Happy Chinese New Year to you all, a year of the Golden Pig!
Well this year has certainly started with a bang. I have hit the ground running with FHG and have been working with new accountants and clients which is going great. As well as assisting my existing clients with new scenario’s, health checks and purchases.
So there is this thing called the Royal Commission.....You may have heard of it..... There certainly has been a significant amount of press around it and its recommendations, especially around brokers.
The Banks may have gotten off light with no direct recommendations around criminal proceedings for the CEO’s. Though I suppose in some way stepping down from their positions is some way to capitulate espcially when you get a nice lump sum separation payment.... *insert eye roll*
Considering the recommendations, I want to just clarify my position as a broker. I will continue to provide service and advice at no cost, to all my clients until this position becomes untenable. I will always go into bat for you, I don't like bully's.
I have and always will provide advice around borrowing that is impartial and always in your best interests. I am not swayed by a banks commission payment or indeed the trail they pay.
Yes they do pay me an upfront commission for introducing you to them, and they usually pay me a trailing commission, I will always disclose this to you. It's the law.
I became a broker because I believed in giving clients a fair go. I believe in a transparent service. Some of the recommendations put forward may very well favour the banks. In fact even in these few days post the Royal commission some lenders have already increased their rates!
Pre Royal commission the media was spruiking an RBA rate cut, in light of the drop in some housing prices and a softening housing market. In a matter of days they now report that the RBA will increase rates very soon. This could be a double whammy if the RBA increase the cash rate, then there is nothing surer than the banks will follow in suit AGAIN!
I believe that the importance of Broking should always be in the best interest of a client. I have always maintained that the service I provide is to ensure you get the best facility to suit your needs.
If you want to talk about anything I am more than happy to oblige.
Justin
Comments