Securitor and Magnitude have stepped up their mortgage lending business, hiring the Australian Finance Group (AFG) to provide mortgage aggregations services to its advice networks.
The deal is part of the BT-owned dealer group's strategy to add more revenue streams, according to BT Financial Group head of dealer groups and licensee select Neil Younger.
"As the industry continues to undergo significant change, advisers need to explore new revenue avenues that ensure the growth and sustainability of their businesses," he said.
Securitor and Magnitude advisers garnered more than $270 million in mortgage business last financial year, a company statement said.
Younger said the deal also meant that the businesses could help their clients develop a comprehensive financial strategy.
"Advisers should be identifying that, with increasing house prices and interest rates, clients who are at an earlier stage in their life cycle, can benefit from the value of advice on how to structure and manager their debt," he said.
AFG will provide the two groups with a panel of lenders, compliance and marketing support and a national business development team.
Macquarie Bank is another financial services firm who has an interest in a mortgage aggregator business.
The bank holds a 20 per cent stake in mortgage aggregator group Vow Financial.
