A former president of the MFAA has called for greater cooperation between industry groups amid the growing trend of financial services convergence.
Former MFAA president and Bernie Lewis executive chairman Mark Lewis told Mortgage Business that the industry groups representing financial planning, mortgage broking and accounting must form deeper relationships to aid the convergence of the professions.
“I think there needs to be some deeper relationships with FPA, AFA and all of the professional groups,” Mr Lewis said.
“There probably needs to be some deeper relationships built with the accounting associations.
“There needs to be some mutual respect between those associations and some communication from each of them out to their own membership that there is convergence starting to happen and that the associations are going to start working together to aid that convergence and facilitate that convergence,” he said.
Mr Lewis added that mortgage broking has the biggest challenge, when compared with planning and accounting, in striving to be viewed as a professional industry.