Mortgage broker vs Mortgage advisor?

Discussion in 'Property Finance' started by cheekywinky, 16th Jun, 2009.

  1. cheekywinky

    cheekywinky Member

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    What is the consensus view on this?
     
  2. Rolf Latham

    Rolf Latham Member

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    terminology perhaps ?

    Broker, adviser, strategist.............unless there is a fee for service arrangement, a title does not a difference make.

    ta
    rolf
     
  3. cheekywinky

    cheekywinky Member

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    Apparently a broker can only "tell" you of the different products available, while an advisor can give you "advice" about which one is most suitable. I use a broker and am happy with the services, I do not see much value added by any additional advice over what I currently get, but was just wondering whether anyone has had differences in service provided between the two.
     
  4. Rolf Latham

    Rolf Latham Member

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    Id say that distinction is an apparition for sure :), and smells like a telemarketer getting a foot in the door

    ta
    rolf
     
  5. buzzlightyear

    buzzlightyear Member

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    Rolf, how long (if at all) before you think MB's will move to this remuneration model?
     
  6. Qlds007

    Qlds007 Broker,full time investor

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    Has already happened in the UK and i am aware of certain MB doing it in Oz.

    Think the public first have to see what they are getting value for money wise and more competition would help.

    No reason why with your MB hat on you cant copy the same formula as the Fin Planning industry does.
     
  7. tobe

    tobe Mortgage Broker

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    I always found it odd the people licenced to advise are usually the most likely to sell something inapropriate.
    I am forever having to disclaim when i speak to clients (ie when I tell them 80% of people 'lose' over time when fixing rates, or that they can negatively gear an investment etc), but if they visit their local accountant or financial planner they get stitched up with trees or managed funds, or worse.
    Of course there are plenty of dodgy MB's out there, as well as bank staff/ mobile lenders.
    I used to see heaps of people who had signed up for LOC products with budgeting software attached to pay off their mortgage in 3 years etc etc. Those kinds of MB companies (the ones that call at dinner time) give the whole proffession a bad name.
    Loan Arranger perhaps is a better term?
     
  8. Rolf Latham

    Rolf Latham Member

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    ok

    I will beat Geoff W to it

    U mean the Lone Ranger ?? :)

    SO who is Tonto then

    ta
    rolf
     
  9. tobe

    tobe Mortgage Broker

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    I think that is your lap top isnt it?