Partners or Competitors? ; Some believe brokers need to be working with financial planners to survive. But there are a growing number of planners looking to originate loans.

A number of observers in the mortgage broker industry believe that for the business to survive, the broker must become a complete financial resource, the "trusted financial advisor" for his or her client.

Some advocate taking the education and licensing steps to become a financial planner while others believe establishing alliances with financial planners is the way to go.

Expanding one's horizons from simply originating the mortgage is more important than ever. Financial planners are more than ever moving into the origination side of the mortgage business, taking advantage of that position of trust they already have with their client.

An Atlanta-based group, The Mortgage Institute for Financial Services Professionals (MIFSP), is offering training for financial planners to be able to offer consumers guidance in analyzing their mortgage financing options and in making homebuying and mortgage decisions consistent with their financial goals.

Leon Morris, executive director of MIFSP, said, "There is no where for consumers to turn for credible independent personalized mortgage advice." He had been in the financial services profession for 15 years when he became a mortgage broker as well.

"During the past five years, I have come to realize that even though most people finance and refinance homes many times during their lifetime, they never fully understand the mortgage loan process and simply trust that the lender or mortgage broker is providing the 'right' loan for their particular situation," Mr. Morris explained."

Training Financial Planners

MIFSP founders claim there is no place for consumers to go to get independent personalized mortgage advice.

Everett Abney, MIFSP educational consultant, added, "Consumers should be able to find professional independent assistance, if desired, in deciphering the myriad of mortgage loan programs available and in quickly analyzing loan cost disclosure documents."

For those financial planners looking to become involved in originating mortgages, there are a number of firms out there willing to help.

Melville, N.Y.-based Vertical Lend markets its services to financial professions such as financial planners, tax preparers, insurance agents and accountants.

Financial planners interested in originating mortgages, said David Peskin,...