One of Australia's mosty respected advisors is the latest to weigh in on the discussion, setting off a firestorm of controversy in suggesting financial planning is simply a "bridge too far” for mortgage brokers.

“Because of the training requirements to be a financial planner,” says Mark Spiers, brokers face a learning curve that precludes their entry into financial advising.

The comments come on the heels of growing debate not only in Australia but in both the U.K. and the U.S., where challenging markets are sending a growing number of brokers scrambling for alternative revenue streams.

In Canada, a relatively strong real estate market has slowed the pace of any migration to financial planning, but that's also changing as brokers look to deepen their utility for clients.

“I know many of our members and brokers in general who are also involved in financial planning and do it extremely successfully,” said one industry player.