New player enters mortgage group space

Mortgage advisers have a new dealer group option to consider.

Thursday, June 23rd 2022, 5:04PM

by Eric Frykberg

The Adviser Platform (TAP), which primarily operates in the life insurance market is expanding to offer a new alternative to mortgage advisers.

TAP has evolved its customer relationships management (CRM) platform to help mortgage advisers comply with new licensing requirements.

“An adviser trying to do everything by themselves – that is really challenging and probably not realistic at the moment,” TAP managing director Ryan Edwards said.

So he unveiled a new product to help out.

“We saw an opportunity to come to the market with some great software, some administration support for those who need it, and to actually partner with our clients to help them get through this.”

Edwards said the new system was a full FAP management process, covering mortgage advisers' entire business operation, along with record keeping and the information they use to put deals together.

He said systems like this could help an industry under pressure.

“There seems to be some negative angst and unrest in adviserland, with people really struggling. Industry research shows it is not a particularly enjoyable time to be an adviser at the moment.”

He said the aim of the new CRM platform was to “demystify” some of the compliance requirements and help advisers do what they were good at: getting out with their clients and reaching a deal.

The new system would cost advisers around $200 a month.

It is being unveiled as the FAP licensing programme staggers towards partial completion, with only 50% of all advisers involved so far, and the remainder potentially being left in limbo, as the deadline looms for a cutoff.

Edwards said some advisers had got the impression that running their own FAP was unachieveable or unobtainable.

“We take a different view, we think you can and you should be running your own FAP, you may need to invest a little bit in some services to help you achieve that.”

Edwards said the businesses he spoke to were fiercely independent and felt they could not retain their independence while complying with the new requirements.

“We think that is a short term view.”

Tags: TAP