Macquarie has expanded its previously financial planning-focused Macquarie Practice Consulting into the mortgage broking market.

To provide small business consulting in areas such as marketing, business strategy, human resources and productivity, Macquarie said in a media statement that the service will aim to assist brokers improve profitability, drive revenue, grow, diversify or get ready for sale.

Macquarie's practice consulting business has operated since 2008, providing services to boutique and mid-tier financial planning firms, including those offering mortgage broking services.

The bank said the move into the mortgage broking market comes as a result of increased diversification among financial services providers and an increasingly complex regulatory environment.

“The response to our services from financial planners has been great, and with increasingly blurred lines between these two industries, we saw an opportunity to capitalise on the knowledge and expertise within Macquarie to support brokers to grow their businesses," senior consultant Fiona Mackenzie said.

Macquarie head of sales Doug Lee said the business will combine mortgage industry knowledge with a "track record of proven business strategies, tools and tips" that will help broking businesses.

He added that while mortgage broking has always "been about relationships" and these are still key to success, "it’s not necessarily enough in today’s increasingly complex business environment".