11/08/2008 - 10:30

Plan B and AFG join forces

11/08/2008 - 10:30

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Mortgage aggregator Australian Finance Group has teamed up with Perth-based wealth management adviser Plan B Group Ltd to offer a full range of mortgage products to customers.

Plan B and AFG join forces

Mortgage aggregator Australian Finance Group has teamed up with Perth-based wealth management adviser Plan B Group Ltd to offer a full range of mortgage products to customers.

Below is the announcement by AFG:

AFG, Australia's largest mortgage aggregator, has signed up ASX-listed Plan B Group as a client, one of the country's largest non aligned wealth management advisers. Plan B has over 20,000 clients in Australia and New Zealand and is headquartered in Perth.

AFG will provide Plan B with access to a comprehensive panel of lenders, enabling the company to provide clients with a full range of mortgage products through its team of salaried finance specialists, complementing the holistic wealth management solutions the company already offers.

Alan Walker, WA State Manager of AFG says: "We're delighted to welcome Plan B on board. They are a very significant organisation and a leader in their industry. This move reflects a broader trend of wealth management advisers entering the finance market.

Scott Pitman, Head of Strategic Projects of Plan B says: "Our clients look to us to offer a comprehensive wealth management offering, and debt and gearing is often a part of a wealth management strategy. We chose AFG due to its superior support and track record and they have been exceptional with the delivery of their value proposition to us.

"We are focused on growing our finance business and, as with other parts of our business, have made no secret about being prepared to be acquisitive in this regard if appropriate opportunities present themselves."

While the WA mortgage market has suffered from the high interest rates, property costs and cost of living increases that have affected the rest of the country, the upper end of the market has proven more resilient. As high net worth individuals and investors use brokers to a greater extent than other market segments, broker channels have been less affected by the downturn.

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