Dave: I am glad you are focused upon alternative sources, as this market calls for us to diversify in any way we can. Regarding the issue(s) you bring up about financial planners, the first point I would like to make is that you get to choose your alternative sources. They could be accountants, builders, bridal consultants (more on that later), insurance agents, home improvement companies or many more.

If you skip the financial planner alternative, you will still have plenty of other choices. That being said, I would like to reply to two of your points:

• Financial advice. As a mortgage expert you will deal with plenty of other experts when advising your clients. That could be a tax expert, credit expert or others. Referring your clients to financial planners is not giving them advice, but referring to an expert who will give them advice.
• Using Planners. While I can't advise you to use a financial planner, I can advise you not to be “penny wise, but pound foolish.” For example, plenty of loan officers complete and file their own tax returns to save money. But if you save $700 while completing your own returns, while missing out on a relationship which will be three to five referrals a year, you are actually losing money. Obviously, you need to find a source you are comfortable with in regard to their service and philosophy, whether a CPA or financial planner or another expert.

Dave Hershman is Senior VP of Sales of Weichert Financial and the top author in the mortgage industry. Dave has published seven books, as well as hundreds of articles and is the founder of the OriginationPro Marketing System and Mortgage School – the online choice for expert mortgage learning and marketing content. His site is www.OriginationPro.com and he can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it..