised advice and support to their clients – while taking comfort in the fact that their compliance obligations are under control.
A big focus for Finsure has been the digitisation of archaic processes, including the conversion of paper-based forms into a digital format to streamline and improve efficiency. Reducing manual data entry significantly decreases the likelihood of human error. End-to-end encryption and audit trails make it easier to track the progress of loan applications and can significantly speed up processing time.
The Finsure compliance team has also turned its attention to the Statement of Advice (SOA), embarking on a streamlining process to make it more client-friendly and easy to understand. The team has also identified a huge service gap in the market, with Financial Advice Provider (FAP) licence holders being left to fend for themselves and tackle their
compliance obligations on their own. After liaising with existing FAP holders, Finsure has developed a comprehensive support framework, including diligent record-keeping and structured processes, to better manage regulatory compliance. This initiative offers a proactive response to the financial services industry’s evolving needs, setting a new standard for integrating compliance support within the mortgage advisory sector.
When asked about the compliance support, Finsure New Zealand country manager Jenny Campbell is optimistic about the response from the advising sector.
“Compliance has always been perceived as a burden for mortgage advisers,” she says. “We want to flip that perception and help advisers stay on top of their obligations without interfering with their day-to-day business. With our innovative compliance framework and leading training program, I’m confident we’ll achieve that goal.”
Recently, advisers in NZ have seen the cracks on the surface of the changing landscape, after comments from the Commerce Commission (ComCom) highlighted that there is still a lack of understanding of what advisers are required to disclose.
“The onus shouldn’t be on advisers to remind agencies such as the ComCom as to what they do. We are adamant that, as an aggregator, Finsure can take the lead and build greater awareness for advisers and champion their services,” says Campbell. “We also believe it is our responsibility to ensure our advisers understand their obligations and have the level of support to help fulfil them. This is where our extensive training and education program will really shine.”
What truly sets Finsure apart is the innovative way in which it delivers training. Offering in-person and online events gives advisers the ability to enhance their skill set at a time and place most convenient to them.
All Finsure advisers can choose from a range of educational events and initiatives, including professional development (PD) days, which update attendees on the latest industry developments or news, and give them the chance to meet key industry figures, hear from experts in a range of business fields, and learn from their interactions with other advisers.
They also have the opportunity to attend international summits that bring together advisers from Australia and New Zealand, enabling them to share ideas and pursue networking opportunities.
These larger events are supplemented by individual ‘coffee catch-ups’ held by lender partners at local cafes or restaurants. Where the PD days cater to larger groups, Finsure’s masterclasses are more intimate events, with spots limited to approximately 20 brokers in a casual setting. This approach enhances the learning experience and gives attendees the opportunity to ask more questions, ultimately helping them gain more from the event.
Should any adviser find it difficult to leave the office, regular online masterclasses are held on a range of topics, each designed to help advisers enhance a specific part of their business. Recordings of each session also allow advisers to revisit or catch up on any session they have missed.
Regarding Finsure’s training strategy, Campbell believes that education is the cornerstone of success for both brokers and staff.
“Being at the forefront of training and development programs has helped Finsure stay ahead of the pack over the years,” she says. “We’re looking forward to rolling out more and more training initiatives in the coming months, helping advisers and their staff maximise their potential.”
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Advisers continue to be misunderstood
Published 13 May 2024
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CA
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Copyright © 1996-2024 KM Business Information NZ
Companies
People
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About us
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Contact Us
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News
MORTGAGE INDUSTRY
BEST IN MORTGAGE
SPECIALTY
TV
Resources
US
CA
AU
NZ
UK
Copyright © 1996-2024 KM Business Information NZ
Companies
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“Being at the forefront of training and development programs has helped Finsure stay ahead of the pack. We’re looking forward to rolling out more and more training initiatives to help advisers and their staff maximise their potential”
Jenny Campbell,
Finsure NZ
Staying on top of obligations
Improved training and PD days
