Brokers should focus on what they are really good at when it comes to creating an ideal diversification mix for their business, according to Macquarie Bank.

Speaking with Australian BrokerNews, Macquarie Practice Consulting senior consultant Fiona Mackenzie said that the shape of a businesses needs to mesh both the needs of its client base with the strengths and passions - as well as weaknesses - of the mortgage professional.

“It’s kind of matching those two. The firms that I have seen do diversification well – rather than just adding another service in a ‘plug and play’ way – is really about thinking very clearly about who their clients are, as well as what they themselves are really good at, and not so great at,” she said.

Mackenzie said if a broker is part of the ‘wealth accumulator’ market, then it would be possible for brokers to build a business that brings together the many pieces those clients need, such as mortgages, insurance, and maybe even superannuation, tax and legal services.

“On the other hand, if they know, that their real strength is in a specialist area, around mortgages for example, sometimes it can be better to stick to their knitting and do that really well and then network with other professionals who help meet the braoder needs of the client. This will ensure that the client's needs are being met and the client doesn't wander off somewhere else," she said.