Better has fully implemented a pre-tested business partnership with LPL Financial aimed at providing independent financial advisors with access to particularly competitive mortgage rates for their clients.
According to Joey Staniford, Senior Director of Partnerships at Better, the lender is offering the advisors' clients up to an eighth of a percentage point of their interest rate with a maximum of $ 5,000. Better also offers digital interfaces that are tailored to consultant-specific needs such as longer-term refinancing calculations for old-age provision.
"We are offering LPL a discount, training materials and integrated tools, and positioning Better so that it can further expand its partnership offerings that leverage its existing core strengths in technology and customer service," said Staniford.
Better has been trying to attract a wide range of marketing partners, having previously reached agreements with American Express and Ally Financial. It helps consumers access finance that ranges from typical home loans to more complex products, like the cash offer financing, which it launched through its real estate division this summer.
LPL supports more than 19,000 financial advisors, and those not affiliated with any particular institution need a competitive mortgage option for their clients, said Scott Belous, executive vice president of Investor Experience. The company works with 800 institutional investment programs and 450 independent registered investment advisors nationwide. The addition of Better as a partner will help round out a more comprehensive upgrade to the company's digital platform and services, the LPL manager said.
“What we heard from consultants when clients needed mortgages was that they often had to pass them on to a potential competitor. Now the independent advisors can bring this Better offer to their clients instead of saying, 'Go to the local bank because I don't have an option for you,' ”Belous said. “We really scoured the market and wanted to find a partner that was # 1 not competing with them and # 2, probably more importantly,… really competitive pricing and the easiest user experience possible. ”