AIOFP signs up OFM as reverse mortgage provider
Financial services group OFM has signed up the Australian Association of Independently Owned Financial Planners (AIOFP) to be their preferred supplier of reverse mortgage products.
AIOFP chief executive officer, Peter Johnston, said the group chose the OFM product because its product and reputation best suited members.
“The AIOFP considered all options in the market and felt that OFM’s product range, management, reputation, vision and culture best suited the AIOFP and its members.”
OFM general manager products and distribution, Ian Giles, said they focus on having a best of breed product, but also do a lot of work on educating the financial planners who advise on their product.
“We are proud of OFM’s record,” he said, adding that, “The association have looked at the market place and selected us as the most appropriate to support their dealer groups.”
AIOFP is an association that works for approximately 130 independent dealer groups, who under the arrangement will include the OFM product on their menu list as well as overlaying their reverse mortgage training and accreditation program.
The reverse mortgage industry requires that financial planners are accredited either through the provider’s own training program or the Mortgage Industry Association of Australia’s (MIAA’s) mortgage brokers accreditation course.
Giles said that while the reverse mortgage sector does not fall under FSR and is therefore not governed by ASIC, dealer groups therefore place extra emphasis on education.
“It’s a sector that is still evolving, and it still falls under the different State laws. But people are saying they need to be educated, so as an industry let’s educate.”
Source: Financial Standard
News article is Australia Reverse Mortgage related.
